Tips for Keeping Accurate Records to Manage Your Shares and Crypto Tax in Australia

Shares and cryptocurrency investments can be a rewarding endeavour, however it’s important to stay on top of your tax obligations. In Australia, accurate record-keeping is crucial to ensure you comply with ever evolving tax regulations and avoid unnecessary headaches down the line. In this blog we will provide you with essential tips for maintaining accurate records to effectively manage your shares and crypto tax in Australia.

30/06/2023

How to Prepare Early for the End of Financial Year

As the end of the financial year (EOFY) approaches, it’s crucial to embark on early preparations to ensure a seamless and stress-free process. Many individuals in Australia tend to leave their tax return until the last minute, resulting in a rush and unnecessary stress. In this article, we will delve into the top ways you can prepare early for the end of the financial year.

12/06/2023

Navigating Queensland’s Rental Law Changes: Implications for Landlords in Light of Interest Rate Rises!

Queensland’s rental law landscape has recently undergone significant changes that have important implications for both landlords and tenants. This blog article explores the Queensland rental law changes and their specific impact on landlords, particularly in light of potential interest rate increases.

01/06/2023

Tax-Time Focus for Australian Taxpayers: What You Need to Know

At TaxTank, we are committed to providing the most up-to-date and accurate tax information to help individuals, property investors and sole traders make informed decisions about their tax. The ATO announced yesterday a number of key areas that they will be focusing on this tax time, including rental income, capital gains tax and work-related expenses.

16/05/2023

Your guide to Capital Gains Tax and Crypto in Australia

Cryptocurrency, or more commonly known as Crypto, has become a buzzword in recent years, with more and more people investing in it as an alternative asset. However, with this new type of asset comes tax regulations that need to be followed. The Australian Taxation Office (ATO) has established a set of rules and regulations for Crypto taxation. In this blog post, we will explore the key aspects of Crypto tax in Australia.

04/04/2023

Top tips to seamlessly manage your sole trader business

As a sole trader, you are the boss of your own business. While this can be highly profitable, it also comes with a unique set of challenges, such as managing your own taxes and determining what business expenses you can claim. In this article, we look at some simple ways to overcome these challenges so that you can focus on doing what you do best – being a successful sole trader!

02/02/2023

PAYG tax for sole traders explained

If you’re a sole trader in Australia, who is making pay as you go (PAYG) instalments for the first time, you probably have a lot of questions. Luckily, in this blog post, we’re going to be explaining everything you need to know about PAYG for sole traders.

21/01/2023

Sole Trader or Company? When is the right time to make the switch?

When the time comes for sole traders to decide whether or not to pursue becoming a company, there are a series of critical factors that need to be weighed up.

14/12/2022

Woman sitting at home working on her small business

Do you have a side hustle? The top 5 deductions sole traders need to know!

Working for yourself isn’t always as easy and glamorous as it seems. Unlike being an employee of a company, you are solely responsible for securing contracts and making sure your clients get what they need on time. That means you take 100% of the risk, but also get to reap 100% of the rewards.

To help you maximise your business success, here are the top 5 tax deductions for sole traders.

05/12/2022

The top 5 reasons you should start a side hustle

These days it seems like every person and their animal is working on a side hustle. Some are successful, some aren’t – but what exactly is a side hustle? Well, it’s just an additional income stream that complements your full-time day job or isn’t necessarily related to it at all. These extra funds can help pay off debt quicker or save up for vacation faster.

24/11/2022

To GST or not to GST: What every sole trader should know!

Many people running their own Sole Trader businesses in Australia are still unsure about whether or not to register for GST. You may be worried that by adding 10% to your prices as a GST-registered business, you will turn off some potential customers. And then there is also the quarterly Business Activity Statement (BAS) to worry about, not to mention the potential for penalties if you fail to get it right. If this sounds like you, then read on for some advice about when to register for GST and some tips on how to make the process simple.

23/11/2022

Image of paperwork with tax spelt out on gold coins

5 Ways Tax Software Helps Maximise Tax Deductions

The best tax software can help you keep track of your deductions and make sure you’re taking advantage of all the deductions you’re entitled to. This can save you a lot of money come tax time. It can also help you keep track of your tax records so you don’t miss any important deadlines.

04/11/2022

ATO’s latest tax campaign: What you need to know to avoid the dreaded ATO tax audit

The Australian Taxation Office is targeting taxpayers who may have made mistakes on their tax returns and could be at risk of a tax audit. In this blog post, we will discuss what you need to know about the ATO’s latest tax campaign.

27/10/2022

You Sold Your House! Now What? A Quick Guide to Capital Gains Tax

Congratulations! You’ve just sold your house for a tidy profit. Now what? Depending on how long you’ve owned the property, and how you’ve used it, you may be liable for capital gains tax (CGT). Don’t worry – we’re here to help. In this article, we’ll break down everything you need to know about CGT, including how to calculate it and what exemptions may apply. Let’s get started!

11/10/2022

QLD Government announces Land Tax for Australian property investors!

From 30 June 2023, the QLD Government intend to calculate land tax on the total value of your Australian land. This includes your taxable land in Queensland and any land located in another state or territory.

27/07/2022

myTax vs TaxTank: Which can help you get a better tax return?

There are a few avenues to explore when it comes to getting help to lodge your tax return online yourself. Sure, you could go down the path of totally winging it and lodge your MyTax tax return without help and hope for the best; however, this method provides no guarantee that you’ll get the best tax outcome or avoid an ATO audit.

14/07/2022

Secrets from a Qld Tax Specialist: The top 5 tax tips for Property Investors

Tax time can be a challenge. The ATO’s aim is to collect as much tax as possible. The aim of most Australian taxpayers is to pay only as much as they have to. Navigating the rules is especially difficult for individuals and sole traders that don’t have teams of tax specialists on hand to wade through the requirements. For property investors, the complexities can be quite a burden. 41.9% of total revenue collected in 2020 ($231.2b) was collected from individual taxpayers, excluding property taxes. This is 2.4 times more than businesses paid.

13/07/2022

MYOB vs TaxTank

We’ve put together a comparison of MYOB and TaxTank to see who the two different tax help platforms compare, in terms of price, functionality, as well as special features.

06/07/2022

Man and woman working on property investor tax return

Property investor tax returns just got a whole lot easier, better and less expensive

Tax time is stressful for a lot of people. But if you’re a property investor, it can be even more so. Not only do you have to worry about your own tax return, but you also have to think about the investment property and how it will affect your taxes.

06/07/2022

A tax expert’s 5 top tips to maximise what you get back this tax time

Are you already thinking about the extra money you could be receiving at tax time? Tax time is approaching and for millions of Australians this year could deliver a nice bonus thanks to the boost of a tax offset announced in the recent federal budget.

05/07/2022

How to avoid tax time stress and not miss a deduction

If just the thought of tax time makes your stress levels rise, you are not alone according to new research conducted by cloud-based tax software, TaxTank.

The recent survey of 1000 Australian taxpayers revealed more than half (56%) find tax time stressful with missed deductions the leading cause of stress ahead of not knowing if they will receive a tax refund or bill and making a mistake.

04/07/2022

Xero vs TaxTank

We’ve put together a comparison of Xero and TaxTank to see who the two different tax help platforms compare, in terms of price, functionality, as well as special features.

30/06/2022

Doing your own tax return is a key to financial success

When it comes to tax time, many people feel like they are at a loss. They don’t understand the tax system and feel like they’re not in control with little power to do anything to actually control how much tax they pay.

30/06/2022

Zoho vs TaxTank

We’ve put together a comparison of Zoho and TaxTank to see who the two different tax help platforms compare, in terms of price, functionality, as well as special features.

25/06/2022

Top 3 tax time tips for Property Investors

Australian fintech TaxTank allows property investors to monitor their overall equity, cash position and tax position in real time to make smart investment decisions and maximise their tax deductions. Get their top tax time tips here.

24/06/2022

The affordable cloud-based tax software every property investor should have

Australian fintech TaxTank allows property investors to monitor their overall equity, cash position and tax position in real time to make smart investment decisions and maximise their tax deductions.

With the real estate environment in Australia changing rapidly with inflation and rising interest rates, property investors will likely have some important decisions to make in the coming months, and cloud-based tax management software TaxTank is here to help.

24/06/2022

Prospect of market crash polarising amongst Aussie property investors

With so much speculation in the air regarding the Australian property market, investors are certainly starting to think about where their portfolios stand and where to next. Research from Australian fintech startup TaxTank shows that investors are of two minds – while 54% list property market crash among their top three concerns, only 22% list it as their primary concern.

21/06/2022

Is the ATO’s move towards automation impacting property investor loyalty?

New research reveals that despite 75% of property investors reporting that they will lodge their return through an accountant this year, many are still feeling stressed at tax time.

17/06/2022

Over half of Aussie property investors are concerned about rising interest rates

New research reveals that a huge 63% of property investors are feeling concerned about rising interest rates, and with more interest rate rises projected over the next few months, the pressures aren’t going to ease any time soon. The research, commissioned by Australian fintech startup, TaxTank, also showed that 40% of property investors are concerned about the cost of living and more than one in ten fear they may have to sell.

09/06/2022

Work-from-home tax deductions top of mind as ATO cracks down

New research from cloud-based tax software TaxTank reveals that 50% of Gen X’s, 40% of Millennials, and 30% of Baby Boomers intend on claiming work-from-home (WFH) expenses this tax year.

The findings coincide with a recent statement from the ATO saying it would scrutinise WFH expenses this tax year with millions of Australians having pivoted to remote and hybrid work environments due to COVID-19.

07/06/2022

Tax News and Updates