The end of financial year 2022 is upon us. It’s a good idea to keep on top of these key dates to keep your business running smoothly through the added pressure of tax time. What records do you need and why do you need them?
Do you need to lodge a tax return this year? You might be surprised that most people do need to lodge a tax return. Even if you’ve worked and not paid tax, you’ll need to let the ATO know. Some government pensions and payments as well as some Covid-19 payments will be counted towards your taxable income and must be declared when you lodge your tax return. Your tax agent will let you know what income is and isn’t taxable in your appointment.
There are several key tax deductions that paramedics can claim. It pays to know what you can claim and how to claim your expenses so you can get some money back in your pocket. Here are the top tax tips for claiming tax deductions if you work as a paramedic.
Established in 1999, the Farm Managements Deposit (FMD) Scheme is a government initiative which provides tax deductions on farm management deposits to help primary producers deal with inconsistent income from natural disasters, climate and market changes aiming to provide assistance through tax liability. If you’re a primary producer, it might pay to understand how the FMD works and how you can benefit from this scheme.
With tax season around the corner, scammers start to get busy. It pays to be hyper vigilant. Our short report outlines what scammers are up to and how you can keep yourself safe.
Working as a sports person has taken Jo Brigden-Jones around the world with her exciting sports career. When she began, her costs were private, but when her career turned into a professional vocation, the money she earned began her income and attracted income tax. Here, she shares some hot tips to maximise tax deductions for those who work in the sports industry.