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Category Archives: Tax

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Salary Packaging Gives More Than Benefits – It Can Help You With Your Income Tax

Salary Packaging Gives More Than Benefits – It Can Help You With Your Income Tax

TaxBy admin18 August, 2021Leave a comment

Did you know that salary packaging could reduce the amount of income tax you may have to pay as an individual? If you agree to salary packaging, you and your employer can “package” your salary into an arrangement of less income received after-tax, in return for your employer paying for benefits out of your pre-tax…

Tax Relief For Distilleries Brewers And The Industry

Tax Relief For Distilleries, Brewers And The Industry

TaxBy admin12 August, 2021Leave a comment

With around 600 brewers and 400 distillers across Australia, and up to two-thirds of those numbers operating in rural and regional areas, the alcohol industry has become one of Australia’s fastest-growing sectors. As a part of the 2021-22 Budget announcements in May, small breweries and distillers were to be the beneficiaries of $225 million in…

When Does A CGT Concession Or Exemption Apply To Your Small Business

When Does A CGT Concession Or Exemption Apply To Your Small Business?

TaxBy admin2 August, 2021Leave a comment

Small businesses are facing a set of challenges once again that can make fulfilling tax obligations seem like a daunting task. However, as a small business, capital gains tax concessions on assets used to conduct your business may be of interest to you. These assets are known as “active assets” and can, for example, be…

Charitable Donations Gifts The Taxman – What You Need To Know

Charitable Donations, Gifts & The Taxman – What You Need To Know

TaxBy admin28 July, 2021Leave a comment

Did you know that making a charitable donation isn’t just contributing towards a better outcome, it could also be tax-deductible? Every $2 donated under the right set of circumstances counts against your taxable income, and though many charitable donations and gifts can be tax-deductible, not every donation will count. If you are planning on claiming…

The Past Year May Have Pushed You Over The Tax Free Threshold – Heres Why

The Past Year May Have Pushed You Over The Tax-Free Threshold – Here’s Why

TaxBy admin22 July, 2021Leave a comment

Did you know that, regardless of how many jobs you worked over the past year, once your income reaches $18,200 it has crossed the tax-free threshold?   The tax-free threshold is the maximum amount of income that you can earn in a year without having to pay any tax.  Currently, that limit is set to…

Dont Get Stung You May Need To Pay Extra Tax On These ReliefSupport Payments.

Don’t Get Stung! You May Need To Pay Extra Tax On These Relief/Support Payments.

TaxBy admin12 July, 2021Leave a comment

Have you, over the course of the past financial year, received a government assistance payment, support payment or disaster relief supplement? There have been a number of cases where people who received financial assistance from the government were hit with additional owed tax to the ATO, due to their payments increasing their income threshold. When…

Do You Need A Receipt For That Claim ATO Cracks Down On Work Related Expenses

Do You Need A Receipt For That Claim? ATO Cracks Down On Work-Related Expenses

TaxBy admin6 July, 2021Leave a comment

The ATO is warning those submitting their tax returns this year to take care when submitting ‘other’ work-related deductions to claim back, as they are closely scrutinising. If you are planning on claiming work-related deductions this tax return season, you will need to show: That the money that was spent was on yourself and was…

Tax Treatments Will Differ Depending On Payment Types Says ATO

Tax Treatments Will Differ Depending On Payment Types, Says ATO

TaxBy admin30 June, 2021Leave a comment

The ATO is looking to make tax season a little bit easier this year, particularly in light of the unique but significant challenges that Australians have been facing over the last year, and are continuing to face. If you received a financial assistance payment, grant or scheme package during the 2020 financial year, you need…

ATO Says Different Payments Will Have Different Tax Treatments.

ATO Says Different Payments Will Have Different Tax Treatments.

TaxBy admin30 June, 2021Leave a comment

The ATO is looking to make tax season a little bit easier this year, particularly in light of the unique but significant challenges that Australians have been facing over the last year, and are continuing to face. If you received a financial assistance payment, grant or scheme package during the 2020 financial year, you need…

Gig Economy Workers Are Warned That The ATO Is Watching

Gig Economy Workers Are Warned That The ATO Is Watching

TaxBy admin21 June, 2021Leave a comment

The inexpensive and profitable side hustle is under the ATO’s watchful eye when it comes to declaring income this tax season. With many gig economy workers often earning their income as independent contractors, the ATO warns that a failure to report all income from all of the work that they carry out could land them…

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