Archive for category: Individuals
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Is it worth paying my HECS early?
CPI is applied to HECS debts on 1 June each year. The 2023 CPI is 7.1% so consider paying out part or all of your HECS debt before CPI is applied.
Make payment early to ensure the payment is applied to your HECS debt before 1 June
... read moreAdditional tax on concessional contributions (Division 293) – for individuals
Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold.
... read moreSale of Rental Property checklist
Use this checklist to provide all of the necessary information to us to calculate the capital gain on the sale of your taxable property
ATO Tax Time Information - Home Office Expenses (D5)
-Running expenses
-Occupancy expenses
-Phone and internet
ATO Tax Time Information - Car Expenses (D1 & D2)
Choose from 2 methods
Method 1 = Logbook
Method 2 = Cents per kilometre
ATO Tax Time Information - Employees working from home during COVID-19 (D5)
Running Expenses
-fixed rate method
-actual expenses
-short-cut method (COVID-19 only)
ATO Tax Time Information - Self-education Expenses (D4)
General expenses eg course fees and books
Depreciating assets eg laptop
Car expenses
ATO Tax Time Information - Clothing & Laundry Deductions (D3)
Occupation specific
Protective
Compulsory uniform
Non-compulsory uniform (registered with AusIndustry)
ATO Tax Time Information - Travel Expenses (D2)
Tolls
Parking
Motor vehicles (other than cars)
Local travel
Overseas travel
Why Use A Tax Agent
Tax Agents will help you to minimise your tax and their fee is tax deductible
... read more