Claiming Home Office Deductions – Higher Deductions for FY2020 due to COVID-19 In view of the approaching 2020 Tax Season, it is a great time now to discuss the new rates for Home Office Deductions. Many people have found themselves working remotely due to the COVID-19 Social Distancing rules, but did you know that there … Read more Home Office Deductions
There are several conditions for you to be able to claim Motor Vehicle Expenses: You can claim Motor Vehicle expenses if you need to travel from site to site, or to pick up supplies and materials. You normally are not allowed to claim travel expenses from your home to your workplace. However, if your home … Read more Motor Vehicle Deduction
Let’s take a minute to compare One Click Tax and myGov’s myTax. What makes One Click Tax the better choice? MyGov OneClickTax (OCT) Website is available 24/7 online, no need to get time off work, or a face to face appointment with an accountant and risk getting COVID-19 😊 √ √ Income and information prefilled … Read more MyGov vs OneClickTax
What If I Don’t Lodge My Tax Return Tax Return Requirement As long as you have an active Tax File Number (TFN), you are required to lodge a tax return for that respective year (1st July – 30th June). This is normally done during Tax Season. In a tax return, you are required to declare … Read more What if I Don’t Lodge My Tax Return?
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
We know that tax refunds are able to make your day or possibly a big difference into your life. Whether you are planning to buy something special for yourself, your family, or saving up for any other special occasions. TAX SEASON IS ALMOST HERE!From 1st of July, you can now start preparing and lodge your … Read more Open day of 2020 Tax Season
Did you forget to include any of your income or deductions in your tax return? No worries, we can definitely help you by lodging an Amended Tax Return! For both individuals and small businesses, you have TWO YEARS from the initial lodgement date to lodge a relevant amendment. We encourage our clients to lodge an … Read more Amending your tax return
Are you struggling with completing your individual, sole trader or business tax return? We are here to help you to turn it into a very simple tax return process. We understand that TAX IS NOT FOR EVERYONE. For this, we have created a simple system for you to have a go (with instructions included!).You can … Read more Need Help?
The most popular question from every tax season is: “WHERE IS MY REFUND?” It is a great time now to discuss how we process your refund and what is the estimated timeframe for the Australian Taxation Office (ATO) to process your refund. Refund Process Lodge tax return: After you have lodged your tax return through … Read more Where is my refund?
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 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
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