how to better claim common tax deductions

how to better claim common tax deductions   This tax season is going great so far. The ATO are seemingly quiet and are processing some tax returns as quickly as 5 days.   Some areas to prepare your deductions before your tax return appointment are:   Doing a diary of working from home hours and…

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ATO tax 2022 focus

ATO tax 2022 focus Tax return time: ATO priority areas  The ATO’s 2021-22 tax time focus areas for individuals are: record-keeping – ensuring that proper records are available and data-matching to check correct amounts are reported. Examples of targeted areas are – having receipts for deductions, keeping car expenses logbook or km diary, diary of work…

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Motivation boosters

Motivation boosters Of course there can be times when we are not feeling fully motivated. Here are some ideas to get your motivation back to it’s top. try staying away from substances which over stimulate your mind reduce your work load visualize where you want to go, having future plans will help you feel more…

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Share investing ideas

Share investing Are you thinking of starting a share portfolio? Or if you aren’t yet, then perhaps you should be. I must say being an accountant, I began to take notice when seeing my clients show me their substantial share portfolios, often commencing them as late as their fifties. Reasons why you would invest in…

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Applying for Director Identification number

How to apply for the new Director Identification number (Director ID number) Individuals need to apply for their own Director ID Number Please note that only an individual can apply for a Director ID Number, you can not apply for them as it requires the use of the MyGovID app Why is this happening? To…

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ATO Scam tips

Why it is important to protect your tax file number. Some of you may already be aware how important it is to protect your tax file number (TFN) from getting into the wrong hands. Crooks can use your TFN for TFN fraud, such as present themselves as you to the ATO , do your tax…

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How company saves tax explained simply

How to save tax in business using a company   Most companies are now taxed at 25% from each $ of profit from 1/7/21   Whereas individual takes rates are higher than this from each dollar over $45000 So businesses can take advantage of the lower individual tax rates by paying themselves individual income from…

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what is new for tax 2021

Changes to tax returns 2021   ATO Warning – Copy & Pasting Claims ATO are setting their sights on work related expenses (such as motor vehicle, travel claims, laundry, uniform purchases and business trips). The expectation is that these deductions should reduce for taxpayers who were working from home during COVID 19. However, the ATO…

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Why to own investment property in Self manged Super Funds

Something you need to know if you are growing an investment property portfolio.   Find out what here… Let say Luigi and Maria Retire with 8 rental properties owned outright   Sounds great But if they owns them individually They could still have a high taxable income Lets assume 40k taxable income each So that…

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Budget 2021

Budget 2021 Updates Next years personal income tax rates had already been announced, they are: We can look forward to more personal income tax cuts in 2025 LMITO retained for 2021-22 – the Government will retain the low and middle income tax offset for the 2021-22 income year. The LMITO provides a reduction in tax…

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Unknown secret as why you should have a smsf

Little known reason why SMSF work Many of you may be aware in the world of Superannuation that the uptake on Self Managed Super Funds (SMSFs) continue to grow in number of funds across Australia. So many of them they are infact 99% of the number of them. That is because there a many but…

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Keep your Super safe!

The recent incident of fraudulent activities carried out by unfaithful financial advisors has raised the much-needed awareness for protecting your super. These advisors have swindled clients, including friends and family, for millions of dollars through their dodgy schemes.   These unethical behaviours have raised serious concerns about safeguarding your super savings. Here are a few…

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