Personal Tax Return Tips
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as […]
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Are insurance payments tax deductible? As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of […]
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Before we sit down with you to go over your tax return, certain information will be needed. Of course, these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of the information from employers, banks, […]
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It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes. If you haven’t used it already, note […]
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Federal Budget Summary The item that may receive the most analysis from the whole of this year’s federal budget will be the incnrease of the 32.5% tax bracket, and an expansion of the Low Income Tax Offset. A win for small businesses in this year’s budget sees the retention of the $2o,000 instant asset write-off […]
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Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which […]
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