If you can’t prove the tax deductions you claim, the ATO gets to keep your money. Nobody likes to pay more than they have to – and believe it or not, you don’t have to pay more tax than you have to either. So, how can you pay less tax? Read on. The following report might save you $$$.
The need — and costs — for protective gear, such as sunglasses, sunscreen, protective head gear and clothing can stack up. There is good news! If you need these items in order to do your job, you may be able to claim them as a tax deduction when you lodge your tax return.
Almost every working Australian will need and use a computer, software applications, online apps and conduct work online at some stage. There are some jobs that are fully online and rely on these types of products and services. When it comes to claiming digital products as tax deductions, there are some big winners!
As a firefighter there are a range of tax deductions you’re eligible to claim. Make sure you know and understand all your claims so you don’t pay too much tax!
Did you know that an ETF, or exchange-traded funds, attract a more favourable tax treatment than stocks and mutual funds? They tend to have a lower turnover and pay fewer capital gains. If an ETF is owned for more than 12 months, taxable capital gains can be reduced to 50% for individuals.
With inflation hitting the roof, it’s natural to look cut expenses, and that is true when it comes to lodging your tax return. With the average tax return being $2,800, you need to be sure that cutting this expense isn’t costing you more than you think.