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

The Australian government first introduce 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

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

Income tax gets lower, fairer: treasurer

People earning low-to-middle incomes will be hardest hit by rising average tax rates over the coming decade, the analysis released by the Parliamentary Budget Office found. But Treasurer Josh Frydenberg says under the government’s tax plan, low and middle income earners are receiving up to $530 in immediate relief each year.”Our personal income tax plan … Read more Income tax gets lower, fairer: treasurer

Tax boss warns outages are ‘a fact of modern life’

Tax commissioner says businesses need a plan for when the ATO goes down. Tax commissioner Chris Jordan has warned that the technical outages that have caused disruption for businesses are “a fact of modern life” and not going to cease. In the wake of continuing outages at the Australian Tax Office, Mr Jordan warned businesses and … Read more Tax boss warns outages are ‘a fact of modern life’

Australians over-claim $8.7 billion in tax

Australians over-claiming on their tax returns took almost $9 billion out of the federal government’s budget in just one financial year. The Australian Taxation Office has published an estimate of the tax it collects and the amount that would have been collected if individuals fully obeyed the law. While 93 per cent of income tax from … Read more Australians over-claim $8.7 billion in tax