Did you know that teachers and those working in education are entitled to various industry-specific teacher tax deductions? Understanding common expenses that teachers can claim is crucial for maximising these deductions. These teacher tax deductions can significantly benefit your annual tax return, so it’s worth equipping yourself with the knowledge presented by the Australian Taxation…
Are you wondering what expenses you can claim as tax deductions in Australia? Understanding how to claim tax deductions for work-related expenses can help you reduce your taxable income and potentially get a bigger tax refund. This comprehensive guide will cover everything you need to know about claiming deductions on your Australian tax return. How…
As a business owner or manager in Australia, one of the most crucial responsibilities you’ll encounter is managing your Business Activity Statement (BAS). Having an Australian business number (ABN) is essential for registering for GST and receiving a BAS automatically when it’s time to lodge. These regular tax obligations are fundamental to running a compliant…
Are Division 7A loans bad? This query has echoed louder in the financial corridors with the recent uptick in interest rates. This article unpacks the intricacies and ramifications of Division 7A loans, shedding light on their real impact amidst evolving financial landscapes. What are Division 7A Loans? Division 7A loans are a provision within the…
Medical professionals constantly juggle their day-to-day practice with the business side of things. But let’s face it, as a doctor, you’ve got your hands full with patient care, so management and financial planning tends to take a backseat. While a doctor’s primary goal is to focus on providing health services to their clients, they mustn’t…
Did you know that as an Australian taxpayer, you could legally reduce your tax liability through a salary sacrifice or salary package agreement? In this article, we’re going to take a look at the various tax implications associated with this option. And while the word ‘sacrifice’ might not necessarily sound like a positive implication, salary…
Doctors are among the highest-earning professionals in Australia. And the higher the income, the higher the marginal tax rate. But did you know that as a medical professional, you’re eligible for a pretty long list of deductions? Unfortunately, however, many doctors are missing out because they don’t know what tax deductions they can claim. So,…
Although paying tax is inevitable, most people want to determine how to reduce taxable income. Did you know that through effective tax planning you could pay less tax and walk away with more money in your pocket each financial year? But what does effective tax planning entail? What are the simplest ways to determine how…
If you’re an employee who works from home, you may be able to claim a deduction for your working from home expenses. 2020 brought about many changes due to the worldwide coronavirus pandemic. One of the most predominant changes was seen in the work industry – many employees had to alter their work arrangements so…
Following the Review of Business Taxation report in 1999, various recommendations were made due to growing concerns that individuals were sidestepping the tax implications of personal services income through the use of interjectory companies. contract As a result, many individuals were getting away with paying less income tax and having access to greater tax deductions…
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