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Millions of Australians are obligated to lodge their income tax returns between 1 July and 31 October. The Australian Taxation Office (ATO) understands that this year’s tax time will be vastly different than many others, but that doesn’t mean they’ll let things slide. In fact, they might be more vigilant because of the changes. What should you know about claiming tax deductions this year?
Lodging your tax return, even if you have zero income to declare, may offer many benefits that just might surprise you.
Here are some hot tips to keep your business expenses down, and pick up some nice little tips to keep your tax bill at a minimum.
Tax. We all have to pay it, but there are legal ways to minimise it. A little bit of knowledge will take you a long way.
Tax season heralds a flurry of finding receipts, scrolling through bank statements, generating EOFY reports, and lodging tax returns – and it’s also a time for scammers to crawl out of the woodwork targeting unsuspecting consumers. You won’t get caught if you know what to look for.
Do you use a work vehicle? Don’t miss out on all of your car-related tax deductions. Not knowing could cost you hundreds, if not thousands of dollars.