In a snapshot, it is confirmed that the government’s proposed tax changes will come into effect from 1 July 2024. Compared to the original stage 3 tax cuts, these changes give a break to low and middle-income earners by lowering the tax withheld from their take home pay. The result: Australians get more money in […]
The Etax Blog: Tax Tips
What can hairdressers claim on tax?
It’s common for hairdressers to pay for items like hair clippers, travel between clients and uniforms out of their own pocket without claiming them back on tax. Expenses like these are usually considered tax deductions, which means you can claim them on your tax return. But for hairdressers, there are strict rules on what is […]
What is negative gearing and is it the right strategy for you?
Put simply, negative gearing occurs when an investor borrows money to buy a property, and the cost of owning and running that property exceeds the rental income it generates. As an investor of a negatively geared property, you make up the gap between the expenses on the property and the rental income. This isn’t always […]
Reportable Superannuation Contributions – what you should know…
Superannuation is important when planning for your future. There are so many types of super contributions and payments, that it’s sometimes confusing and hard to know what each of them are. One part that people often don’t understand is reportable superannuation contributions. Let’s take a look at what you should know… What are reportable superannuation […]
Claiming the tax free threshold: What you should know…
The tax free threshold is a cap on how much someone can earn during the financial year before paying tax. In Australia, the first $18,200 you earn between 1 July and 30 June the next year is tax-free, regardless of which employer you earned it from. From there, you will fall into a tax bracket […]
Want to raise little entrepreneurs? Start by teaching kids about money
Teaching kids about money is one of the most valuable life lessons you can give them. If you’re planning on raising money smart kids, you need to start early. In fact, the earlier the better. Your child’s understanding and attitude towards money can affect them throughout their life. If they learn how to handle money responsibly, […]
Etax Property Investment Tax Hub
Find out which property investment expenses can claim as tax deductions. Learn about depreciation, negative gearing, Capital Gains Tax and more.
The Etax Investment Property Tax Hub has everything you need to know about owning, renting and selling an investment property.
Tax deductions for IT professionals – what you can claim
There’s no denying it, IT professionals are the unseen frontline heroes of a business. Whether you’re a developer, a support guru or a security ninja, it’s never an easy job to keep services and people working, 24/7. What is surprising is the number of available tax deductions for IT professionals. So, let’s get our IT […]
Paying GST at Settlement: What you need to know
What is GST Withholding If you buy a new residential property, or land with the intention to build a residential property and you make this purchase from a GST registered business, you need to withhold an amount for GST to pay directly to the ATO on settlement. When does the GST Residential Withholding payment apply […]
ATO Data Matching – What is it and will it affect me?
You may have heard that ATO data matching technology is now being used in Australia. The ATO launched the system to find missing income from individual tax returns. It’s a new, more sophisticated way to collect more tax from taxpayers who may, either accidentally or deliberately, understate their income. What is ATO Data Matching? ATO […]
How to defer a HELP debt during financial hardship
If you have a HELP debt and are experiencing financial hardship, you may be eligible to ask the ATO to defer your help debt for a temporary period. If the ATO accepts your request, it means that they will put a temporary hold on your repayments. What is a HELP debt? Commonly referred to as […]
Why Is My Tax Refund So Low?
And How Do I Avoid It Happening Again? Approximately eight out of every ten Australians who lodge a tax return receive a tax refund. But for some of us, the refund that we get isn’t quite as big as we expect. “Why is my tax refund so low?” is a very common question, especially in […]
The Low and Middle Income Tax Offset (LMITO) is Over – What Does it Mean for You?
We all enjoy an extra boost in our tax refund, most recently from the low and middle income tax offset (LMITO) that helped boost refunds for millions of Aussie workers. The government introduced LMITO in the 2018-19 tax year and increased in value in 2021-22 with an additional “cost of living tax offset”. Unfortunately, the […]
Salary Sacrifice and Tax: The Basics
Salary sacrifice arrangements, also known as salary packaging, can be a smart way to get ahead, but it can also get confusing. Essentially, salary sacrificing means you use a portion of your pre-tax income in exchange for certain benefits or items. And, as you use your pre-tax income, you pay less tax overall. Many employers […]
Fringe Benefits Tax (FBT)
Whether you receive fringe benefits as part of your employment contract or a salary sacrifice package, it’s important to understand how fringe benefits tax affects your tax return. Your employer must pay any tax applied to the fringe benefits you receive, but you will also need to report them on your tax return. What are […]