Category: Business Accounting

Category: Business Accounting

Tax on your second job

This article, written from a tax agent’s perspective, addresses the tax implications of having a second job. It covers combined taxable income, tax withholding, potential tax owing, additional levies, accurate income reporting, tax deductions and credits, superannuation considerations, and the importance of professional tax advice. The aim is to inform individuals with multiple jobs about managing their tax liabilities and ensuring accurate and compliant tax filings.

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Claiming a computer or laptop

Claiming a computer or laptop

This article, written from a tax agent’s perspective, explores the process and considerations for claiming deductions on laptops and home computers used for work. It covers eligibility, calculation methods, apportionment, record-keeping, related home office expenses, and the importance of professional advice. The aim is to guide individuals in effectively claiming technology expenses on their tax returns, emphasising the need for accurate documentation and compliance with current tax laws.

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Claiming your Car

Claiming your Car

This article, written from a tax agent’s perspective, provides an overview of the tax claims available for car expenses. It covers eligibility, calculation methods, record-keeping, depreciation claims, leased vehicles, other considerations, GST implications, and the importance of seeking professional tax advice. The aim is to guide individuals in understanding and optimising their tax deductions related to vehicle use, emphasising accurate record-keeping and compliance with tax regulations.

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How Mortgages Work?

How Mortgages Work?

This article, intended to enhance financial literacy and written from a tax agent’s perspective, explains the basic mechanics of a mortgage. It covers the definition, structure, types, down payments, interest rates, fees, tax considerations, refinancing options, and default consequences. The focus is to provide a clear and comprehensive understanding of mortgages, emphasising the importance of informed decision-making and professional guidance in managing this significant financial commitment.

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Travel expense documentation

Travel expense documentation

This article, written from a tax agent’s perspective, offers guidance on managing and keeping records of travel expenses for tax purposes. It covers understanding eligible expenses, detailed record-keeping, using digital tools, allocating expenses, understanding per diem allowances, handling international travel, the importance of regular reviews, and the value of consulting with tax professionals. The focus is on ensuring accurate and compliant documentation of travel expenses for tax deductions.

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Is there tax on Lotto?

Is there tax on Lotto?

This article, written from a tax agent’s perspective, addresses the common question regarding the tax treatment of lottery winnings. It discusses the general tax-free status of winnings, investment income tax, gifting implications, estate tax considerations, the importance of professional advice, reporting requirements, and the necessity of staying informed about tax laws. The focus is on providing a comprehensive understanding of the tax implications associated with lottery winnings and the importance of prudent financial management in this context.

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Hobby or a business?

Hobby or a business?

This article, written from a tax agent’s perspective, explores the differences between a hobby and a business for tax purposes. It covers the definitions, implications for hobbies and businesses, factors for evaluation, the importance of seeking professional advice, and record-keeping recommendations. The focus is to guide individuals in understanding how their activities are classified and the corresponding tax implications.

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Tax return errors

Tax return errors

This article, written from a tax agent’s perspective, outlines common errors observed in 2023 tax returns. It covers issues like misreporting income, incorrect personal information, errors in claiming deductions and credits, pandemic-related assistance reporting, mathematical mistakes, filing status confusion, neglecting to sign, late filing or payment, and ignoring digital currencies. The aim is to educate taxpayers on these common mistakes and provide guidance on how to avoid them for error-free tax filing.

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Working from home deductions

Working from home deductions

This article, written from a tax agent’s perspective, provides an overview of deductions available for working from home. It covers eligibility, types of deductions, calculation methods, record-keeping, common misconceptions, special considerations in light of COVID-19, and the importance of seeking professional tax advice. The aim is to guide individuals in effectively claiming home office expenses on their tax returns.

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Getting your finances in order

Getting your finances in order

This article, written from an accountant’s perspective, offers practical tips for individuals looking to organise and optimise their financial health. It covers creating a budget, building an emergency fund, managing debt, saving and investing, regular financial reviews, minimising unnecessary spending, maximising income, tax planning, and the value of professional financial advice. The focus is on establishing a structured approach to managing finances effectively for long-term stability and growth.

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