We all want to maximise our tax return each year and make sure we’re using all of the tax deductions available to us. However, when it comes to tax time, most people aren’t taking advantage of all of the tax deductions they’re actually eligible for. As a result, thousands of dollars are being left on […]
With tax time upon us again you can bet that most of us are hoping to improve on last years tax refund. We all look forward to getting that little bonus in our bank accounts and you’ve probably already come up with a few ideas as to how you’re going to spend it. You might […]
All of a sudden it’s tax time again. Yes, it’s 12 months since you started collating your receipts and giving your tax agent a call. Tax time can be quite stressful, especially because we’re all looking for ways to maximise our tax return. Obviously, getting the basics right is the most important part of the […]
It’s frightening to think that tax time is almost upon us again. Each tax time presents us with a dilemma –hire an expert to take care of our return or use the ATO’s free service. The new myTAX platform that the ATO has launched is undeniably an easy option to process a DIY tax return, […]
In 2013, the Government announced a program to phase out the Net Medical Expense Offset, to occur between 2013 and 2019. Net medical expenses are your total medical expenses, less refunds from Medicare and private health insurers, which you, or your dependents, paid during the financial year. For most taxpayers, the phasing out program removes […]
At this time of year, it can sometimes feel as if everyone is trying to sell you health insurance. Every second ad on TV attempts to reel you in, with claims on how much money you’ll be in for come tax time if you still don’t have private health insurance. Many Australians buy into the […]
Reading a balance sheet can be straightforward, or completely confusing, depending on whether you know how to interpret what you’ve got in front of you. In a nutshell, a balance sheet summarises all the assets and liabilities of a business. This means that everything a business owns and owes is set out, and from that […]
Looking to claim work related expenses in your income tax return this financial year? Great idea. Unsure of which receipts you need to keep? You’ve come to the right place. In this article we’ll take a look at a range of deductions which must be substantiated by a receipt. A receipt functions as the primary […]
Sticking to a budget isn’t the most glamorous pursuit, but it is often the difference between falling short of your financial goals and achieving them. If you’ve never tried to budget before, or like many you have tried and failed, then the following tips for creating an easy-to-follow budget will definitely help your cause. Often […]
If you run a small business, your invoicing system should be one of your most important processes. After all, an invoice is what you send off to customers or clients for goods or services delivered—it is how you get paid! If you are without an organised, well-managed invoicing system, then billing clients can be a […]
