2024/25 Tax Rates for Australian Residents
The Australian Taxation Office (ATO) has updated the income tax rates for Australian residents for the 2024–25 financial year (1 July 2024 to 30 June 2025), incorporating the Stage 3 tax cuts effective from 1 July 2024. These rates apply to Australian residents for tax purposes and do not include the 2% Medicare levy, which […]
Selling Property! Will GST & the margin scheme apply to you?
The sale of an investment property in Australia can introduce intricate GST (Goods and Services Tax) considerations that often escape the notice of many property investors. However, there are specific scenarios where investors can mitigate their GST obligations. While the sale of your primary residence is usually exempt from GST, selling an investment property can […]
ATO: Fringe Benefit’s Tax Rates 2024-2025
A fringe benefit is a ‘payment’ to an employee, but in a different form to salary or wages. According to the FBT legislation, a fringe benefit is a benefit provided in respect of employment. This effectively means a benefit is provided to somebody because they are an employee. These rates and thresholds apply for the […]
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: Update to work-from-home deductions
The fixed rate method for calculating your deduction for working from home expenses has been revised. This revised method is available from 1 July 2022. To be eligible to claim a deduction for working from home expenses, you must: • incur additional running expenses as a result of working from home • be working from home […]
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 […]
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 […]
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 […]