Tax Tips and Tricks
Giving you the most up to date tax tips and tricks to ensure you are minimising your tax and maximising your deductions.
Discover the advantages of utilising tax software for your property investment in Australia. Learn how this tool streamlines processes, enhances accuracy, and maximises returns.
Many people start a side hustle while still working a full-time job or juggling other responsibilities such as family and education. While having a side hustle can be fulfilling and lucrative, balancing it with other responsibilities can be challenging. Here are some tips on how to find balance and avoid burnout.
Switch from Investment Property Spreadsheet Management to Tax Software
Learn how to avoid common tax mistakes during tax time in Australia. Expert advice to ensure a smooth process during tax season.
As cryptocurrencies gain popularity, so does the practice of cryptocurrency mining and staking to earn additional income from investments. While these activities can be lucrative, it’s crucial to understand the tax implications they carry in Australia, especially as the ATO moves to tighten the rules and reporting obligations of platforms.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
Taxes are a necessary part of life, but they can be a real pain to deal with. There are many different deductions that you can take, and it can be hard to keep track of them all. This is where tax software comes in.
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.
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.
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!
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.
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.
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.
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.