Entries by Frank Derks

The benefits of personal super contributions

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 […]

The dangers of doing your own tax return

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 […]

Are you eligible for a tax offset?

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 […]

Three Quick Tips for a Better 2020 Tax Refund

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 […]

Be aware – The ATO is targeting COVID-19 fraud

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. […]