What are the new tax rules due to COVID-19

Working from home: The ATO has introduced a straight-forward shortcut method to calculate Home Office Expense during the period from 1 March to 30 June 2020.  Using this shortcut, you can claim 80 cents per hour for all relevant running expenses incurred when working from home. It is important to note that if you choose … Read more What are the new tax rules due to COVID-19

Could you be Missing out on Dough due to Overdue Tax Returns?

could you be missing out on dough due to overdue tax returns

Most people assume that because they earn below the taxable income threshold of $18,200, they do not need to lodge. ???? ???? ???? *Beep* ???? ???? ???? ❌False! ❌ You would still need to lodge a tax return to the ATO. If you have not lodged your 2019 tax return this year, you have until … Read more Could you be Missing out on Dough due to Overdue Tax Returns?

The Pain of Luxury Cars Inflicted by Tax Laws

Luxury Car Tax Explained

The Australian government first introduced the Luxury Car Tax (LCT) Law on the 1st July 2000 in congruence with the introduction of Goods and Services Tax (GST) and the removal of sales tax. LCT is an amount payable to the federal government inclusive of GST when a car is above a certain threshold. Currently, LCT … Read more The Pain of Luxury Cars Inflicted by Tax Laws

Bigger tax offset for Low to Middle Income Earners in 2019

Low to Middle Income Tax Offset

Good news! The Australian government has just announced a bigger tax offset for this year’s tax refund. If your taxable income falls below $126,000 you will be eligible for some of the low- and middle-income tax offset (LMITO). See how much you will get below: Taxable income LMITO $37,000 or less $255 $37,001 to $48,000 … Read more Bigger tax offset for Low to Middle Income Earners in 2019

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