Category: Tax

Interest On Your Home Loan Could Be Tax-Deductible

It’s a simple, step-by-step process used by many Australians to increase their income. Borrow money from a financial institution, invest in a second property and pay off the loan with the profit…

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Maximising Tax Returns On The “Side Hustle”

If you or someone that you know began a side business (or “side hustle”) during the last financial year, you would have to meet the tax obligations that come with that business,…

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Jobkeeper Repayments – Tax Deductible?

The end of the month will see the end of the Jobkeeper payment scheme from the government.  Eligible businesses who choose to voluntarily repay an amount from the Jobkeeper pay that they…

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Small Business Benefits or Taxable Concerns?

As an employee in a business, often there are perks that can come with the job. A company car, fuel money, perhaps some technology to help make things easier. Small business owners…

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Self-Education Expenses

Individuals who partake in self-education may be able to claim a deduction for their expenses if the education is related to their work or if they receive a taxable bonded scholarship. Courses…

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What you can salary package

Salary packaging allows you to create a ‘package’ of income and benefits.  In your salary package, you can include benefits that you would usually pay for with your income after-tax. These include…

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What you need to know about luxury car tax

Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above…

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Records you need to keep on rental properties

When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses. …

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The amounts you don’t need to include as income

Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into…

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Tax treatment of insurance payments for damaged or destroyed property after a disaster

The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does…

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