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Money Doesn’t Come Without Guidance ...

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13
Jun

FIND OUT THE REASONS WHY AN EMPLOYER IS EAGER TO EMPLOY A JOBSEEKER LIKE YOU

You may be planning a big holiday in Australia. To fund such holidays, you can work while enjoying your holiday. The nicest part is… getting a job has become much easier as employers are lookin...

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13
Jun

ARE YOU ELIGIBLE FOR MEDICARE WHILE VISITING AUSTRALIA?

Australian Government is covering a public health system in Australia which is called Medicare and every Australian citizen is eligible for Medicare. But the question is, as an overseas visitor are yo...

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13
Jun

WHAT TO BRING WITH YOU TO AUSTRALIA?

Packing your bags for a couple of weeks, months or even for an entire year? Have you decided what you are going to take with you while you are travelling to Australia? NO? Then let’s talk about ...

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13
Jun

FEW TIPS ON HOW CAN THE BACKPACKER TAX BE WITHHELD BY EMPLOYER

Are you working in Australia as a backpacker? Then we have good news for you. According to Australian government new law, you can now pay less tax as the tax rate has dropped down from 32.5% to 15%, w...

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13
Jun

WHAT IS PAYG WITHHOLDING ANNUAL REPORT? WHY IS IT NECESSARY TO LODGE SUCH REPORT BY THE EMPLOYER? WHAT TO INCLUDE IN THE REPORT?

If you make payments to employees and other payees, you must withhold amounts from their pay and send the withheld amounts to the Australian Tax Office (ATO). This process is called withholding and is...

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13
Jun

IS EXPORT OF GOODS AND SERVICES GST FREE?

In Australia, export of goods and services are usually GST-free. However, you are able to get the GST-free export of goods and services if you fulfil the following requirements:  Exported withi...

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13
Jun

WHAT ARE THE INCOME CLAIMS FOR THE PENSIONS PAID TO YOU AS A SUPER INCOME STREAM, ANNUITIES AND SOME GOVERNMENT PAYMENTS?

As a taxpayer, you should announce the incomes that you received from the pensions paid to you as a super income stream, annuities and some government payments. Your amount of tax for retirement incom...

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13
Jun

EXPLAIN THE PAYG INSTALMENTS FOR PRIMARY PRODUCERS AND SPECIAL PROFESSIONALS

PAYG (Pay as you go) is an instalment paying system on your expected tax liability of your business & investment income during the income year. Your PAYG instalments are credited yearly to determine w...

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13
Jun

WHAT ARE DISENTITLING EVENT? EXPLAIN THE DISENTITLING EVENTS IN CASE OF TRUSTS?

'Disentitling event' occurs when a taxpayer who would otherwise be eligible to elect to spread abnormal income over a period of years may become ineligible. A disentitling event happens if:...

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13
Jun

ANCILLARY FUNDS RETURN AND THE TYPES OF ANCILLARY FUNDS

Ancillary funds are special kinds of funds from donors that are received by organisations as Deductible Gift Recipients (DGRs), which are considered as tax deductible donations. Ancillary funds don’...

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13
Jun

WHAT ARE THE PRE-REQUISITES FOR NOT-FOR-PROFIT (NFP) ORGANISATIONS? WHAT ARE THE DIFFERENT NFP ORGANISATIONS?

Not-for-profit organisations are those which do not operate for making profit for their owners and other members, rather they operate for meeting its purposes only. However, ATO recognises an organisa...

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13
Jun

WHAT ARE THE DIFFERENT TYPES OF GST ERRORS AND HOW TO RECTIFY THEM?

Occasionally, an individual may find out he/she has made some errors on their previous activity statement. For instance, he/she may find extra receipts or purchase invoices or completely forgotten abo...

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13
Jun

WHAT IS SALARY SACRIFICE AGREEMENT AND HOW DOES IT HELP?

The salary sacrifice arrangement is a remuneration policy that allows the employees to sacrifice some part of their salary to receive a combination of income and benefit in a tax-effective manner. Thi...

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13
Jun

SHARING ECONOMY AND WHAT THINGS TO CONSIDER

A sharing economy is a marketplace that connects demand and supply. It is an umbrella term with a range of meanings. Moreover, it is an economic model that allows individuals to borrow or hire assets ...

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13
Jun

HOW TO BE ELIGIBLE FOR INSTANT ASSET WRITE-OFF

Cashflow is vital for a business to succeed. As part of yearly tax planning activities, Australian Tax Office (ATO) designed a legislation that allows $20,000 instant asset write-off scheme which will...

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13
Jun

ATO PAYMENT, INTEREST AND PENALTIES AND REQUESTING REMISSIO

As a citizen of Australia, you need to pay tax on a timely manner otherwise interest or penalty may be charged on your unpaid tax liabilities. There is a long list of matters for which ATO can issue p...

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13
Jun

SHARE INVESTMENT AND TAX IMPLICATION

Income you receive from investing in shares will generally be taxed at your marginal tax rate. Basically, if you buy shares for one price and sell them for another price then the difference between th...

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13
Jun

FRINGE BENEFITS TAX (FBT)

Are you providing fringe benefits to your employees? Then you become liable to pay fringe benefits tax (FBT). FBT is a tax employers pay on certain benefits provided to their employees. The tax is lev...

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13
Jun

NET INCOME OR LOSS FROM BUSINESS OPERATION

If your business is running at a loss or producing profit for you then what effect does it have on your tax? If your business provides net income for you then as a sole trader you can declare your in...

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13
Jun

TAX ON FOREIGN INCOME AND INVESTMENTS

If you are a resident of Australia (unless you are a temporary resident) and you have an overseas investment, or you are earning interest on an investment you made in abroad, you have to pay tax on it...

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13
Jun

HOW DO I AMEND MY TAX RETURN OR FIX A MISTAKE?

After providing all the information to Australian Taxation Office (ATO) regarding your tax return statement, you realise that you have left out some information or made a mistake, then you can immedia...

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13
Jun

PERSONAL SERVICE INCOME

When an individual receives income that is mainly a reward for his/her personal efforts or skills, they may fall within the Personal Service Income (PSI) rules. To be excused from the rules, the busin...

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13
Jun

HOW DOES SUPERANNUATION AFFECT VARIOUS INSOLVENCY ADMINISTRATIONS?

Act regarding superannuation defines how superannuation guarantee charges affect various insolvency administrations. From 31 December 2007, employees of companies that go into liquidation, voluntary a...

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13
Jun

WHAT IS BUSINESS SERVICES WAGE ASSESSMENT TOOL (BSWAT) PAYMENT SCHEME

Business Services Wage Assessment Tool (BSWAT) Payment scheme is a scheme for the employees of Australian Disability Enterprises (ADEs) who have been paid a pro-rata wage assessed in between 1 January...

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13
Jun

WHAT ARE THE TYPES OF INCOME YOU NEED TO DECLARE

Income means an amount, gift or allowance you earn, derive or receive for your own use or benefit. While doing your tax return, you need to declare all your income you received during the financial ye...

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13
Jun

HOW DO YOU MAKE A GAIN OR LOSS ON YOUR FOREX ACCOUNTS

Foreign exchange (Forex) gains and losses are subject to tax on "revenue" account, which means that gains are assessable and losses are deductible. Here, foreign gains are assessable when they are rea...

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13
Jun

TEMPORARY BUDGET REPAIR LEVY

The Temporary Budget Repair Levy (TBRL) ensures that high income Australians are contributing to repairing Australia's finances as well as share the burden of reducing the country’s debt. Th...

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13
Jun

WHAT IS LOW INCOME TAX OFFSET?

Low Income Tax Offset (LITO) refers to the amount which is subtracted from, an individual’s tax payable. An Individual can claim for tax offset, if he/she is a low-income earner; for instance, P...

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13
Jun

INCOME AND DEDUCTIONS FROM INTEREST AND DIVIDEND INCOME

According to the ATO, if you earned interest, dividend or other investment income over the tax year, you might be able to claim a tax deduction for any expenses you incurred while earning that income....

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13
Jun

COMMON TAX DEDUCTIONS FOR TRADIES

Tradies, people who do manual labour, in particular, trades. For tradies, you can claim a lot of tax deductions from your work-related expenses, which means if you had spent money for work then you ar...

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13
Jun

COMMON TAX DEDUCTION FOR STUDENTS

If you are a university student and if your degree and qualifications meet certain criteria, then you have the opportunity to claim some tax deductions. If your work and field of study are directly li...

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13
Jun

RENTAL PROPERTY EXPENSES YOU CAN CLAIM IN YOUR TAX RETUR

If you receive an income from any rental property, you can claim a variety of expenses in your tax return. You can deduct any reasonable expenses you incur to earn rental income but it has to be relat...

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13
Jun

HECS - HELP BENEFITS AND EFFECTS ON YOUR TAX RETURN

The HECS-HELP is a Higher Education Loan programme offered to university graduates by Australian Government. This benefit is provided by the Australian Taxation office (ATO) for the graduates on the f...

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13
Jun

WHAT IS CAPITAL GAINS TAX (CGT)

The difference between the actual price and the disposable price of an asset is stated as capital gains or losses. Capital Gains Tax (CGT) or tax on capital gains – the amount more than the actu...

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13
Jun

WHAT IS A TAX LOSS? HOW CAN YOU CLAIM TAX LOSSES FROM PREVIOUS YEARS?

A tax loss occurs when an entity’s total expenses are greater than total revenues. Businesses and individuals constantly strive to reduce their reportable revenues or increase their reportable e...

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13
Jun

WHAT GENERAL THINGS TO CONSIDER WHEN YOU ARE REPORTING YOUR SOLE TRADING OR PARTNERSHIP BUSINESS IN THE TAX RETURN?

While reporting for Sole Trading Business in the tax return The net income an individual receives from carrying on a business needs to be declared in the tax return. As per fact, sole trader declare...

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13
Jun

WHY DO I NEED TO INCLUDE MY SPOUSE TAX RETURN DETAILS IN MY TAX RETURN?

Individual taxpayers who have spouses will get some tax benefits as per ATO. To get these benefits an individual taxpayer needs to disclose the income information of their partner. According to ATO a ...

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13
Jun

WHAT IS ‘INCOME TESTS’ IN MY TAX RETURN

Income tests provide guidance about individual’s eligibility and entitlement for a number of tax offsets, benefits, and obligations that is decided by ATO and other government organisations. &nb...

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13
Jun

COMMONLY USED TAX OFFSETS

Before you submit your tax return, you need to know the common tax offsets that can be claimed. Various tax offsets and rebates apply to reduce an individual's income tax. Following are some commo...

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13
Jun

Tax implications on investment properties and rental property income

Investing Property Income All the profits or returns from investment usually become a part of individual’s income for tax purposes. All the expenses related to investment are tax deductible. ...

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13
Jun

Individual income tax rates and how the individual gets taxed on his or her taxable income

Individual income tax rates The individual income tax rate is a rate that calculates the amount of tax you need to pay on your income. These tax rates will depend on your income year and your resid...

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13
Jun

Allowances and other employment income

Assessable income is basically net gross income. The most common item of assessable income is salary and wages income. But there are other income items which are known as allowances and other employme...

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13
Jun

Exempt income

Exempt income is a non-taxable income. However, we might take into consideration the deductable tax losses of our previous income years along with the adjustable taxable income of our dependants. It m...

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13
Jun

Assessable income

Assessable income is the portion of income that is subjected to tax, provided you earn enough to exceed tax-free threshold. If taxpayer has a partner, both of their incomes shall be taken into account...

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13
Jun

General role of a tax agent for individual taxpayers

Tax agents can take all of your tax burden upon their shoulder. A registered tax agent can help you to prepare and lodge tax return for you. Select your tax agent wisely for accuracy in your returns, ...

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13
Jun

What is Salary Sacrifice Agreement and how does it help?

The salary sacrifice arrangement is a remuneration policy that allows the employees to sacrifice some part of their salary to receive a combination of income and benefit in a tax-effective manner. Thi...

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13
Jun

Change in Medicare levy surcharge (MLS) and Private Health Insurance (PHI) rebate from 1 July 2015

From 1st July 2015, the government has frozen the income thresholds for the Medicare levy surcharge and private health insurance rebate for three years, starting from 1 July 2015 to 30 June 2018. This...

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13
Jun

Net Medical Expenses Tax Offset Phase Out by 2019

Net medical expenses are your total medical expenses, less refunds from Medicare and private health insurers, which you, or your dependents, paid during the financial year. In 2013, the Government ...

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