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.
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.
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