Over the next couple of months many will be getting their 2014 tax returns completed.
To ensure you get the best tax outcome, I have collated a list of the most popular industries and their respective tax deductions that are available to you.
Please use the various checklists to ensure you don’t miss any tax deduction claims you are entitled to.
Your Industry Tax Deduction Guide to Maximise your Tax Refund this year
NDIS / SDA Housing GST Considerations NDIS / SDA Typically these types of residential investment properties are built to a much higher standard, but can also attract much higher returns in the order of 10% plus compared to 5% plus you could aim for with a good typical...
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...
All directors or intended directors need a DIN All directors or proposed directors within 12 months of directorships of companiescorporate associations & body corporates registered under the Corporations Act.Corporate Trustees for TrustsSMSF Corporate Trustee Need...
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...
Have you received gifts or loans from overseas relatives? Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income...
SEQ 2021 COVID-19 Business Support Grant – Open at Midnight 16th August 2021 Targeted Support to who? Queensland Labour State Government is targeting only businesses with unrelated staff for grant support, why? business with related staff only, may be able...
When it comes to investment property depreciation, people mostly focus on the building and what’s inside, but the outdoors can be depreciable too. It is important to know that not all landscaping is depreciable; there is a difference in how ‘hard’ and ‘soft’...
Small Business Clients Business in the following industries that make payments to contractors or subcontractors needs to lodge a Taxable Payment Annual Report (TPAR) by the 28th of August each year. Black or Cash Economy Detection The TPAR is a black economy measure...
Individuals Personal income tax cuts Date of effect1 July 2020 Tax thresholdsTax rateCurrentFrom 1 July 2020From 1 July 20240%$0 - $18,200$0 - $18,200$0 - $18,20019%$18,201 - $37,000$18,201 - $45,000$18,201 - $45,00030% $45,001 -...
2nd Wave COVID-19 Stimulus Packages Income support for individuals & Sole Traders Over the next six months, the Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a...
