Learn how to avoid common tax mistakes during tax time in Australia. Expert advice to ensure a smooth process during tax season.
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.
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.
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.
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.
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.
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.
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.
Property investors aren’t always aware of the full gamut of investment property deductions that they are entitled to. In this blog post, we will discuss some of the most common investment property deductions and how you can take advantage of them.