Tag: Personal tax
103 articles tagged with "Personal tax".
TEN TAX CHANGES TAKING EFFECT FROM 1 JULY 2025
The only constant about tax is change. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), provides us with some of the tax changes coming into play from 1 July 2025.
Read More7 SURPRISING THINGS YOU MAY BE ABLE TO CLAIM AS A TAX DEDUCTION 2024/25
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), provides some unusual deductions that you didn’t know you could claim for you and your business and maximise your tax refund (or reduce your tax bill) this year.
Read MoreFIVE THINGS TO DO BEFORE 30 JUNE 2025
30 June is rapidly approaching and with every dollar counting during this cost of living crisis now is the time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreSEVEN MOST COMMON TAX MISTAKES (or 7 deadly sins!) for 2024/25
The new financial year will soon be here which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), shares with us seven common mistakes to avoid when doing your tax this year.
Read MoreSTART OF FINANCIAL YEAR TAX PLANNING 2025/26
Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), shares with us excellent tips for you to action and maximise your tax refund next year.
Read MoreTOP TEN TAX TIPS FOR RENTAL PROPERTY INVESTORS 2024/25
Over 2.27 million people claimed just more than $44.4 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), gives some excellent tips for you to action and maximise your tax refund from your rental property this year.
Read MoreTWELVE TAX TIPS FOR THE FAMILY OR INDIVIDUAL 2024/25
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition (Wiley, May 2025, AU$32.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read More101 Ways to Save Money on yout Tax - Legally!
15th Edition!!!! An essential money-saving resource for every Australian who pays tax – fully updated for the 2019-2020 tax year.
Read More2022/23 fee schedule
Here are Mr Taxman's schedule of fees for the 2022/23 year
Read More8 TAX CHANGES TAKING EFFECT FROM 1 JULY 2021
The only constant about tax is change. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2021-2022 edition (Wiley, May 2021, AU$29.95), provides us with some of the tax changes coming into play from 1 July 2021.
Read MoreSTART OF FINANCIAL YEAR TAX PLANNING 2021/22
Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2021-2022 edition (Wiley, May 2021, AU$29.95) shares with us excellent tips for you to action and maximise your tax refund next year.
Read MoreSEVEN MOST COMMON TAX MISTAKES (or 7 deadly sins!) for 2020/21
The new financial year will soon be here which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2021-2022 edition (Wiley, May 2021, AU$29.95), shares with us seven common mistakes to avoid when doing your tax this year.
Read MoreTEN TAX TIPS FOR THE FAMILY OR INDIVIDUAL 2020/21
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2021-2022 edition (Wiley, May 2021, AU$29.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreTOP TEN TAX TIPS FOR RENTAL PROPERTY INVESTORS 2020/21
Over 2.21 million people claimed just under $50 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2021-2022 edition (Wiley, May 2021, AU$29.95), gives some excellent tips for you to action and maximise your tax refund from your rental property this year.
Read MoreWhen will Private Health Funds issue your 2020 tax statement?
So you have your assessable income and allowable deductions all sorted out & want to lodge your return ASAP but your private health fund has slowed things up. So when will BUPA, AHM, Defence Health, Navy Health, CBHS, Westfund, HCF, Australian Unity, Medibank et.al have your tax statement for 30 June 2020 available?
Read MoreSTART OF FINANCIAL YEAR TAX PLANNING 2020/21
Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95) shares with us excellent tips for you to action and maximise your tax refund next year.
Read MoreTEN TAX CHANGES TAKING EFFECT FROM 1 JULY 2020
The only constant about tax is change. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), provides us with some of the tax changes coming into play from 1 July 2020.
Read MoreTax on Overseas Income and the Importance of Saving on FX Conversion
If you earn money overseas then it is well known that when it comes to your annual ATO tax returns, all foreign overseas income must be reported in addition to your domestic income.
Read MoreNeed help with your tax?
Take the stress out of tax time with one of Australia’s leading tax experts. Call Mr Taxman today on 1800 TAXMAN (1800 829 626) or drop an email to adrian@mrtaxman.com.au
Read MoreKeeping a diary could boost your tax refund
Using the Australian Taxation Office's temporary "shortcut" method for claiming home office expenses brought about because of COVID-19 could leave you worse off than keeping a diary and stating actual running costs.
Read MoreTOP TEN TAX TIPS FOR RENTAL PROPERTY INVESTORS 2019/2020
Over 2.16 million people claimed more than $47.4 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), gives some excellent tips for you to action and maximise your tax refund from your rental property this year.
Read MoreTEN TAX TIPS FOR THE FAMILY OR INDIVIDUAL 2019/20
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreFIVE THINGS TO DO BEFORE 30 JUNE
30 June is rapidly approaching and with every dollar counting during this COVID-19 pandemic now is the time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreSEVIN DEADLY TAX SINS
The new financial year will soon be here which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), shares with us seven common mistakes to avoid when doing your tax this year.
Read More1 IN 3 AUSTRALIANS TO GET BIGGER TAX CHEQUE THIS YEAR
More than 30% of Australians are expected to get a bigger refund from the taxman this year according to one of Australia’s leading tax experts.
Read More2020/21 fee schedule
If you would like one of Australia's leading tax experts and author of top-selling 101 Ways to Save Money on Your Tax - Legally!, then please be advised that my schedule of fees is as follows:
Read MoreA COVID-19 TIP FROM MR TAXMAN #14
Deferring compulsory HECS/HELP/TSL/VSL repayments
Read MoreHome Office Expenses - A Current Affair segment
Household finances are severely stretched at the moment, and finding savings has never been more important.
Read MoreA COVID-19 TAX TIP FROM MR TAXMAN #11
Home office expenses update from the ATO.
Read MoreA COVID-19 TIP FROM MR TAXMAN #12
WFH? Change your postal address from work to home.
Read MoreA COVID-19 TAX TIP FROM MR TAXMAN #9
Vary your PAYG Instalments to zero as part of COVID-19 relief from the Government.
Read MoreA COVID-19 TAX TIP FROM MR TAXMAN #8
A great infographic prepared by Michael Armstrong which summarises all of the various incentives that are out there for SMEs.
Read MoreA COVID-19 TAX TIP FROM MR TAXMAN #2
Download the myDeductions App from the ATO
Read MoreDon’t let the ATO scare you off work deductions
The Australian Taxation Office has been criticised for targeting regular hard-working Australians instead of multinational corporations, but an expert says taxpayers should not be deterred from claiming everything they are entitled to.
Read MoreSTART OF FINANCIAL YEAR TAX PLANNING
The new financial year is here which comes which comes with it the annual obligation to submit our income tax return by 31 October. Like most, you are probably in a mad panic trying to find your receipts to scrap together in a futile attempt to boost your refund (or worse reduce your payable) with some last-minute claims. For others, 1 July brings around a new sense of hope with a whole year to get our tax planning right in 2017/18.
Read MoreTax return 2017: Mistakes to avoid this financial year
STUPIDITY, carelessness, greed, arrogance, forgetfulness, dishonesty and laziness. Most of us are guilty of some, or all, of these qualities at some stage and we probably don’t even know it. But when it comes to tax time, it’s best to avoid all of them because committing just one of these sins can land you in a heap of hot water.
Read More101 Ways to Save Money on Your Tax Legally
101 Ways to Save Money on Your Tax – Legally! is the Australian taxpayer’s essential guide to maximising returns. Comprehensively updated for 2017-2018, this indispensable resource explains all of the changes to the May 2017 budget to help you pay what you owe and not a penny more. You’ll find answers to common questions, tax traps to avoid and plenty of tips from Mr. Taxman himself that can save you hundreds or even thousands of dollars!
Read MoreSuper changes push more to family trusts
With dramatic changes to superannuation just 10 weeks away, family trusts are becoming more popular as the "next best" investment vehicle for those who have more to invest than the new super rules will allow. Financial advisers note a marked increase in clients wanting to set one up, either dismayed by how little they'll be able to get into super after July 1 or fed up with government changes to retirement savings.
Read MoreSEVEN MOST COMMON TAX MISTAKES (or seven deadly sins!)
The new financial year will soon be here which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, an Associate Professor at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2017-2018 edition (Wiley, June 2017, AU$25.95) shares with us seven common mistakes to avoid when doing your tax this year.
Read MoreSetting financial goals and sticking to them
According to Adrian Raftery, course director of Financial Planning at Deakin University, there are six golden rules to follow when setting financial goals.
Read MoreVALENTINES DAY, WHEN MATTERS OF THE WALLET AND MATTERS OF THE HEART COLLIDE
When it comes to romantic gestures this Valentine’s Day getting your financial house in order could be just as much a symbol of love as flowers and chocolates, according to a Deakin University financial planning expert.
Read MoreFinal countdown to avoid a tax hit
TAX time ends one week from today and people yet to lodge their return are being urged to act now to avoid hefty penalties and interest charges.
Read MoreSuper, mortgage, small business benefits: How to get more money from your tax refund in 2016
THEY say there are only two certainties in life — deaths and taxes. But when it comes to tax time, some things may be less certain and you can’t always bank on a refund.
Read MoreTEN TAX TIPS FOR THE FAMILY OR INDIVIDUAL 2015/16
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, a senior lecturer in tax, financial planning and superannuation at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2016-2017 edition (Wrightbooks, June 2016, AU$24.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreToday Show - Australia's unwanted cash
It's been revealed Australians have more than half a billion dollars in unclaimed cash just lying around and some of it could be yours. Tax and finance expert, Dr Adrian Raftery chats to TODAY about what you can do to get your hands on
Read MoreToday Show - Exclusive Tax Tips
Are you missing out on money you're entitled to? The good news is most of you are and now it's tax time, it's easy to get back. Well Mr taxman Adrian Raftery joins TODAY with your tax return S.O.S.
Read MoreDon’t get caught out by capital gains tax
CAPITAL gains tax is one of the most confusing and painful payments to hit your personal finances.
Read MoreTen Tax Tips for the Family or Individual 2014/15
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, a senior lecturer in tax, financial planning and superannuation at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2015-2016 edition (Wrightbooks, June 2015, AU$24.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreFive federal budget takeaways
The government promised a 'boring' second budget, but there were still a couple of surprises in last night's announcement for Australia's investors.
Read MoreTips for deducting work-related car expenses
Do you drive for work purposes? Although in most cases you can't claim the expense of your daily commute on your taxes, if you use the car while performing your work duties you may have a valid deduction. It's worth taking a closer look at how and when you can deduct car-related expenses, in order to potentially save a bundle on transport.
Read MoreThe Seven deadly tax sins for 2013/14
The new financial year has arrived which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95) shares with us seven common mistakes to avoid when doing your tax this year.
Read MoreTen tax changes taking effect 1 July 2014
The only constant about tax is change. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), provides us with some of the tax changes coming into play from 1 July 2014.
Read MoreEight new tax rules in 2013/14
The only constant about tax is change. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), provides us with some of the new tax rules that came into effect in 2013/14.
Read MoreTop tips for tax time
Tax time; those two simple words strike horror in the hearts of millions of taxpayers.
Read MoreNine tax tips for rental property investors
Over 1.88 million people claimed more than $41.8 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Here are some excellent tips from Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), for you to action and maximise your tax refund from your rental property this year.
Read MoreTop ten tax tips for small business in 2013/14
Small business entities (SBE’s) – businesses with annual turnover of under $2 million - have access to a range of concessions which not only help reduce their taxable income but are also designed to make tax administration easier. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), gives some excellent tips for small business owners to action and minimise your business’ tax bill this year.
Read MoreTen Tax Tips for 2013/14
30 June is rapidly approaching and it is time to do some urgent tax planning. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read More2014/15 fee schedule
If you would like one of Australia's leading tax experts and author of top-selling 101 Ways to Save Money on Your Tax - Legally!, then please be advised that my schedule of fees is as follows:
Read MoreLittle known ways to reduce capital gains tax on your investment property
Renting out your property can be a great way to earn some extra income, but there are tax implications that it's important to be aware of before you put your home on the market. The most significant of these is the capital gains tax, or CGT, that you must pay upon the eventual sale of your investment property. However, by taking a closer look at how the CGT is calculated, you may find an exemption that you qualify for. There are certain exemptions allowed by the Australian Taxation Office, including those who rent out their primary residence.
Read More8 frequently asked questions about the FBT changes answered
I’ve spoken on several occasions about the benefits of using a log book to track your vehicle’s expenses and usage. By maintaining a record of capital costs, upkeep and other outlays you can claim your vehicle as a tax deduction. Many of you have been concerned about the change and what it means for you – below are eight answers to your most common questions.
Read MoreATO announces its "hit list" for 2013/14
Today the ATO has released "Compliance in focus 2013-14" which replaces their previous annual compliance program booklet. This new online product, which the ATO developed in consultation with tax professionals, will be updated throughout the year to keep you informed of new issues and risks as they arise.
Read MoreEight tax changes taking effect from 1 July 2013
The only constant about tax is change. Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2013-14 edition (Wrightbooks, June 2013, AU$24.95), provides us with some of the tax changes coming into play from 1 July.
Read More12 new tax rules this year
The only constant about tax is change. Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2013-14 edition (Wrightbooks, June 2013, AU$24.95), provides us with some of the new tax rules that came into effect in 2012/13.
Read MoreTen Tax Tips for Rental Property Owners
Over 1.8 million people claimed more than $38.5 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Here are some excellent tips from Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2013-14 edition (Wrightbooks, June 2013, AU$24.95), for you to action and maximise your tax refund from your rental property this year.
Read MoreMr Taxman's Top Ten Tax Tips for 2013
June 30 is rapidly approaching and it is time to do some urgent tax planning. Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2013-14 edition (Wrightbooks, June 2013, AU$24.95), gives some excellent tips for you to action and maximise your tax refund this year.
Read MoreTen tax tips for small business
Small business entities (SBE’s) – businesses with annual turnover of under $2 million - have access to a range of concessions which not only help reduce their taxable income but are also designed to make tax administration easier. Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2013-14 edition (Wrightbooks, June 2013, AU$24.95), gives some excellent tips for small business owners to action and minimise your business’ tax bill this year.
Read More2013/14 fee schedule
If you would like one of Australia's leading tax experts and author of top-selling 101 Ways to Save Money on Your Tax - Legally!, then please be advised that my schedule of fees is as follows:
Read MoreThe Full Cost of Motoring in Australia
If you drool as you compare cars online, you'll want to know the full extent of what you'll have to pay. Cars in Australia are subject to a variety of taxes.
Read MoreOffice workers waste two weeks a year on paper jams
Australian workers waste an estimated 71 million hours on office technology problems each year costing businesses in excess of $1.1 billion according to latest small business research commissioned by Dick Smith.
Read MoreTax Depreciation Schedule Inspections - When is an inspection required?
In most instances a Quantity Surveyor will conduct a property inspection when preparing a tax depreciation schedule. Sometimes this is not required, for example - if a property has been built by the owner or the Quantity Surveyor has previously inspected a unit within the same complex. A good Quantity Surveyor knows when an inspection is not needed, and this generally results in a saving to the owner/investor. But if certain information is overlooked you will miss out on significant tax deductions.
Read MoreProperty Tax Depreciation – How does the commissioner determine the effective life of a depreciating asset?
I’m often asked where ‘effective lives’ come from, and the short answer is the Commissioner of Taxation. The long answer is a lot more complicated than that.
Read MoreATO compliance update for self-managed superannuation funds
Transcript of a speech made by Alison Lendon, the Deputy Commissioner of Superannuation to the 2013 SPAA SMSF National Conference, on 15 February 2013 in Melbourne.
Read MoreMature age worker tax offset changes in 2012/13
On 10 December 2012, changes to the age eligibility rule for the mature age worker tax offset became law.
Read MoreFailure to lodge on time penalty increased
From 28 December 2012, the failure to lodge on time penalty has increased by 55%, from $110 per penalty unit to $170 per unit.
Read MoreMy Super legislation passed
On 22 November 2012, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 was passed by the Senate with two Government amendments relating to the commencement of the Act.
Read MoreCar travel involving a family member
Where an employee's duties of employment are inherently itinerant in nature, is their journey between home and a work location in their employer's car a 'business journey' as defined in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) if they transport a family member during part of the journey? We have a look at a recent ATO Interpretative Decision
Read MoreRebatable amount of health insurance policy to be capped
The 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO) proposes that the government's rebate applied to private health insurance will be calculated using commercial premiums as at 1 April 2013 and then indexed annually by the lesser of CPI or the actual increase in commercial premiums. This will be used to determine an individual's private health insurance rebate.
Read MorePrivate health insurance rebate no longer paid on lifetime health cover loading
From 1 July 2013, the private health insurance rebate will no longer be paid on any lifetime health cover loading applied to the cost of a private health insurance policy for lifetime health cover.
Read MoreBook launch - 101 ways to save money on your tax
Do you detest paying tax, but like receiving a tax refund cheque in the mail? Are you getting all you're entitled to? You could be letting the government keep hundreds, even thousands, of your hard-earned dollars each year - and you wouldn't even know about it!
Read MoreTax Forum money should have gone to dobbers
The $1 million spent on this week’s Tax Forum would have been better put to rewarding those who dob in a tax cheat according to Mr Taxman.
Read MoreReceived your tax refund yet?
According to the latest ATO Progress Report 10 there have been 4.37 million lucky taxpayers since 1 July 2011 who have received refunds totalling $10.24 billion. That is an average tax refund of $2,367!! For those that have been fortunate enough to receive it, Mr Taxman gives us ten smart places to use your refund.
Read MoreCan someone tell the ATO what the price of petrol & electricity is?
Adrian Raftery, author of 101 Ways to Save Money on Your Tax – Legally!, looks at how much petrol and electricity has risen in the past 13 years compared to what you can claim in your tax return for work-related car and home office usage.
Read MoreProposed new individual tax rates
Following the carbon tax announcement today, here are the proposed tax cuts for individuals effective 1 July 2012 ... but are they really that sweet?
Read More8 common tax return mistakes
The new financial year has arrived which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Adrian Raftery, author of 101 Ways to Save Money on Your Tax – Legally! shares with us eight common traps to avoid when doing your tax this year.
Read MoreATO compliance spotlight areas 2011/12
The Australian Taxation Office (ATO) today released their Compliance Program 2011-12, a publication which outlines key focus areas attracting ATO attention for the coming year. Here are a few of the more interesting statistics coming out of that report together with comments from Mr Taxman himself, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally!
Read More6 Tax Changes taking effect from 1 July
The only constant about tax is change. Here are some of the tax changes coming into play from 1 July
Read MoreTaxman's hit list for 2011
So just like Santa, the Taxman has made his list for 2011. This year the ATO will be paying close attention to claims from people employed in the following occupations ...
Read More2011/12 fee schedule
If you would like one of Australia's leading tax experts and author of top-selling 101 Ways to Save Money on Your Tax - Legally!, then please be advised that my schedule of fees is as follows:
Read MoreValue of goods taken from stock for private use for 2010-11
If you run a food service business such as a bakery, butcher, cafe, restaurant or catering and you take goods to feed your family for private use, the ATO requires you to deduct the private usage from your cost of goods sold.
Read More100 People - some interesting stats from the ATO
Last week the Tax Commissioner Michael D'Ascenzo launched ‘100 People,’ an innovative online presentation that represents all the individual taxpayers in Australia as though they were one hundred people.
Read MoreReasonable food component for 2011-12
Here are the acceptable amounts for the reasonable food component in the 2011-12 financial year in respect of Living Away From Home Allowances
Read MoreATO data matching
Over the last five years, data matching has been a powerful tax compliance tool for the ATO. It has acted as a huge deterrent for taxpayers thinking about not disclosing all of their income.
Read MoreATO hit lists
Every year, based on an analysis of previous returns, the ATO issues a 'hit list' of occupations that will be targeted for close attention regarding work-related expenses.
Read MoreBorrowing to buy shares
A common, yet risky, investment strategy used by share investors has been to borrow money, usually via a margin loan, to buy shares.
Read MoreDepreciating assets worksheet
Here is a depreciating assets worksheet that you can use to work out your deductions for decline in value of depreciating assets.
Read MoreRental property worksheet
Here is a rental property worksheet to assist you with the expenses that you need to include in your tax return
Read More