New research has found that Australians are missing out on $1.65 billion due to unclaimed tax deductions. 66 percent of Aussies didn't understand what they could and couldn't claim on their tax return, while 56 percent left something off their tax return because they were unsure about their entitlements.
Our new 'Phone Tax' service for income tax returns lets you do your taxes over the phone. No need for you to waste time travelling back and forth to my office - I can get all the necessary information from you over the phone in just half an hour, and send your tax return back to you to sign via email. Simple!
Do you run a business with less than 20 employees? Many small business owners I've been speaking to are not aware of the STP deadline on 30 September 2019.
Baffled by STP, not sure whether it applies to you, and wondering whether there are any exceptions? We've pulled together a comprehensive FAQ.
It's now less than a month away before the first major deadline for STP reporting. Is your business ready? Some say Single Touch Payroll (STP) is the most significant change to business since GST was introduced in 2000 (almost 20 years ago!). But what is it, and more importantly, how does it affect you?
Good news: if your taxable income (ie your before-tax salary minus tax deductions) for the 2018-19 financial year was between $48,000 and $90,000, you can expect a sweet tax offset when you get your refund back to the amount of $1,080.
A lot, actually! Tax legislation changes every year, and keeping on top of every little detail can be incredibly time-consuming. Tax agents are experts in this space and can help you navigate all the changes, but here's a snapshot of the main difference.
Every year, the ATO picks 2-3 areas that it's targeting with a laser focus for income tax, and it's a good idea to be aware of these areas when you lodge your tax. Last year, it was work-related expenses. This year, it's work-related expenses again, followed by property-related tax deductions.
We live in an age of self-empowerment. We can do our own banking online, book flights and hotels without a travel agent, and even apply for a home loan without a mortgage broker. But just because you can, doesn't mean you should. Particularly when it comes to lodging your taxes.
Beware of tax agents who claim to offer you an 'instant tax refund'. What they're really offering is a high-interest, short-term loan that can leave you seriously out of pocket if you're not careful. There's actually no such thing as an 'instant tax refund' - and you should really be wary of any tax agents that claim to offer this.
