If you work in the healthcare industry and don’t know what you can claim at tax time, or don’t keep the right records, you might be missing out on reclaiming money you’ve had taken from your wage or salary in tax throughout the year. You have one opportunity to make your claims each year, and it’s a good idea to make them count.
Your job as a tradie can take you far and wide and often involves long hours of hard work. The last thing you want to do at the end of the day is to think about taxes, but that could be costing you hundreds, if not thousands of dollars, that you could otherwise recoup come tax time.
Come tax time, there are a range of tax claims people working in the medical industry can make. Many are overlooked, but you can save yourself a lot of money if you’re aware of what you can claim. What are some top tax deductions for those in the medical profession?
An Immediate deduction for the full cost of depreciating assets has been increased from $30,000 to $150,000 purchased and installed from 12 March 2020 to 30 June 2020. What else do you need to know if you want to claim the new instant asset write off?
The Government will provide two $750 stimulus payments to social security and veteran income support recipients and eligible concession card holders. Who will get these payments and how do they affect you?
The 50% Accelerated Depreciation Business Investment Incentive provides a temporary incentive for businesses with aggregated turnovers of less than $500 million a year to claim an additional 50% of the cost of an asset in the first year. How does this affect your business?