16 June 2013
Tax Advice for Teachers
Some common examples of deductible items include:
Stickers, stationery and craft materials
Reference books, journals, magazine and newspapers (note the content of magazines and newspapers should be specific to the school work subject matter, and not general in nature)
Costs associated with a classroom pet
Union and professional association membership renewal fees (but not the joining fee)
A stopwatch and batteries for the stopwatch (But it can’t be a normal watch with a stopwatch function on it)
Computers and laptops (which may need to be depreciated depending on their initial cost)
Compulsory Uniforms (which must be specified in the school policy and have a visible logo)
Laundry of compulsory uniforms
Sunscreen, sunglasses and a hat for school sporting coaches
Other expenses to consider are... read more...
18 June 2013
Superannuation for Sole Traders and Partnerships
If you're self-employed - that is, a sole trader or a partner in a partnership - you are not obliged to make super contributions to a super fund for yourself. However, you may want to consider super as a way of saving for your retirement. If you're self-employed, you may:
be able to claim a full tax deduction for your super contributions
be eligible for the Low Income Super Contribution (LISC)
be eligible for the super co-contribution
20 June 2013
Changes to the Tax Free Threshold
For the 2013 Tax Year, the tax free threshold is changing from $6000 to $18200.
This means that some of you will not need to lodge a tax return this year.
We have included some examples to see if you need to lodge a tax return.
23 June 2013
Travel Agents – Is travel deductible?
It is a common practice within the travel and tourism industry for sales staff to be provided with discounted holiday packages and trips which are often referred to as 'educationals' or 'familiarisations'. As a travel agent, these may seem beneficial as the personal experience may be used to recommend tours and travel to clients. However, this reason alone is not sufficient for a tax deduction.
You will need to clearly demonstrate that the trip is more than a ‘holiday’.
26 June 2013
Changes to the Private Health Insurance Rebate
The ‘Private Health Insurance Rebate’ is an amount that the government contributes towards the cost of your private health insurance premiums. Most people claim the rebate as a reduction in the amount of premiums they pay to their private health insurers. Previously, the rebate was 30%.
From the 1st July 2012, the government changed the rebate amount so that it is now based on your level of income.
28 June 2013
Client Gifts and Greeting Cards
Many people believe that client meetings at a restaurant or cafe are tax deductible. In fact, this is considered by the ATO as 'entertainment' and is therefore NOT Tax Deductible. If you want to impress your clients to advertise your business or seal-a-deal, then give a gift instead!
29 June 2015
Why Use a Tax Agent?
People often query why they should pay for a Tax Agent when they can just use the ATO’s free tax software such as Etax.
Let’s start with Etax. Clients have stated that they find Etax confusing, cumbersome and time consuming. Unless you understand all the technical terms and jargon, then it’s likely that you will miss out on extra deductions and tax offsets. When you lodge your tax return via Etax or MyTax, you are essentially on your own. There’s very limited support from the ATO and if you make a mistake, you are on your own with ATO auditors.
15 May 2017
2017 Federal Budget Update
Find out how the 2017 Federal Budget key tax changes may affect you.
26 May 2017
Claiming Motor Vehicle Expenses
Reduce your tax payable by claiming motor vehicle expenses. You may be eligible to decrease your tax payable by using the Logbook Method or the Cents per Kilometre method, resulting in an increase in tax deduction.
1 June 2017
A Tax Warning for UBER Drivers
Managing your own UBER business can be an excellent source of extra income and can provide a number of lifestyle benefits, but to continue doing this, you must ensure your tax obligations to the ATO are diligently followed.
14 June 2017
Australia is a beautiful country that offers a friendly, relaxed lifestyle for
backpackers on a working holiday visa. While you enjoy this experience,
please also ensure you understand and comply with the backpacker tax
rules that apply to your individual circumstances.
12 July 2017
Top 5 Tax Deductions
Tax time is officially upon us. Yes, we understand it is a time consuming
process to collate all your documents, add up all your receipts, find time
to book and attend your appointment. BUT did you know that you could
claim back hundreds, or even thousands, of dollars each year simply by
investing more time into your tax return?
7 September 2017
The Good, The Bad and The Ugly
You can maximise your tax refund by making personal superannuation contributions by June 30 each year and claiming it as a tax deduction. The rules for 2017 for personal superannuation contributions have changed so please read the following for an update.
4 October 2017
When do I need to lodge my 2017 Tax Return?
Most Individual Tax Returns are due by 31 October, 2017 before late lodgement penalties are imposed by the ATO.
By registering and lodging your tax return through a Registered Tax Agent (like Platinum Accounting Brisbane), you could extend your deadline.