Category: Tax return

Category: Tax return

Using MyGov for your tax return

Using MyGov for your tax return

This article, written from a tax agent’s perspective, advocates for the use of the myGov platform for individuals with simple tax returns. It highlights the platform’s ease of use, pre-filled information, cost-effectiveness, direct ATO access, available guidance, security, and record-keeping benefits. It also advises on when to seek professional tax advice, emphasising that myGov is an excellent tool for straightforward tax situations but may not suit more complex cases.

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What is CGT?

What is CGT?

This article, written from a tax agent’s perspective, provides an overview of Capital Gains Tax, including its definition, calculation methods, reporting requirements, exemptions, and strategic considerations. It aims to educate readers on the key aspects of CGT and emphasizes the importance of professional tax advice for accurate calculation and reporting.

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Property Deductions

Property Deductions

This article, written from a tax agent’s perspective, outlines common tax deductions available for investment property owners. It covers interest on loans, depreciation, repairs and maintenance, property management fees, council rates, insurance premiums, utility expenses, legal and accounting fees, and changes in travel expense deductions. The aim is to inform property investors about potential tax benefits and the importance of accurate record-keeping and professional tax advice.

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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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