Dealing with the ATO, being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.
Read more: Dealing with the ATO, simple tips for unwary taxpayers
Claim deductions when working and studying part-time. Will you need to buy textbooks for your work-related study, or perhaps invest in a new computer?
Read more: Claim deductions when working and studying part-time
Super withdrawal, how much tax is withheld from super? You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible.
Personal Tax, Super and Financial Planning
Read more: Super withdrawal, how much tax is withheld from super?
Working and studying part-time, course fees deductible? If you go “back to school” the costs can really add up, but the good news is that your course fees may be deductible if the course is sufficiently related to your current employment.
Read more: Working and studying part-time, course fees deductible?
Cash income from gig economy sites? Are you declaring it? Have you ever considered joining a site like Airtasker to make some extra cash?
Read more: Cash income from gig economy sites? Are you declaring it?
Work-related car expenses that employees can claim. If you have special car travel needs for work, like driving between two jobs or different worksites, or carrying bulky equipment you may be able to claim deductions for some of your car expenses
Read more: Work-related car expenses that employees can claim
Common CGT obstacles homeowners meed to be aware of. Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps.
Read more: Common CGT obstacles homeowners need to be aware of
Does listing my home on Airbnb affect my tax return? Australia’s growing “sharing” economy provides many opportunities to make extra income.
Read more: Does listing my home on Airbnb affect my tax return?
Superannuation contributions, this will help you catch up. The government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions is a great opportunity for anyone who takes time out of work or otherwise has “lumpy” income that means they have a varying capacity to make contributions from year to year.
Personal Tax, Super and Financial Planning
Read more: Superannuation contributions, this will help you catch up
Downsizer superannuation contribution, will it work for you? The government’s new opportunity for “downsizing” Australians to contribute some of the sale proceeds from their home into superannuation may appear to be a very attractive strategy for many individuals who wish to use equity in their home to boost their retirement savings.
Personal Tax, Super and Financial Planning
Read more: Downsizer superannuation contribution, will it work for you?