Australian
Tax Calculators

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Frequently
Asked Questions

Understanding Inheritance Taxes in Australia

Being a beneficiary will incur tax obligations that will need to be included in your tax return. It’s important to know what these obligations are and what you’ll need to do.

What are the tax reporting obligations for your business?

You’ll need to make sure you’re dotting your ‘i’s’ and crossing your ‘t’s’ when it comes to your tax and employee obligations with the Australian Taxation Office (ATO).

New Budget 2020 What It Means For Australian Businesses

Read out short report outlining how the new budget affects Australian small business.

New Budget 2020 JobMaker Scheme

The aim for the JobMaker plan is to boost skills, stimulate economic growth, create jobs making it easier and economically viable for businesses to employ staff. Read our short report to see how this might affect you.

New Budget 2020 What It Means For Individual Australians

Read our short report outlining how the new budget affects Australian individuals.

Watch Out For Illegal SMSF Super Schemers

The ATO has reported that it has seen an increase in SMSF schemes that target Australians planning to retire. Illegally accessing your super fund early can result in severe penalties, fines and even jail time.

Ultimate Guide To GST For Beginners

As your business grows, so will your obligations to the ATO. Once your business reaches a certain threshold, you’ll need to collect GST. What do you need to know about the GST for your Australian small business?

JobKeeper 2.0 What You Need To Know

September 28, 2020 marks the start of the JobKeeper 2.0 payment scheme. Our short report outlines the key extension dates and what this means for employees and employers.

Why Do I Need Income Protection Insurance?

Income protection insurance may seem like an extra cost you can’t afford, but there may come a day that you’re thankful you took it out.

Top Benefits For Using A Tax Calculator

Why use ITP’s Tax Calculator to help you work out your tax?

Detailing Your Retained Earnings for EOFY

What are retained earnings and why are they important for an Australian company?

Why Hire A Remote Tax Accountant For Your Business?

Running a small business keeps you busy enough without having to worry about you tax. It pays to hire some expert help – and not just at tax time. You don’t even have to leave your office!

What Should I Bring To My Tax Return Appointment?

Preparation is the key to a great tax refund. So, what documents should you bring with you when you book an appointment with a tax agent?

MyTax vs using an ITP Tax Accountant

It’s tax time and you think you only have a simple tax return. You see an easy, no cost government option, and you take it. After all, you’re not going to get much of a return anyway – or are you?

Top Tax Deductions for Small Business in Australia

Knowing how and what business expenses you can claim at tax time, will help you reduce the income on which you need to pay tax. What are some top claim you can make for your small business?

Top Jobs With The Largest Tax Deductions

Most Australians claim around $3,041 tax deductions come tax time, however there are some professions that claim much more than the average. What are the jobs with the largest tax deductions?

Claiming Home Office Costs

If you work from home from your home office, what expenses can you claim as tax deductions to maximise your tax refund?

An Introduction to Business Activity Statements for Small Businesses

No matter what business structure you’re working under, once your business earns over an annual turnover of $75,000, you’ll need to register for and start lodging your BAS with the ATO.

Bitcoin and Taxes What You Need To Know

Are you confused about cryptocurrency, what Bitcoin is and your tax implications? Here are a few key facts that may arise if you use this form of investing.

The Taxpayers Guide To Working From Home

This tax time, there are three main ways to claim your working from home expenses, and it’s a good idea to understand how you can claim, what’s involved and what’s included before you make up your mind which would be the most beneficial method for you.

Top 5 Mistakes Australians Make On Their Tax Returns

Now that the June 30 deadline is approaching, many Australians are thinking about their tax returns and what claims they can make for the 2019 / 2020 financial year. What are some mistakes to avoid making on your tax return?

The Ultimate Guide to Australian Tax Deductions

You work hard for your money and come tax time, you’re due for a decent tax return. It pays to know what tax deductions you can make so you don’t pay more tax than you have to. Maximising your deductions can have a significant effect on your bank account. Do you know what to look for?

The Taxpayers Guide To Working From Home

The ATO announced a new streamlined way to claim working from home expenses. From 1 March to the 30 June 2020 you’ll be able to claim 80 cents per business hour for each person working from home, but will this result in your biggest tax return?

Tax Returns for Factory Workers

There are a large number of tax deductions that can be made if you work in the factory industry. Do you know what you can and can’t claim?

Tax Return Guide for Married Couples

Checklist for your wedding. Flowers? Check. Photographer? Check. Tax implications for married couples? Hmmm. That aspect of marriage might be off the radar for most people, however there are tax implications for married couples that you’ll need to be aware of. Let’s fill in some details for you

Tax On Home School Expenses

COVID-19 has brought many changes to the Australia work force – as well at schools. Although students are slowly returning to school, many parents in Australia opt to home school their children full time rather than send them to school. What are home schooling tax deductions?

Tax Guide for Uber Drivers in Australia

Working as an Uber driver is a great way to be your own boss, but there are tax implications drivers should be aware of so come tax time there are no surprises. If you’re an Uber driver, how can you maximise your tax return?

The JobKeeper Payment: How It Affects You And Your Business

On 21 July 2020, the government announced the extension of the JobKeeper Payment scheme by another six months until 28 March 2021 as well as turnover tests to determine eligibility. How do these changes affect you?

Tax Deductions for Engineers

Engineering is a highly technical job which requires precise math and planning. Deducting your expenses from your taxable income is just as precise. The more precise you are, the less overall tax you’ll have to pay. Every dollar does count. So what tax claims are Engineers able to make when it comes to tax time. Let’s break it down.

Luxury Car Tax Changes You Might Not Know About

There have been recent changes made to the Luxury Car Tax that affect all luxury cars in Australia. What are they and how to they affect you?

How To Save Money: Simple Money Saving Tips

Making small changes to your life can yield big results. So, how can you take your monetary bull by the horns and start saving those precious pennies?

Will You Get The Extra $750 In Your Account?

Covid-19 packages have flowed into the economy to help businesses and individuals since March 2020 in a bid to keep the economy running. The second $750 cash payment is due to be paid. Are you eligible and how does this affect your tax?

Coronavirus and Income Tax Hike: How To Prepare

COVID-19 has indelibly changed the economic and taxation landscape in 2020. How does this affect your tax time deductions and claims?

What is the right business structure for my business?

One of the key decisions you will make when starting your own small business in Australia, is the business structure. You will need to consider the size, scope and type of business you will be running. What business structure is right for your business, and is it time to change it?

How Donating To Charity Can Reduce Your Tax Bill

Donating to a charity can make you feel good, but it can also have the added bonus of reducing your tax bill, however it may not be as simple as you might think. There are a lot of charities out there, but your donation may do nothing to reduce your tax.

How Do You Keep Good Business Records?

In today’s business world, it is imperative that businesses have a good way of recording all transactions. Not only will it help you understand the financial health of your business, but it will keep you legally compliant with the Australian Taxation Office (ATO) and the Australian Securities and Investment Commission (ASIC).

Second Job Side Hustle Tax Tips

Do you have a side hustle? It’s a great way to earn a little extra money, but beware of the unintended tax implications you might be obligated to pay.

How does the Goods and Services Tax (GST) affect selling property?

Sometimes it can be difficult to determine if your property is termed as a residential premise and this is where good advice is essential. What are the GST implications you’ll need to be aware of to remain compliant with the Australian Taxation Office (ATO)?

Ever Wondered How The ATO Audits Individuals?

Filling out a tax return might seem simple, but one wrong figure could alert the ATO that things are not as they seem. How does the ATO audit individuals?

Getting Married and Taxes What You Need To Know For Your Next Tax Return

The ATO considers married, de-facto and same-sex couples as those in a regular domestic relationship for tax purposes. ITP The Income Tax Professionals are often asked what the tax implications are when you find yourself in these circumstances.

Face it. You guessed. That’s not okay.

How to use ITP’s online tax return service. It’s super easy. Once you’d filled in your details, our tax agents will review your details, claim all of your entitlements and lodge your tax return for you without you worrying about a thing. So, where do you start?

EOFY Checklist for Savvy Small Business Owners

End of Financial Year can be a busy time, but it can also be the most productive time of the year for your Australian small business. Reconciling your businesses financial position can lead to positive changes for future planning and growth strategies, but what do you really need to do?

Essential EOFY financial tasks

The ‘To Do’ list for your business sometimes seems unending, but at the end of financial year (EOFY), it’s more important than ever to prioritise your financial ‘To Do’ list so you can get your business organised and work smarter for the next year. What are your EOFY essential tasks?

How Do You Keep Good Records To Maximise Your Tax Deductions

Keeping good records of your expenses is imperative to not only keep you compliant with the ATO, but will go a long way to maximise your tax deductions. How? Read what you should do to keep good records and maximise your tax claims.

What Are My Home Based Business Tax Deductions?

More than one million people operate their business from home in Australia. You’ll need to keep the proper records to claim tax deductions come tax time. What do you need to do to maximise your tax deductions?

End Of Financial Year Essential Tasks – What Do You Need To Do?

The end of financial year is fast approaching. It pays to be organised so you don’t have to face a mountain of paperwork at the last minute, but also because there are tax implications that can land you in hot water if they are not processed.

How Much Does It Cost to Hire a Small Business Tax Accountant

You want your business to grow and you know you need to hire an accountant to take things to the next level, but perhaps the cost of hiring someone has held you back from making that decision. However, it might be time to look at it another way – instead of the costs, hiring a good accountant might mean much more in savings than you might originally think.

How Do You Apportion Work-Related Expenses For Your Tax Return In Australia?

There are a range of claims you can make come tax time in Australia, but a lot of them are a mix of personal and work-related expenses. The ATO only allows you to claim work related expenses, but how do you work them out?

How COVID-19 Will Change How You Claim When You Work From Home This Tax Time

Covid-19 has brought world-wide change to the way we interact with people, how we shop, how we conduct business and make purchases, and how we work. While some of these will be short term, working from home has become a major change for millions of people. How and what can you claim on your tax deductions this year?

Covid 19 Government Assistance for Australian Small Businesses

The government has released support for Small Business due to the Covid-19 emergency to help those who cannot trade normally, if at all. Isolation and restrictions has changed normal trading opportunities and businesses are struggling. What are the current schemes and how can they benefit you?

Do you know the difference between a contractor and an employee in your Australian Small Business?

Do you hire contractors? There’s a difference between contractors and employees for taxation and superannuation purposes. Getting it wrong compromises your contractor or employees to meet their tax and super obligations. If you misclassify your workers, you could be caught out with penalties and charges. If you run a small business, you’ll need to know.

A Beginner’s Guide To The Tax-Free Threshold

There’s no way around it. If you earn an income in Australia, it’s a requirement of the Australian government that you pay income tax, but what is the tax free threshold and how does it affect you?

What Are The Most Common Tax Deductions For Nurses And Healthcare Workers?

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.

Tax Deductions For Tradies: Give Your Refund A Boost With These Top Tax Deduction Secrets

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.

Top Tax Deductions For Those In The Medical Profession

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?

Stimulus Package – Instant Asset Write Off

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?

Stimulus Package – Individual Household $750 Stimulus Payments

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?

Stimulus Package – 50% Accelerated Depreciation Business Investment Incentive

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?

Australian Taxation Office Deferrals And Other Concessions

The ATO intends to provide relief to businesses impacted by COVID-19 through a number of measures. What are they and how do they affect you?

Stimulus Package – Temporary Higher Thresholds And More Time To Respond To Demands From Creditors

The ATO intends to provide relief to businesses impacted by COVID-19 through a number of measures. What are they and how do they affect you?

Stimulus Package – Boosting Cash Flow For Employers – PAYG Withholding Credits

The cash flow boost provides for payments to support employers by boosting their cash flow. Another intention with this measure is to encourage the retention of employees through any follow-on downturn. What do these changes mean for your business?

Stimulus Package – Individuals – Coronavirus Supplement

The Coronavirus supplement is to be paid at a rate of $550 per fortnight beginning 27 April 2020. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months. Who is eligible?

Stimulus Package – JobKeeper Payments – Information For Employees and Employers

Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a wage subsidy from the Government to continue paying their employees. How to employers and employees access JobKeeper?

Stimulus Package – Reduction To The Minimum Super Pension Drawn Downs

The minimum annual payment amounts for pensions and annuities have been temporarily reduced by 50% for the 2019-20 and 2020-21 financial years in recognition of the impact of the coronavirus on self-funded retirees’ investments. What does this mean for you?

Stimulus Package – Federal Government Support For Small/Medium Enterprise (SME) Loans

The Commonwealth Government will provide a guarantee of 50% for loans made to SMEs with turnover of up to $50 million. How can your business access this stimulus package?

Stimulus Package – Wage Subsidies For Apprentices And Trainees

As part of the economic response to the Coronavirus (COVID-19), the Australian Government is providing wage subsidies up to a maximum value of $21,000 per apprentice or trainee apprentices and trainees ($7,000 per quarter). What does this mean for your apprentices and Trainees?

Stimulus Package – Early Access to withdrawing up to $20,000 of your own super

The Government has made changes to the Super regulations to allow individuals affected by Coronavirus to release tax-free up to $10,000 over 2 financial years from their superannuation on compassionate grounds. What are they and how can you access your super?

Do you know if you need to report a TPAR?

The TPAR report is designed to allow the ATO to improve compliance with tax obligations by comparing payments made by one contractor against the tax returns of the business they pay. What is a TPAR, and does this affect your business?

Stimulus Package – JobKeeper Sole Traders and Other Entities

The JobKeeper Payment is a payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. What are these changes and how do they affect you as an employee?

Stimulus Package – JobKeeper Common Individuals Questions Answered

The JobKeeper Payment is a payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. What are these changes and how do they affect you as an employee?

Stimulus Package – JobKeeper Employer Questions Answered

The JobKeeper Payment is a payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. What are these changes and how do they affect you as an employer?

Stimulus Package Home Office Expenses

As the situation around COVID-19 continues to develop, the ATO acknowledges you may now be working from home and you may incur expenses that you can claim at tax time.

The Australian Governments Second Economic Response to the Corona Virus*

On 22 March the Government announced a second set of economic responses to the Corona Virus emergency. The economic measures are designed to support businesses in managing short-term cash flow challenges, provide support to individuals, severely affected communities and regions, and to ensure the continued flow of credit in the Australian economy.

Pets, PJ’s and laptops. Are you working from home?

Are you working from home due do the Covid-19 emergency? People who normally work in an office might not realise some of the tax benefits you’ll be able to claim. It’s time to start collecting those receipts and get a start on your tax time deductions.

The Australian Government’s Economic Response to Coronavirus*

On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus. The following measures will be administered by the ATO.

Are you an employee or a contractor? It pays to know the difference

In today’s fast-changing workplace, the gig economy is booming. More and more companies hire external consultants, contractors and freelancers on a per project basis rather than hire full-time staff. However there is a risk, and a grey cloud, when it comes to employment and who is considered staff and who is considered a contractor.

Australian Superannuation Myths: What You Need to Know

Most Australians will rely on their superannuation to fund their retirement. Superannuation is a percentage of your salary that’s collected as part of your income tax and put into a fund that you will be able to access after your preservation age. However, the effectiveness of superannuation is widely misunderstood.

Do I Need To Lodge STP For My Small Business

If you’re a small business owner, things have changed in the way you report your employee obligations and entitlements to the Australian Taxation Office (ATO). No matter how small your business is, even if you only have one employee, you’ll need to report your obligations using Single Touch Payroll.

Do You Know How To Hire A Holiday Worker

Holiday worker. Backpacker. Overseas worker. There are tax rules and rates you’ll need to get signed off before you hire. Do you know what they are?

Commonly Forgotten Personal Tax Deductions

Most people simply don’t know all of their valid claims and pay more tax than they have to. So, what are the most common tax deductions people miss when they lodge their tax return?

Did you know that the Australian Taxation Office (ATO) have a Tax Avoidance Taskforce?

The Tax Avoidance Taskforce was established to ensure multinational enterprises, large public and private businesses (and associated individuals) pay the right amount of tax in Australia. Established in 2016, the taskforce enhances and extends the ATO’s existing compliance activities.

Common myths about work expense tax deductions in Australia

It’s a creative world out there, and there’s a time and a place to explore your creativity. Paint a picture. Enrol in a pottery class. Take a dance class, but the Australian Taxation Office (ATO) draws the line at creative writing tax claims. What are the most common tax deduction myths?

4 Benefits of Hiring a Bookkeeper for your Small Business in Australia

Regardless if you have a large or small business, are a sole trader, company, trust or partnership, a good bookkeeper is a business asset that will set you up for success. So, why should you hire a bookkeeper?

What is Phoenixing?

With the rise of the Black Economy which has left a tax deficit of an estimated $50 billion in the Australian economy; the phenomenon known as Business Phoenixing has become prevalent. What do you do if you’re the victim of Phoenixing?

What Is A Tax File Number (TFN)?

What is a Tax File Number (TFN) and what is it used for? Do you need to have a TFN? Find the answers here.

Top 5 Reasons Why You Should Take The ITP Income Tax Course

Working as a Tax Consultant is a great way to help people lodge their tax returns come tax time, and there are a number of other reasons for undertaking the ITP tax course. What are they?

Income Tax Course In Australia

Whether you’re a professional looking to extend skills, someone who wants part-time work to save extra cash or looking to help people with their tax, doing a short income tax course can lead to some great opportunities.

What Are The Tax Implications For Deceased Estates?

Income tax is paid to the ATO through your salary, wages, investments or business income. However there are tax implications for deceased estates and the assets that are passed to beneficiaries.

When Is My Australian Tax Return Due?

Tax time means getting all of your financial information into shape and making your way down to your local tax agent. But what dates should you be aware of?

What You Need To Know About Individual Tax Deadlines In Australia?

The tax time deadline of 31st October for individual tax returns can come fast, but if you’re organised, there’s no need to feel the tax deadline crush to lodge your personal tax return.

When can you claim GST credits?

When your business generates a gross annual income of $75,000 you will be required to register and collect GST and lodge your BAS. Here are some handy GST tips to help you along the way.

Failing to Lodge a Tax Return: The Weird and The Valid Excuses

While lodging your tax return may not be the most thrilling date on your calendar, when it comes to the Australian Taxation Office (ATO), excuses better sold in a bookstore will be considered as a serious offence. What are some valid excuses for not lodging your tax return?

What are the weirdest tax deductions in Australia?

Many may think that tax time is not necessarily a creative endeavour, but some people will test the limits whatever the occasion. So, what have been the weirdest tax deductions this tax season?

7 Smart Ways To Spend Your Tax Refund

We’re already half way through the 2019 tax time, and many Australians have received their tax returns already. There are many ways to spend that extra cash, but how can you make the most out of your tax return?

How Do I Lodge My Business Activity Statement (BAS)?

If your business earns over an annual income of $75,000, you’ll need to collect GST and lodge a BAS form. Learn what you’ll need to be aware of to lodge your BAS form properly.

Last-Minute Tips To Get A Bigger Australian Tax Return

The Australian Tax Deadline of October 31 is fast approaching and you’ll want to avoid fees, penalties for lodging a late tax return. How do you make the most out of the 2019 tax time and maximise your tax return?

AirBNB Expenses And Tax Deductions

When you earn rental money no matter if it is privately rented or rented through AirBNB, the ATO will consider that taxable income which will raise your total taxable income at the end of the year. If you’re not careful and aren’t aware of how you manage that income stream, you may have to pay more tax.

How Much Should I Get Back In Taxes 2019?

Many taxpayers in Australia expect some sort of tax return, but for many how a refund is calculated is a mystery. There are many calculations and deductions that are included to form your personal income tax. How can you work out what your tax refund should be?

What To Do If You’re Audited From The ATO

If you’re audited from the ATO what can you expect to happen and what do you do?

Top Tax Deductions For Small Businesses

Knowing the different tax deductions that you can claim can help you determine the amount of your small business’ tax return. We discuss more in today’s post.

‘Having A Professional Advisor Is The Single Best Predictor Of Success’

Andrew Mills states that having a professional adviser is the ‘single best predictor of business success’.

6 Benefits of Using a Tax Agent in Australia

Tax agents are expert accountants that specialise in the complicated ways necessary for handling and lodging tax returns. They do all the work for you during tax time, saving you the time, energy and headache of filing your own tax returns. So, what to tax agents actually do and how can you benefit?

5 Bookkeeping Tips for Small Businesses

Savvy non business owners make it a point to keep track of their daily finances. This minimizes costs and stress. Keeping up-to-date financial records helps when lodging a small business tax return. If you want to start taking charge of your business’ bookkeeping, here are a few tips from The Income Tax Professionals.

Common Tax Return Mistakes You Should Avoid

It’s tax time once again, which means it’s time to bring out your calculators and start getting your affairs in order. While working with professional tax accountants can streamline and simplify the entire process, if you plan to lodge a personal tax return yourself it’s important to do it properly the first time to avoid any problems with the ATO. How can you make sure you’re getting things right?

What Happens If I Don’t Lodge My Tax Return?

Many people might fail to lodge their tax return for numerous reasons. They worked overseas. Their health may have suffered. They were too busy. However, the ATO will always keep track. Even after years it will demand that you lodge your tax return, which may result in fines, penalties, interest, prosecution or even jail time. Do you need to lodge a tax return?

How Long Does It Take to Get a Tax Refund in Australia?

Waiting for your tax return can be frustrating, especially if you’re expecting a good return and can’t wait to spend your money. How long does it usually take to get your tax return in Australia?

Tax Cuts 2019: Understanding Scott Morrison’s $1080 Tax Bonus

In the 2019-20 Federal Budget, the Government announced changes to tax offsets which became law and will affect all Australians. What are those changes and what do they mean for you?

5 Smart Tips for Small Business Tax Time Claims

Come tax time, many small businesses are not taking advantage of the many eligible claims you can make. The EOFY is a key time to make sure your books are in order, invest in your own business and take a snapshot of where your business currently stands to maximise your tax return.

Tax Deductions for Self Employed: Know What You Can Claim at Tax Time

Running your own business is tough enough without the added pressure of organising your financial records come tax time. There are ways to make it easier and streamline the process. Knowledge is power. If you know what you can and can’t claim, you’ll not only be well and truly organised, you’ll be able to maximise your tax return. After all, it’s about paying less tax than you have to.

9 Ways Fitness Trainers Can Trim Their Tax

Being in the fitness industry means you have to stay fit. Make sure your books are in peak condition as well with these tips from The Income Tax Professionals.

Payroll Tax Cut for NSW Businesses

It’s good news. The NSW government has recently cut taxes for small to medium-sized business by adjusting the threshold on payroll tax. Nearly 40,000 small businesses in NSW are now up to $8,175 better off per year following a second cut to payroll tax in 12 months.

6 Top Tax Deductions for Construction Workers and Tradies

Construction workers and tradies have their fair share of tax deductions they can claim – but are you claiming everything you’re entitled to? Read more here.

Top 7 Tax Deduction Write Offs for Hairdressers

Hairdressers can either work as employees or run their own business. Make sure you take advantage of these seven tax deduction write offs during tax time.

5 Reasons You Need A Bookkeeper

Running a business can keep you busy, but some sole traders do their bookkeeping well into the morning. Free up time with a professional bookkeeper. Read more.

8 Things You Don’t Want To Forget This Tax Time – #8

Even though you might think that receiving an insurance payout or are claiming workers compensation is not an income, the ATO does regard it as such. These payments may impact your tax, but there are claims that you are entitled to make when you do declare these types of payouts. What do you need to know?

8 Things You Don’t Want To Forget This Tax Time – #7

The internet has opened up so many avenues for earning an income. Drive on the weekends and book with Uber? Rent your tools through Toolmates? Your holiday house through HomeAway or AirB&B? Rent out your caravan through Campify? What should you know about this income stream when it comes to tax?

8 Things You Don’t Want To Forget This Tax Time – #6

Most businesses don’t even think about paying taxes on crowdfunding – that is until they’re face to face with their tax agent. There should be no surprise that with the lifting of Australian restrictions in early 2018, crowdfunding is seen as a valid way to build an income. If you earn or receive any money through crowdfunding, it is deemed assessable income and should be stated on your tax return. So, what exactly do you need to know to get it right?

8 Things You Don’t Want To Forget This Tax Time – #5

If you’re travelling, taking a working holiday or decide to stay, worldwide foreign income earned as an Australian resident (for tax purposes) is taxable and should be declared in your tax return. How does your foreign income impact your tax?

8 Things You Don’t Want To Forget This Tax Time – #4

The way your business is set up will impact the tax you pay. Whether you are a sole trader, partnership, company or a trust you’ll need to know how it will impact the tax you will need to pay and just how much you can claim come tax time.

8 Things You Don’t Want To Forget This Tax Time – #3

Receiving interest is deemed income, as you are the recipient and beneficiary of payments. There are many forms of interest you may receive, some of which are commonly overlooked by many people. Part 3 of our series looks at earning interest as an income and how that impacts the tax you pay.

8 Things You Don’t Want To Forget This Tax Time – #2

You may earn your income in more ways than just from your job and ignorance is not an excuse from the ATO. There are many ways people may make an income and it all adds to your taxable income.

8 Things You Don’t Want To Forget This Tax Time – #1

Tax season is always stressful. With your taxes to handle on top of everything else, it’s easy to forget some things. Read more in the first part of our series!

Car Expenses – What You Should Know To Reduce Your Tax

There’s no doubt that in today’s competitive job market, further study is a prerequisite to embark on many careers. Many students incur a HECS – HELP debt which you must pay off – but how does it all work? Read our latest blog and find out.

6 tips to help you pay off your HECS – HELP debt

There’s no doubt that in today’s competitive job market, further study is a prerequisite to embark on many careers. Many students incur a HECS – HELP debt which you must pay off – but how does it all work? Read our latest blog and find out.

How can you save for your first home faster?

Do you know how the FHSS Scheme can help you save faster for your first home? Learn how The Income Tax Professionals can help maximise your savings so that you can enjoy the great Australian dream of owning your own home. Read more today.

How to get the most from the 2019 tax time

Do you know what you can lodge your 2019 income tax claim? Learn how Income Tax Professionals can help maximise tax returns and keep out of trouble with the tax man. Read more today.

How Mumpreneurs can get ready for tax time

The right choice of tax agent can help you maximise your tax returns. Learn how you can select the best one with these 6 tips from Income Tax Professionals.

How to avoid becoming the victim of a tax scam

The right choice of tax agent can help you maximise your tax returns. Learn how you can select the best one with these 6 tips from Income Tax Professionals.

What to avoid doing at tax time

Do you know what you can lodge your 2019 income tax claim? Learn how Income Tax Professionals can help maximise tax returns and keep out of trouble with the tax man. Read more today.

What does Single Touch Payroll (STP) mean for employees?

There’s a lot of talk about single Touch Payroll (STP), but what does it mean for employees? Learn what STP means for your and how the Income Tax Professionals can help.

Top 3 Frequently Asked Questions About Tax in Sole Trade Businesses

If you have recently become a sole trader, then you’d know that managing tax returns is one of the most important albeit frustrating tasks you need to accomplish.

6 Tips to Choose The Right Tax Accountant to Maximise Your Tax Return

The right choice of tax agent can help you maximise your tax returns. Learn how you can select the best one with these 6 tips from Income Tax Professionals.

Tax Return Tips for Under 21s

Tax season is always stressful, but filing taxes for the first time is even more daunting. What if you forget to file a document? Or completely miss the deadline? ITP The Income Tax Professionals shares expert tips to help maximise tax return for students and under 21. For just $79, ITP can help you lodge your tax return.

What you need to know about lodging your tax return this 2019 financial year

Own a rental property that generates income? Maybe you’re tossing up your investment strategies and buying a rental is on your list.

A quick guide to income tax in Australia

Own a rental property that generates income? Maybe you’re tossing up your investment strategies and buying a rental is on your list.

Rental property owners: maximise your tax return with these deductions

Own a rental property that generates income? Maybe you’re tossing up your investment strategies and buying a rental is on your list.

Last minute tax tips to maximise your return (and minimise stress)

The end of financial year is looming, which means tax time is around the corner. Just the thought of it is enough to send most of us into a blind panic.

Tax audits: What your business needs to know

Business tax audits are at a record high, with the Australian Tax Office (ATO) keen to crack down on businesses not paying their fair share of tax.

Work-related expenses: Don’t get caught out at tax time

The ATO recently announced a plan to crackdown on work-related tax deductions in a bid to reduce the estimated $2.5 billion lost each year to dodgy claims.

Easy As Hacks Students Can Use To Save Serious Cash

Are you a student looking for ways to save cash? You’ve come to the right place. The costs of studying can quickly add up.

5 Ways To Minimise Tax As A Small Business Owner

Tax is a huge outlay for most small businesses. But there’s plenty you can do to ensure you don’t pay more of your fair share of tax.

4 ways to save this Christmas (without becoming a Grinch)

4 ways to save this Christmas (without becoming a Grinch) According to Finder.com, Christmas shoppers will be left with $3.9 billion debt after splurging on gifts this year, with the average Aussie spending almost $1,000 over the festive season. What’s more, around 36 per cent of us

6 smart ways to spend your tax refund

6 smart ways to spend your tax refund Well, tax time is officially over. Did you collect a nice refund? Not sure what to do with it? Before you splurge all of your hard-earned cash, just remember, it is exactly that – hard-earned cash. While receiving a

Don’t miss the tax deadline

Time is running out: Don’t miss the tax deadline on 31 October If you’ve been putting it off and haven’t filed your income tax return yet, it’s coming down to the wire with the deadline to lodge just days away. October 31 is the date Australians need

8 Deductions you probably won’t get away with claiming

This is custom heading element From edible G-strings to puppies and extravagant holidays, it seems people are getting more and more creative with what they try to claim at tax time. While we appreciate the creativity, here’s a list of things from the ATO you probably can’t

Your tax checklist: Don’t leave for your tax appointment without these documents

This is custom heading element You might be entitled to an amazing tax refund this year, but unless you are organised and have your paperwork in order, you could be missing out on some serious cash. We’ve answered some of your burning questions to help you get

5 Essential Tax Preparation Tips for Small Business

This is custom heading element Freelancers and small business owners start off wanting to see their idea come to life, not dealing with administration and finances. But unfortunately, 1 in 2 small businesses face financial pressure after just one year of operation. With a new financial year

Here comes the bride…..and some changes to your tax return

Tax season isn’t a time of year that is particularly met with too much excitement

Common tax time mistakes

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Your home could be a tax gold mine

This is custom heading element More and more people are choosing to work from home these days and it’s not hard to see why. Running a home office offers a lot of perks. There’s the flexibility of not being in an office, afternoon naps and you can

Starting your investment portfolio

The prospect of submitting a tax return can sometimes be daunting and slightly unsettling

Car log book: Drive your business refund by keeping a logbook

This is custom heading element From tradies to real estate agents there are a host of occupations that require car travel every day. The question is: how much travel can you claim? If you carry bulky goods or supplies (such as heavy or bulky tools) that travel