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  1. Tax refund
    17 Oct, 2016
    The average tax refund is $2112. Here are 12 smart things to do with the money
    My tax refund landed in my bank account a few weeks ago. It was a few thousand dollars and it's sitting in a high-interest account until I need it. I've earmarked most of it for Christmas expenses and domestic summer travel, and the rest will go into the mortgage. It seems I'm pretty typical: eight of 10 Australians get a tax refundand the average last year was $2112, according to the Australian Securities and Investments Commission's MoneySmart website. Read more
  2. Uber & Airbnb tax
    24 Jul, 2016
    The sharing economy is in the Taxman's crosshairs this year
    "They have PhDs in machine learning, data mining and predictive analytics," he says.  The models scrutinise returns for missing income, over-claimed deductions and also identity crime. "The models learn and are not based on thresholds so that you can't second guess the models or try and beat them," Whyte says. Income from working as a taxi driver for UberX or renting out a room on Airbnb should be declared, he says. Usually the sharing economy "employers" do not pay income tax to the Tax
  3. fastest tax return
    18 Jul, 2016
    This is how you can get the fattest tax return possible
    NOW is the time to get creative with your tax return, as long as you don’t break the law, of course. Group certificates — now called payment summaries — should have been sent before last Thursday and the Australian Taxation Office has billions of dollars to hand back to taxpayers, but if you want to improve your refund you will need to think a little creatively. The ATO is great at detecting when you don’t declare wages, bank interest, share dividends and other income, but it has no way of
  4. Property Tax Returns
    16 Jul, 2016
    Congratulations, you're a landlord; now get your tax deductions straight
    If you're one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, it's important to know what you can and cannot claim. You don't want to miss out on vital deductions but you also don't want to cross the line and end up in the the Australian Tax Office's cross hairs. Read more
  5. Backpackers Tax
    12 Jul, 2016
    Election 2016: Capricornia MP Michelle Landry to lead fresh push to kill backpacker tax as Nationals
    The introduction of the tax has been delayed for six months, after the agriculture and tourism sectors expressed concerns it would deter backpackers from travelling to Australia. If it goes ahead, the Coalition will scrap the tax-free threshold for backpackers and tax them at 32.5 per cent. Ms Landry, who has been re-elected to the central Queensland seat of Capricornia, said she wanted the tax removed permanently and that it would be something "under discussion" today. "Yes I would like to
  6. Medibank tax return delay
    09 Jul, 2016
    Medibank server glitch will delay tax returns for 3.8 million Australians
    Due to a massive server glitch, Australian health insurance giant Medibank will be unable to send out end-of-financial-year payment statements to customers before July 15, causing a delay for many taxpayers hoping to lodge their annual tax returns. This glitch has affected Medibank’s 3.8 million customers or nearly 20 percent of Australia’s population. This issue also adds to Australian’s growing list of tax time headaches, with Telstra’s recent outage already affecting thousands of taxpayers
  7. Maximise your tax deductions and minimise your accountant bills
    04 Jul, 2016
    Maximise your tax deductions and minimise your accountant bills
    1. Don't bring it in a shoebox This one should go without saying yet sadly we still see clients bringing in a ton of random receipts and yes, one still brings in their bits and bobs in a shoebox. This means the time spent with the accountant is not as fruitful because all they're doing is adding up for you. Instead they should be spending the time mining for more deductions or having great conversations about what you could be doing differently to make the most of your tax situation. So what
  8. Reduce tax
    22 Jun, 2016
    Simple tools to help reduce your tax liability for end of financial year
    Discover simple strategies and handy tools to reduce your tax liability and ease financial pressure on your small business. When was the last time you assessed your overall financial position and explored ways to reduce your tax liability? In the lead up to the end of the financial year these straightforward strategies can help you lighten the tax load on your business. Deduct business expenses Review your business transaction account and ensure you’re making all the expense deductions you’re
  9. Business Key start
    22 Jun, 2016
    How to give your business a strong start to FY17
    Review your goals and business plan to set your small business up for a successful year ahead. If you are a small business owner, chances are that juggling the day-to-day demands of running your business might mean you don’t have a lot of time left in the day to think and plan for the future. Although it can be tricky to fit in, scheduling time to review, plan and prioritise for the year ahead is essential in both tracking and meeting your business goals. Here are some key things to consider
  10. Time to reduce your tax bill
    20 Jun, 2016
    Time to reduce your tax bill
    With the end of the tax year looming, now's the time to implement strategies to reduce this year's taxation bills. While higher income taxpayers don't know whether the budget proposal to lower tax bills on those earning $80,000 or more annually will be legislated, claiming tax deductions this tax year could result in larger tax savings. The two most attractive ways of reducing year-end tax bills have for many years been prepaying up to 13 months' interest on tax deductible investment debt and
  11. Tax advice for singles, couples and families
    20 Jun, 2016
    Tax advice for singles, couples and families
    It's human nature to ask "what's in for me?". I'm sure that's the question many of you used to assess the latest federal budget and discover how the proposed changes affected you. My question is, did you do anything about it? As an accountant and financial adviser I find many people are quick to complain about how changes to our tax system will affect them. For example, they'll complain about the amount of tax they're paying but other than the brief moment when they find out if they're
  12. tax relief small business
    20 Jun, 2016
    Election 2016: Labor pledges $20,000 in tax relief for small businesses that create new jobs
    The federal Labor Party will grant small businesses a tax cut of up to $20,000 as a “reward” for creating new jobs if the party is elected on July 2. The opposition’s “New Jobs Tax Cut” is designed to encourage small businesses to hire individuals who face difficulties when entering the labour force, including unemployed people aged under 25 or over 55, and parents and carers who are returning to the workforce after more than six months out of work. Read more
  13. Home based business tax deductions
    19 Jun, 2016
    Understand what deductions you can claim if you operate your business from home
    Running a home-based business? Here’s what you need to know about some tax deductions you can claim. If you just work from home and your place of business is somewhere else, you can still claim a deduction for expenses that relate to the work you do from home. For example, if you don’t have any business premises and do most of your work on clients’ premises – you can still claim a deduction for the cost of things like electricity you use while working from home, and the decline in value of the
  14. Rental property tax
    19 Jun, 2016
    ATO focuses on rental property owners
    With Tax Time 2016 just around the corner, the ATO is encouraging rental property owners to check out the information on its website to better understand their obligations and get their claims right. Assistant Commissioner Graham Whyte says Tax Time can be tricky for rental property owners. “Our message to any rental property owners having a hard time understanding their obligations is that we’re here to help,” he says. Read more
  15. Save tax
    19 Jun, 2016
    Smart ways to save tax before the end of financial year
    The end of the financial year is rapidly approaching and planning is somewhat harder this year with a federal election a few days later that result in changes to taxation, superannuation and even negative gearing. With a few weeks to go, now is the time to ensure you make the most of the current rules while you can. Here are some top tips to consider to minimise your tax and boost your savings. Read more
  16. tax time
    19 Jun, 2016
    Five ways you can find yourself in audit hell for tax time 2016
    The Australian Taxation Office has shared with Fairfax Media the main areas that will spark its attention where people over-claim or incorrectly claim deductions on their tax returns. Read more
  17. Tax deductions
    19 Jun, 2016
    Tax time: ATO eyes cars, mobile phones, broadband and work-related travel
    Australians with rental properties and work-related expenses such as cars, mobile phones, broadband and travel will be the focus of the Australian Taxation Office at tax time. Click to view
  18. tax planning
    19 Jun, 2016
    End of financial year: Make sure your tax planning and compliance is in order
    It’s June and as we’re rapidly approaching the end of the 2015/16 financial year, it’s a good time for businesses and individuals to take stock of their tax obligations and identify tax planning opportunities for the year ahead. Click to view
  19. ATO Hit list 2015
    19 Jun, 2016
    What’s on the ATO tax time hit list this end of financial year
    The Australian Tax Office has revealed what’s on its hit list this year as we approach tax time, including tax deductions for mobile phone usage and income from rental properties. The ATO contacts 350,000 Australians each year regarding their tax returns, chasing up omissions or pointing out errors. Click to view
  20. SMSF Tax
    19 Jun, 2016
    End of financial year: Six tips for SMSF trustees
    The end of the financial year is fast approaching and like many, you may not have your superannuation affairs in order – you may not even know where to start. But fret not, there’s still time. To help you out, here’s a checklist of items trustees of self-managed superannuation funds (SMSFs) should review before June 30. Click to view

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MORE LINKS

https://www.ato.gov.au/

https://www.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/