Did you know that you could boost your super AND lower your tax by adding your own contributions to your super fund? If you make a personal super contribution, you may be able to claim the contribution as a tax deduction and reduce your tax assessable income. Personal super contributions are the amounts you contribute […]
About Frank Derks
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Entries by Frank Derks
Thinking of doing your own tax return this year. Before you do, consider the following points. Do you know what you can rightfully claim? Common deductions can include work-related expenses, self-education expenses, charitable donations and the cost of managing your tax affairs, like paying an accountant. If you’re lodging your own tax return online, you […]
If you are an Australian resident for income tax purposes and you pay tax on your taxable income, you may be eligible for both the low and middle income tax offset. But what is a tax offset? A tax offset means you pay less tax (also known as your tax payable) on your taxable income […]
Tax refunds can feel like an early Christmas present. It’s the bonus payment into your bank account that you can use for a shopping spree, getting rid of some debt or adding to your savings. Here are three quick tips to help you maximise your 2020 tax refund: 1. Be organised! Keeping orderly records […]
The ATO is targeting schemes designed to take advantage of the government’s COVID-19 stimulus package. This includes JobKeeper, early release of superannuation, and boosting cash flow for employers. ATO Deputy Commissioner, Will Day said that with so many Australians impacted by COVID-19, the ATO’s priority is to ensure payments get to those who need them. […]
If you use your own car in performing your work-related duties (including a car you lease or hire), you may be able to claim a deduction for car expenses.