Donating to charity is all about doing a little good in the world. However, your thoughtful donations come with an added bonus – they can help you reduce your tax bill. On the surface, tax-deductible donations seem like a win-win situation. As with most things tax-related, however, the reality isn’t as simple as you’d like to think.
Rental property owners have valuable tax deductions available to reduce their tax burden each year. Common deductible expenses for rental real estate include repairs and maintenance, property taxes, mortgage interest, advertising, and management fees. This blog will explore the various rental property tax deductions landlords should know about to maximize their tax savings.
The Australian taxation system is complex and impacts nearly every aspect of life Down Under. From the money you earn to the goods and services you buy, taxes shape the Australian economy and funds essential government services. Understanding how taxes work in Australia is an important part of being an informed citizen.
If you’re paying taxes through the Pay As You Go (PAYG) system as a sole trader, you might need to adjust your instalments if your circumstances change or your income varies throughout the year.
Have you earned foreign income? You’ll need to declare your foreign income in your Australian tax return, however there are tax offsets and exemptions you may be entitled to.
Just started a job? Not sure how the whole income tax thing works? Read on to learn everything you need to know about pay-as-you-go (PAYG) tax and how it works in Australia.