Preparing a tax return can mean very different things to different people. For some, it spells doom and gloom. A worrying time of year where missed deductions, lost receipts, and uncertainty means they end up paying more tax than they need to, or worse.
You’ve read it in the news. You’ve heard people talking about it. Those in the know urge you not to dismiss it. Being the subject of an ATO audit is not to be dismissed as a trivial matter. It can and does happen.
This year, the ATO is focusing on two specific areas in relation to car claims. The first is ensuring that taxpayers are only claiming the work-related portion of their car expenses. The second is making sure that taxpayers are not claiming private expenses as work-related expenses.
Australians plan to save their tax returns this year despite not knowing nor actively planning to maximise what they receive, according to TaxTank
New research from cloud-based tax software TaxTank reveals over half (56%) of Australians find tax time stressful, with the notion of missed deductions causing the greatest degree of anxiety.
When it comes to tax time, only around one in four Aussies choose to lodge their own tax return. Because the ATO receives around 10 million tax returns every year, that means 7.5 million people don’t trust their own ability when it comes to lodging the best tax return possible.
If you use your car for both work and private purposes, you can only claim the percentage of car expenses that relate to work. For example, if you travel 100 km in a day and 50 km of that is for work, you can only claim 50% of your car expenses.
A Gold Coast tax accountant is saving Australians time, stress and money at tax time with a new low-cost, easy to use tech software, TaxTank.
The cloud-based Software-as-a-Service (SaaS) platform transforms tax management and the end of year tax return into an automated, stress free process to help individual taxpayers claim their fair share of the billions refunded each year.
The Federal Government’s $8.6 billion cost of living package was the centerpiece of this year’s 2022 Federal Budget address. From temporary cuts of the fuel excise, to an expansion of the low and middle-income tax offset, the package contains various support measures aimed at easing rapidly rising cost of living expenses and business input costs.
Many Australians miss out on tax deductions every year, simply because they are unaware of the possibilities. This is understandable because some of the potential deductions you can claim are actually pretty random and out there!
Capital gains tax (CGT) is one of the many important factors that a property investor must take into account when making big investment decisions.
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TaxTank Pty Ltd ABN 43 633 617 615 is not a registered tax agent, a registered Business Activity Statement agent or a registered tax (financial) adviser as defined under the Tax Agent Services Act 2009. Any advice provided on the TaxTank platform (including this website) is only of a general nature and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation.
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