Top Ten Dodgy Tax Deductions that Taxpayers Mistakenly Claim on Their Income Tax Return Lots of misinformation over beers and BBQs result in some taxpayersmaking questionable claims. Mistakenly claiming dodgy tax deductions can lead to audits, fines, and penalties from theTaxation Office. Here are some of the commondodgy tax deductions that you need to avoid: Non-Deductible Work-Relat
Why does my Income Statement show Fringe Benefits? Preparing your 2024 income tax return and you see"reportable fringe benefits" on your income statement. What the hell is that? Do I pay tax on it?, is it included in my Income? Is it Tax deductible? There's some obvious questions that run through our heads when we forst see this. Let's break it down and see what it really mean
How to Claim Car Expenses Using the Cents Per Kilometre Method If you use your car for work, such as visiting clients, delivering goods or travelling between different workplaces, you should be able to claim a tax deduction for the travel if you've tracked it correctly. Car expenses as a tax deduction are generally a big ticket item, so making sure you have your documentation in order i
Maximise Your Tax Refund: 5 Tax Deductions You May Not Know About Tax time can be daunting, but knowing the right deductions can help you maximise your tax refund. In this guide, we'll explore some lesser-known tax deductions you can claim on your Income Tax return, including tips on how to maximise your tax deductions and get the maximum tax refund possible. Inde
Payment Summaries RIP: How to Navigate the New System for Your Income Tax Return In recent years, employers have shifted to a new system of reporting employee wages to the Taxation Office. This system aims to streamline the process for both employers and employees, ensuring that wage information is accurately reported and readily available for your Income Tax return. Here's what you need to
Top 10 Guide to Tax Deductions in Australia When it comes to tax deductions, understanding what you can claim can significantly impact your tax refund. As an individual taxpayer, you’re entitled to claim expenses related to your work. These are known as work-related deductions. Here are the top 10 tax deductions that most people claim: Vehicle and Travel Expenses: I
Top Tax Tips for Your Online Income Tax Return With tax time looming, it's essential to prepare thoroughly so you’re ready to lodge your Income Tax return in July. Follow these simple tips to maximise your tax deductions and secure the maximum refund possible. Index Register with GoTax Online Follow the ATO Rules Use GoTax Online's eTax System Don't Avoid Lodgin
Tax Deductions You Can Claim Without Receipts in 2024 For the 2024 income tax return, certain Income Tax Deductions can be claimed without receipts, provided you can substantiate these expenses if requested by the tax office. Look through the following to assist you with this years Income Tax return. Index Work-Related Expenses Laundry and Dry-Cleaning Vehicle Deductions Home Off
Find out about Crypto Losses If you're losing money on your Crypto trading, then this is what you need to know to get that tax return done. Gotax also has an automatic Crypto page that does all the heavy lifting for you. Just enter the numbers and Gotax completes your Tax return effortlessly. Here's an overview of what Crypto Losses and your Income Tax is all about. We'
Maximise Your Tax Refunds: Essential Tax Deductions for Teachers in 2024 As a teacher, you dedicate your time and resources to educating the next generation. When tax season arrives, it's a good idea to understand the various deductions and incentives available to you to maximise your tax refund. Wewill help you navigate the tax deductions you can claim on your 2024 Income Tax Return, inclu