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 a.....
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 loans .....
The ATO has reported that, in 2018, 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 hom.....
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.....
Borrowing money to invest is called 'gearing'. If you have borrowed to invest and your making a loss, you are negatively geared. If you are making a profit you are positively geared. Either way, gearing will still cost you money. What is negative gearing? Negative gearing is when you .....
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