Category Archives: Tax

Considering ride-sharing for income? Tips and traps

Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? When providing ride-sharing services through Uber or GoCatch and other facilitators for a fare, there … Continue reading

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High income earners: Beware Division 293!

If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 pa, you may have an additional tax liability over and above the normal income tax payable on such earnings. Now that would be … Continue reading

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Travel allowances and the proper use of the exception to substantiate claims

A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming other deductions, … Continue reading

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Life policy bonuses and tax

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s … Continue reading

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Be prepared: What you need to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them. To “be … Continue reading

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Deduction tip: Can you claim the cost of travelling to this office?

Tax time has arrived, but before you have us lodge your return here is another deduction tip — should your circumstances allow (or file this away for next income year.) The ATO recently issued what it calls a “tax determination” … Continue reading

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End-of-year tax planning tips for business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some … Continue reading

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What is a tax loss, and how can it be turned to good use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you … Continue reading

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Q: Who is assessable on interest income?

A: THOSE WHO “BENEFIT” It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the family. It is not so common however, … Continue reading

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Are personal carer travel costs claimable? It depends…

A recent Administrative Appeals Tribunal decision has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs … Continue reading

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