What Are The Consequences Of Improperly Lodged Tax Returns

What Are The Consequences Of Improperly Lodged Tax Returns?

With tax return season approaching quickly this year, you may have already started looking into lodging your income tax return. Ensuring that your details are correct and that any information about your earned income from the year is lodged is the responsibility of the taxpayer and their tax agent. However, if during this income tax…

How Different Trust Types are Taxed

How Different Trust Types are Taxed

A tried and true method of investment, trusts are generally and commonly known as being for the wealthier elements of society. A trust however is a highly versatile tool that individuals and businesses can use to align with and achieve their particular investment, financial or personal goals. They can also incur a number of taxable…

Interest On Your Home Loan Could Be Tax Deductible

Interest On Your Home Loan Could Be Tax-Deductible

It’s a simple, step-by-step process used by many Australians to increase their income. Borrow money from a financial institution, invest in a second property and pay off the loan with the profit accrued from the investment property (ie. rent from tenants). But did you know that the interest on a home loan for the purchase…

Maximising Tax Returns On The Side Hustle

Maximising Tax Returns On The “Side Hustle”

If you or someone that you know began a side business (or “side hustle”) during the last financial year, you would have to meet the tax obligations that come with that business, along with the tax obligations of your primary business. All income earned through a side business is taxable income. That means that every…

Jobkeeper Repayments – Tax Deductible

Jobkeeper Repayments – Tax Deductible?

The end of the month will see the end of the Jobkeeper payment scheme from the government. Eligible businesses who choose to voluntarily repay an amount from the Jobkeeper pay that they were given may be able to claim a tax deduction if they treated the payment correctly as assessable income. A voluntary repayment of…

Small Business Benefits or Taxable Concerns

Small Business Benefits or Taxable Concerns?

As an employee in a business, often there are perks that can come with the job. A company car, fuel money, perhaps some technology to help make things easier. Small business owners however have to be a lot more mindful of how they use the money from their business. Any money or assets that a…

Self Education Expenses

Self-Education Expenses

Individuals who partake in self-education may be able to claim a deduction for their expenses if the education is related to their work or if they receive a taxable bonded scholarship. Courses eligible for claim You are only eligible to receive a deduction if the course has a sufficient connection: To your current role and…

What you can salary package

What you can salary package

Salary packaging allows you to create a ‘package’ of income and benefits. In your salary package, you can include benefits that you would usually pay for with your income after-tax. These include fringe benefits, exempt benefits, and super. What you can include in your salary package depends on your employer and there may be tax…