Personal Tax Return Tips
Every now and then you might read or hear about a “taxpayer alert” being issued by the ATO. Taxpayer alerts are the ATO’s “early warning” signals to the public about a certain area of concern — it could be about fraudulent schemes, or dodgy investments, or perhaps about a tax minimisation tactic that the ATO […]
Read MoreIf you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means: you must declare your rental income in your income tax return, and you can claim deductions for the associated expenses you may not be entitled to the full main residence exemption from […]
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Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. You ask yourself – Can […]
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Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help-your-neighbour initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital and is no longer regarded as the shy little sister of venture capitalism. So […]
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To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loand repayment rates. […]
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If you or anyone you know are earning income at lower or middle income levels, there’s a new tax offset that has been available since July 1 that was originally announced in the 2018 federal budget last May. But no-one will see any benefit from the new Low and Middle Income Tax Offset (LMITO) until […]
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