Record Keeping

Record Keeping

Record Keeping

Every year you are responsible for lodging a tax return. In order to be prepared, make sure that you have all of your tax records in place. Not having the right tax records when it comes to lodge your return could cost you money.

Claiming Home Office Running Costs during the Covid-19 Pandemic

Claiming Home Office Running Costs during the Covid-19 Pandemic

The ATO has announced a temporary short cut method to make it easier for individual taxpayers to claim deductions for running expenses incurred as a result of working from home due to the Coronavirus pandemic.The ATO will allow individuals to claim a deduction at a rate of 80 cents for each hour.....

Are You Getting a Tax Payable Due to Your Student HELP Debt?

Are You Getting a Tax Payable Due to Your Student HELP Debt?

Having a HELP Debt can cause unexpected impacts on your tax returns.  The ATO has recently lowered the repayment threshold for all study and training loans. From the 2019/20 year compulsory payments begin if you repayment income is $45,881 or more.From 1 July 2019, all study and training loan.....

Home Office Expenses

Home Office Expenses

The ATO has reported that, last year, 6.7 million tax payers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes expenses related to working from home (i.e. home office expenses). Along with this increase in the number of claims for home off.....

Concessional Superannuation Contributions Cap

Concessional Superannuation Contributions Cap

There is a cap on the concessional superannuation contributions you make to your superannuation each financial year.  If you contribute over these caps, you may have to pay extra tax.  The cap amount and how much extra tax you have to pay may depend on your age, which financial year your contribut.....

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