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.
Getting a great tax return can help you reach your financial goals faster. Whether it’s an overseas holiday or paying down some debt, your tax return can be used for a variety of life-affirming purposes. Think of it as a form of forced savings. In 2021, Australian taxpayers received an average tax refund of $2490 – not a bad incentive to make the most of tax time!
We all know that paying taxes is one of the certainties of life. For many it is a dreaded once-a-year event full of confusion and hassle. For others, they see the need to get prepared prior and look for ways they can minimize the amount of tax they have to pay, before the EOFY. If you want to keep more of your hard-earned money in your pocket, preparing early is a sure-fire way of maximising your tax return.
Are you a property investor who is looking to get the most out of your tax return? If so, you may be missing out on some key deductions. In this blog post, we will discuss some of the most commonly missed deductions for property investors.
Are you throwing money in the bin? This is potentially what is happening when you rely on the old school method of stuffing tax receipts into a shoebox. Ultimately, those paper tax receipts can become illegible and go missing. The good news is that it doesn’t have to be this way.
Capital gains tax has a way of hitting property sellers like a bolt from the blue when it comes time to sell their cherished investment property. Indeed, CGT often feels like an unjust attack on your profits. Nevertheless, knowing how capital gains tax is calculated, and how to reduce the potential amount of CGT when selling your investment property, might just leave you with a bigger grin on your face and a larger portion of your capital gains.
Tax time is nearly here and the stress levels are mounting for ordinary Australians who want a fast and accurate way to lodge their tax return. And not just any old tax return but one that ensures you claim every possible deduction to which you are entitled.
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.