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 […]
What percentage of tax do I pay in Australia?
Australian Resident Tax Rates 2021/22 Financial Year Taxable income Tax on this income 0 – $18,200 Nil ($0) Tax $18,201 – $45,000 19 cents for each $1 over $18,200 $45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000 $120,001 – $180,000 $29,467 plus 37 cents for each $1 over $120,000 $180,001 and over $51,667 plus […]
Four focus area’s for the ATO this tax time
The Australian Taxation Office (ATO) has indicated the four key focus areas for the 2021/2022 Financial Year. The ATO will be focusing on: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. These ATO priority areas will ensure that there is an appropriate level of scrutiny on […]