How to have a Tax friendly Christmas party season
Christmas is a time to unwind and celebrate. However, we’re well aware that one thing that can dampen the festive mood is unexpected tax. So let’s see some of the most responsible ways you can keep the Fringe Benefits Tax grinch at bay and enjoy some fiscally responsible merriment.
Self-education: What can you claim?
The Australian Taxation Office have released a new draft ruling on self-education expenses. Let’s revisit the deductibility of self-education expenses and what you can and can’t claim.
6 steps to a Happy New Financial Year
The new financial year provides an opportunity for a fresh start for your finances. Make this the financial year you get on top of yours… for good!
We’ve broken it down into six bite-sized, manageable steps for you to tackle over six months, because real change takes time!
End of financial year tax tips
The end of the financial year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note!
The most effective strategies are often the simplest and can be applied before 30 June 2023.
Don’t let tax creep up on you
Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”.
5 simple techniques to reduce your tax
His words might have been recorded over 200 years ago, but Benjamin Franklin’s famous uttering “in this world nothing can be said to be certain, except death and taxes” remains as true today as it was in 1789. The one thing that has constantly changed is tax law, and although death is impossible to avoid, with the many options available to us, taxation doesn’t need to inflict too much pain.
How does rising interest affect my property loan?
As you know interest rates are rising to combat inflation. Most property investors are aware that the interest paid on an investment loan is generally tax deductible.
But do you know what your tax saving is from the increased interest paid on your loan?
Working from home? How to boost your next tax return
With the range of technology and software available today, it’s become easier than ever to work from home. Employees can efficiently complete calls using teleconferencing software, many collaboration tools are now cloud-based, and work devices, including laptops and tablets, are light and portable.
If you’ve been working from home, you’ve likely also set up a dedicated work area, and you’re using your own electricity and resources to power your workday. But which of these items can you claim in your next tax return to ensure you maximise your return?
3 things you should know coming into Tax time
As tax time approaches, all the information out there can seem a little overwhelming! We’ve put together our top 3 things you should know about as the end of the financial year approaches, to help you get the most out of your tax deductions.
What will you do with your tax refund?
Thousands of Australians receive tax refunds every year. Some refunds won’t even cover the cost of a pizza to celebrate, however many are quite substantial. If you’re one of the lucky ones, what will you do with your tax windfall?
If you go out and spend it, all you’re doing is giving part of it back to the government in the form of GST. Sure it’s nice to splurge once in a while but there are other places you can stash your cash and reap a longer term benefit. Read More