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22
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

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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22
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

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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22
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

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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22
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

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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22
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

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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