Tag: the accountants

Tag: the accountants

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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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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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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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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Why you need a Power of Attorney

Why you need a Power of Attorney

This article, written from an accountant’s perspective, provides insights into the importance of having a power of attorney as part of financial and healthcare planning. It covers the definition, types, roles in financial management and legal/healthcare decisions, reasons for needing a POA, choosing an agent, legal processes, and the importance of regular reviews. The focus is on the POA as a critical legal instrument for ensuring responsible management of one’s affairs in unforeseen circumstances.

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Why you need a will?

Why you need a will?

This article, written from an accountant’s perspective, explains the importance of having a will as part of financial and estate planning. It covers the definition, purpose, importance of appointing an executor, guardianship considerations, specific instructions, tax considerations, the need for regular reviews, and the importance of seeking professional legal and financial advice. The focus is on the critical role of a will in ensuring that one’s assets are distributed according to their wishes and providing for loved ones.

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Travel Deductions and what you claim

Travel Deductions and what you claim

This article, written from a tax agent’s perspective, explains common travel deductions, documentation requirements, and tips for claiming these expenses on tax returns. It covers deductible travel expenses, documentation, car travel deductions, mixed-purpose travel, overnight travel, international travel, non-deductible expenses, and the importance of professional tax advice. The aim is to guide taxpayers in effectively claiming travel deductions while adhering to tax laws and regulations.

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What is income protection?

What is income protection?

This article, written from an accountant’s perspective, provides a comprehensive overview of income protection insurance, including its definition, importance, differentiation from other insurance products, coverage determination, tax implications, target audience, cost considerations, and the value of professional advice. The focus is to educate readers on the significance of income protection as part of their financial planning and risk management strategy.

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Understanding your credit card statement

Understanding your credit card statement

This article, aimed at enhancing financial literacy and written from an accountant’s perspective, provides an overview of how to understand a credit card statement. It covers key areas such as the account summary, payment information, detailed transactions, interest charges, credit limit, rewards summary, fees, and the importance of staying informed about any changes. The focus is on empowering readers with the knowledge to manage their credit card usage more effectively.

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