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

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( Posted in: Individuals )

Additional 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.

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( Posted in: Individuals )

Sale 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

( Posted in: Individuals )

ATO Tax Time Information - Home Office Expenses (D5)

-Running expenses

-Occupancy expenses

-Phone and internet

( Posted in: Individuals )

ATO Tax Time Information - Car Expenses (D1 & D2)

Choose from 2 methods

Method 1 = Logbook

Method 2 = Cents per kilometre

( Posted in: Individuals )

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)

( Posted in: Individuals )

ATO Tax Time Information - Self-education Expenses (D4)

General expenses eg course fees and books

Depreciating assets eg laptop

Car expenses

( Posted in: Individuals )

ATO Tax Time Information - Clothing & Laundry Deductions (D3)

Occupation specific

Protective

Compulsory uniform

Non-compulsory uniform (registered with AusIndustry)

( Posted in: Individuals )

ATO Tax Time Information - Travel Expenses (D2)

Tolls

Parking

Motor vehicles (other than cars)

Local travel

Overseas travel

( Posted in: Individuals )

Why Use A Tax Agent

Tax Agents will help you to minimise your tax and their fee is tax deductible

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( Posted in: Individuals )