Why Has My Tax Refund Gone Down?
We consult with hundreds of clients every year who want to lodge their tax returns. A lot ofthem have one common question, especially the new clients who come to us. Their commonquestion is, “why is my tax refund going down?” Now, this is a question that has no single definitive answer. There are numerous reasons […]
How do you claim tax deductions without receipts?
Every one of us is always on the hunt for methods that can bring down our taxes! After all,who likes to pay more taxes, right? But the thing is, you cannot avoid paying taxes entirely.Still, there are ways to bring down your tax burden and stay in compliance with Australiantaxation Office (ATO) guidelines. One such […]
How to Claim Work Related Expenses in 2024?
When you are out of work, you have to spend your money due to multiple reasons. While these expenses might hurt a bit, they can help you reduce your tax liability. There are multiple work related deductions that you can claim as per the ATO (Australian Tax Office) guidelines. Here’s a no-fuss guide that can […]
What Deductions Can Rental Property Owners Claim?
Renting your property is a great way to earn a passive income. But like all incomes, ATO wants you to pay some taxes on them! And it’s always painful to pay a big sum in the form of tax, no matter how much you are earning. Thankfully, ATO offers some Rental Property Deductions that can […]
Work-related Tax Deductions in 2024
If you are looking for ways to bring down your taxes, deductions can be a great option. ATO offers you ample opportunity for deduction, especially for work-related tax deductions. In this blog, we will take a look at these deductions and will try to understand how you can claim the deductions. However, these claims must […]
10 Simple Ways to Pay Less Tax
Nobody likes to pay taxes; that’s a fact! But it’s a compulsion, and there is no way around it. Or so a lot of taxpayers think! If you are an Aussie taxpayer, there are windows of opportunity provided by ATO to help reduce your tax. As a leading accounting firm, a lot of individuals approach […]
Do you need to pay tax on Principal Place of Residence (PPOR)?
Australia boasts one of the highest rates of home ownership in the world. As per the ABS (Australian Bureau of Statistics), almost 66% of Aussies live in the homes they own. This shows how much Aussies love to have a home of their own! But when homeowners have to sell their homes for any reason, […]
What is Personal Services Income (PSI), and How Does it Impact Your Taxation?
Personal Services Income (PSI) is income that you generate by offering services based onyour personal efforts. This could be anything, including the services provided by you with thehelp of physical exertion, skills, or expertise. It’s important to note that Personal ServicesIncomeis related to your capacity to generate income through your unique abilities.It iscodified under the […]
How to Claim Work-From-Home Expenses in 2024?
Post-COVID, many people are working remotely. More and more businesses are offeringhybrid or permanent work-from-home opportunities to their employees. Similarly, many self-employed individuals are working from home. With this rising working method, the ATO (Australian Taxation Office) offers options toclaim tax deductions to those working from home. But there is often confusion regarding who can […]
Important Update: New Work Hours Cap for Student Visa Holders
Check out important updates on the work hours cap for student visa holders and how it will impact them and professionals alike.