Increase Min. Wage By 15% For Some Aged Care Staff
The Fair Work Commission has made a decision to increase wages by 15% for some employees working in aged care. Who the Increase applies to: The 15% increase also applies to the most senior food services employee (levels 4-7): Who the increase doesn’t apply to: The 15% increase doesn’t include other employees in the aged […]
Self-education threshold removed
The ATO has removed the $250 reduction on self-education expenses as of July 1 2022. Prior to this measure, the first $250 self-education expense could not be deducted. Amounts over this limit would be calculated in the total allowable deductions on an individual tax return. Self-education expenses can be: Final criteria to meet and choose […]
ATO: Under 18’s Employee Tax Rates
Under 18 year old individuals working as employees have special rules that apply to the income they earn. Certain income may be taxed at higher rates. If you are under 18 years old, some of your income may be taxed at a higher rate than an individual’s income tax rates for adults. However, you pay the same individual income […]
ATO: Meal allowance and deductions
Overtime meal expenses – for food and drink when working overtime. Overtime meal allowance can only be used where you receive an allowance to cover that expense. That allowance needs to appear on your PAYG Summary for the 2021–22 income year. The reasonable amount for overtime meal expenses is $32.50. The reasonable amounts only provide […]
ATO: don’t engage in asset wash sales
The Australian Taxation Office (ATO) is warning taxpayers, don’t engage in asset wash sales to falsely increase their losses and diminish gains or expected gains from investments. Wash sales are a form of tax avoidance, which is prohibited. Wash sales usually involve the disposal of assets such as shares and crypto just before the end […]
Top #10 Deductions for Tradesmen
Knowing the most common deductions that may be claimed in your industry is important. Below is a list of the top #10 deductions for Tradesmen / Construction workers to consider when preparing their tax return. When considering what can be claimed on your tax return, you will need to think in terms of connections. If you can […]
Government Super Co-Contribution
The Government will pay (they call it co-contribute) into your superannuation for the 2021/22 financial year up to $500 if you contribute from you’re after tax monies a minimum of $1,000. That is, the Government will pay .50cents for every $1 you contribute. To earn the maximum $500 co-contribution, your taxable income will need to […]
Top 6 deductions for Retail workers
This past year has been a challenging time with businesses struggling and others just getting into the market. Workers have been at the mercy of the regulations and these regulations impact the tax returns too. Knowing what you can & cannot claim as a deduction is important, especially in these turbulent times. Knowing the most […]
Top #10 deductions for Health Service workers
When it comes to doing your tax return right, knowing the most common deductions that may be claimed in your industry is important. Below is a list of the top #10 deductions for health services workers to consider when preparing their tax return. Top 10 deductions for Health Service workers If you receive a travel […]
ATO: Which Covid-19 Grants are Taxable?
The ATO has provided a list of all the covid-19 grants that are Non-Assessable Non-Exempt (NANE). You will need to confirm with the ATO if the grants you received are taxable or NANE. You will need to include in your tax return this financial year all income from all sources that is taxable. This may […]