Planning for your income tax is a massive undertaking. You don’t want to miss an expense because you want to claim every tax deduction you can to lower your overall tax obligation. That’s completely understandable. The difference could be hundreds, if not thousands of dollars back in your pocket. However, year after year many Australian’s struggle at tax time. The best laid plans often go awry, so if you’re struggling our short report offers some suggestions that may help.
Pay more tax to the ATO – says no Australian ever! One way to reduce your taxes is to find someone to help you do just that but with the plethora of tax agents and tax accountants in Australia, it’s hard to know who to trust. Find out what you should know when you choose your tax agent.
Covid-19 has blasted across the global landscape. Rules and regulations have meant the people have incurred extra costs RAT and PCR tests for their work. These costs add up, especially if you need to test Covid negative to earn an income. Our short report outlines how you can claim these costs as a tax deduction.
New ATO powers came into effect after the federal government passed a law in late 2019 to protect the Australian economic landscape to report business with over $100,000 in tax debt greater than 90 days. The business entity must have an ABN, have one or more tax debts, are not engaging with the ATO themselves or through a tax agent to manage the debt and don’t have an active complaint with the Inspector-General of the Taxation Ombudsman with an attempt to report the tax debt. Our short report outlines what the exceptions are and what you need to know if you have a tax debt.
Tax time is looming. It’s never too late or early to work out how you can maximise your tax return and lower your tax bill. All it takes is a little planning and know-how. Here are our top secret tips to get tax ready 2022.
Knowing you pay too much tax is a bitter pill to swallow, yet only a small percentage of Australian’s take control of their tax. It IS boring. And people ARE busy. It’s the absolute LAST thing you want to do – until you need to do it. But tax doesn’t ‘go away’. Don’t think, ‘I wish I knew this year’s ago’.