Can I Claim My Nail Polish as a Tax Deduction? With most jobs, we all want to be well presented. We get the hair cut, buy some nice clothes and shoes, put on the war paint and do our best to look great. All those things we buy just so we can look the part within the organisation. Introduction General Rule on Grooming Expenses Exceptions for Specific Occupations Examples of Deduc
COVID-19 Tax Deductions for 2024: Maximise Your Refund While the peak of the COVID-19 pandemic may have passed, certain expenses related to the pandemic remain tax-deductible in 2024. Let's look at what components of COVID expenses can still be claimed, the occupations eligible for these claims, the situations in which the ATO deems them tax-deductible, and the extent of these deductions.
Energy-Efficient Asset Deductions: Eligibility and Claiming Process for Self-Employed and Wage Earners The energy-efficient asset deductions are primarily designed to benefit businesses, including those run by self-employed individuals. However, everyday wage earners may also be eligible for certain energy-efficient asset deductions, depending on specific circumstances and the nature of the exp
What's New in Tax for 2024: A Guide for Individual Taxpayers The 2024 Income Tax Return changes are minimal, with no significant tax adjustments for the average wage earner. However, there are notable updates in record keeping and several tax policy changes. The Australian Taxation Office (ATO) emphasizes the importance of maintaining adequate records, and the GoTax Deduction Grabber App si
Can I Claim My Shoes on My Tax? Yes, you can potentially claim your shoes as a tax deduction, but the deduction is ONLY available in VERY LIMITED circumstances. Generally, the Tax Office considers the wearing of shoes to be a normal lifestyle cost and therefore NOT tax deductible. However, there are specific situations where you can claim a tax deduction for shoes. Index Introduction
Know Your Tax Return and All About Depreciation Introduction to Depreciation Options for Depreciation Straight-Line Depreciation Diminishing Value Method Instant Asset Write-Off How It’s Calculated What It Applies To Examples for Individual Taxpayers Electrician Example Independent Contractor Example Maximizing Tax Benefits Introducti
Why Gotax is the Best Choice for Your Income Tax Return Index Introduction Maximum Tax Deductions Fast Tax Return Processing Accurate Income Tax Returns Innovative TaxAi System User-Friendly Experience Customer Support Great Pricing Conclusion As the tax season approaches, it's crucial to get the right tax accountants for your income tax return. Look no furt
Understanding Why You Might Receive a Tax Bill: Key Reasons Explained There are several reasons you might not have had enough tax withheld throughout the year. We’ve compiled a list of common reasons below: 1. Employer Error One basic reason could be an error made by your employer. Sometimes, employers may look up the wrong tax tables, resulting in insufficient tax being deducted fr
Know about Managed Funds and your Income Tax return Investing in managed funds can confuse due to the various types of income and tax implications. Here's a bit of an overview to assist you in completing your 2024 income tax return. Types of Income from Managed Funds: Dividends and Distributions: Dividends: Payments made to you from the fund’s investments in sh
For seasonal overseas workers in Australia, there are specific tax and superannuation obligations they need to be aware of. Tax Consequences and Lodgement Responsibilities 1. Tax Residency Status: - Seasonal workers are typically considered non-residents for tax purposes unless they meet certain residency criteria. Non-residents are taxed only on their Australian-sourced income, usually