How are Working Holiday Makers (WHM’s) taxed!
Working holiday makers (WHM’s) may be taxed on the same basis as a resident Australian national if they are both: -from a non-discrimination article (NDA) country -an Australian resident for tax purposes. Criteria for same tax rate You may be taxed on the same basis as a resident Australian national if you satisfy all the following – you are: -the holder […]
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 […]
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 […]
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 […]
COVID-19 and your tax done right
The Australian Taxation Office (ATO) anticipates that COVID-19 will continue to impact the income and deductions taxpayers will be reporting this tax time. This tax time taxpayers need to be aware of changes in circumstances that may affect what needs to be included as income or what can be claimed as a deduction. Among the […]
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 […]