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13
Jun

LEARN THE TIME AND AMOUNT TO CLAIM YOUR TAX REFUND

Want to know when and how much you might need to pay to claim you tax refund? Then pay close attention… With the change in your tax rates and you being considered a non-resident only, people like y...

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13
Jun

WHAT IS BACKPACKER TAX? ARE YOU ELIGIBLE FOR THIS TAX?

Backpackers are people frequently traveling to Australia for work purposes. Previously, they were treated as resident if the travellers had established a permanent residence in Australia for at least ...

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13
Jun

CLAIMING DEDUCTIONS FOR TOOLS, EQUIPMENT AND OTHER ASSETS

Did you purchase any equipment, tools and other assets throughout your taxable year? If yes, then you have a chance to claim a deduction from your taxable income. You can claim a deduction for those t...

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13
Jun

HOW CAN INDIVIDUALS CLAIM DEDUCTIONS ON MOBILE PHONE, INTERNET AND HOME PHONE EXPENSES?

If you are using your own phone and internet for work purposes you can claim a deduction if you paid for these expenses and have the proper records to prove it. But if you use your device for both per...

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13
Jun

CLAIMING DEDUCTIONS FOR MANAGING TAX AFFAIRS

You may be thinking of managing your tax affairs. Australian Taxation Office (ATO) will provide you deduction for the costs incurred in the process. You can claim a deduction on expenses, including: ...

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13
Jun

WHAT ARE THE ELIGIBILITY CRITERIA FOR CAR TAX CONCESSIONS?

If you are a person with a disability or a veteran, or even if you buy a luxury car then you may be eligible for tax concessions. You can claim tax concessions when you lease, buy or modify a car with...

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13
Jun

WHAT ARE THE CONDITIONS FOR A TAX-DEDUCTIBLE CONTRIBUTION?

If you manage a fundraising event, your followers may give donations that give them a minor benefit. As they get benefit for these it is not a gift. The Australian Taxation Office (ATO) offers tax ded...

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13
Jun

WHAT ARE THE SPECIAL RULES TO CLAIM DEDUCTIONS FOR ENVIRONMENTAL PROTECTION ACTIVITIES?

It is our civic duty to care about the environment we live in. Thus, Australian Taxation Office (ATO) acknowledges that and encourages the citizens by offering deductions on expenditure related to env...

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13
Jun

WHAT ARE THE CGT ROLLOVERS FOR REPLACEMENT ENTITLEMENT?

We all are aware of the fact that a capital gain tax (CGT) is imposed when a capital gain is made on disposal of any asset. A capital gain or loss can be deferred or roll over for some specific event ...

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13
Jun

FOR DIVIDEND AND SHARED INCOME EXPENSES WHAT ARE THE THINGS THAT AN INDIVIDUAL CAN CLAIM AND CANNOT CLAIM.

Dividend and share income expenses You can deduct the interest charged on the money you borrowed for purchasing shares and other investment from which you got the assessable interest or dividend inc...

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13
Jun

UNDEDUCTED PURCHASE PRICE (UPP) OF A FOREIGN PENSION OR ANNUITY

Undeducted Purchase Price (UPP) is the amount of your contribution purchase price of your lifetime pension or annuity, which is limited over some foreign country.  A portion of the UPP can be reduced...

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13
Jun

PROJECT POOLS CONTRIBUTION

If your capital expenditure is directly connected with your project which is a continuing activity rather than less-active investment like rental property, then you may able to claim a deduction for c...

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13
Jun

HOSPITALITY INDUSTRY EMPLOYEES

Hospitality industry employees are eligible for a number of deductions which can reduce their taxable income. They can claim all or some part of the expenses as a deduction that is incurred for their ...

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13
Jun

HOW WILL A TAXPAYER DEAL WITH DAMAGED OR DESTROYED PROPERTY DUE TO DISASTERS?

If a taxpayer is affected by a disaster, for example, a flood, bushfire or storm, then the taxpayer can claim their loss of damaged or destroyed property. If a taxpayer's personal assets such as h...

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13
Jun

WHAT ARE DEDUCTIBLE GIFT RECIPIENTS (DGR)?

An organisation that is entitled to receive income tax deductible gifts and tax deductible contributions is known as Deductible gift recipients. Organisations those are not entitled as DGR cannot clai...

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13
Jun

ACCELERATED DEPRECIATION FOR PRIMARY PRODUCERS FROM 12 MAY 2015

The Australian Government announced accelerated depreciation arrangements in the 2015-16 Federal budget that will provide farmers an incentive to invest in their businesses, and more effectively store...

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13
Jun

IMMEDIATE DEDUCTIBILITY FOR START-UP COSTS FROM 1 JULY 2015

The richest people in the world once started as a small business owner. From 1 July 2015, small businesses and entities can immediately deduct the capital start-up costs from the different expenses (...

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13
Jun

CHANGES IN WORK-RELATED CAR EXPENSES FROM 1 JULY 2015

Work-related car expense is a common tax deduction item. In fact, almost 4 million taxpayers claim this deduction every year. If you are planning to claim a deduction for business or work related car ...

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13
Jun

TAXATION FOR UBER DRIVERS

Who are Uber drivers? Uber Technologies Inc. is an American multinational company, who provide online transport network services by the Uber app. As of May 28, 2016 the company provides services in ...

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13
Jun

DEDUCTIONS FOR GIFTS AND DONATIONS

Gifts and Donation As a citizen of Australia you may have some confusion whether tax is deductable or not for the donation or gift you make to an organisation. Claim in such deduction is applicable ...

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13
Jun

CLAIMING DEDUCTIONS FOR HOME OFFICE EXPENSES

If anyone uses his/her home for his/her employment activities, then he/she can claim all or part of its expenses as a tax deduction and the expenses will be called home office expense. Expenses that ...

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13
Jun

Work-related self-education expenses, gifts or donations, cost of managing tax affairs

Work-related self-education expenses An individual can claim tax deduction if his or her study is work-related or receive any taxable bonded scholarship. According to Australian Tax Office (ATO)...

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13
Jun

Work related uniform, occupation specific or protective clothing, laundry and dry cleaning expenses

As a taxpayer you can claim the cost associated with buying and cleaning work-related clothing. ATO allows an individual tax payer to claim the cost incurred to purchase certain work related uniform, ...

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13
Jun

tax deduction on work related car & travel expense

Car Expense An individual can claim deductions for car expense if the individual uses his/her own car for work related purpose as an employee. Scenarios include the following: If Individual c...

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13
Jun

Tax deduction

Tax deduction will reduce the income that is able to be taxed, and is commonly occurred as a result of expenses, particularly for those expenses which are incurred to produce additional income. The di...

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13
Jun

Deduction for Travel Agent Employees

Travel Agents help people to plan their holidays. They help us to transform our dream into reality and enjoy our time with our loved ones. The Australian Taxation Office offers some specific deduction...

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13
Jun

Deduction for Education Professionals

Education is the backbone of a society. Education professionals help the society by educating the people. Thus, Australian Tax Office recognises their contribution to the society and offers them tax d...

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13
Jun

Accelerated Depreciation for Primary Producers From 12 May 2015

The Australian Government announced accelerated depreciation arrangements in the 2015-16 Federal budget that will provide farmers an incentive to invest in their businesses, and more effectively store...

Read More

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13
Jun

Immediate deductibility for start-up costs from 1 July 2015

The richest people in the world once started as a small business owner. From 1 July 2015, small businesses and entities can immediately deduct the capital start-up costs from the different expenses (f...

Read More

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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

Deduction for Journalists

Can you think of a world without information? Journalist are working day and night to keep us up to date. Thus, the tax office recognises their services and offers them a handful number of deductions....

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13
Jun

Changes in Work-related Car Expenses from 1 July 2015

Work-related car expense is a common tax deduction item. In fact, almost 4 million taxpayers claim this deduction every year. If you are planning to claim a deduction for business or work related car ...

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