What are the penalties of late tax return? While the tax return deadline may seem a long way off, it’s important to be aware of the consequences of filing late in Australia. The ATO takes lodging on time very seriously – here’s what can happen if you miss the due date:
Late tax return Penalty – This is $210 for individuals and $420 for companies. Further penalties apply monthly until you lodge.
General Interest Charge – If any tax is outstanding, you’ll be charged interest at over 10% annually from the original due date.
Reminders, Garnishee Warnings & Directions to Pay – The ATO will issue punishment notices if returns are very overdue before taking stronger actions.
Prosecution – In rare cases of deliberate delay or tax fraud, criminal prosecution is possible with potential jail time.
Dodgy Behavior is Often Caught – The ATO regularly matches third party income information against lodged returns to identify discrepancies.
What To Do If You’re Late – Lodge asap to minimize penalties. Ask for penalty remission if you have a reasonable excuse. Consider an agreed payment plan if tax is owed.
The best approach is to prepare your tax early and request help if needed – facing lodgment penalties is very costly. Take heed of deadlines to avoid complications later on.
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In Australia, capital gains tax (CGT) is a tax imposed on the profits made from the sale or disposal of certain assets. It is the tax applied to the capital gain, which is the difference between the sale price of the asset and its cost base.
Capital gains tax is applicable to various types of assets, including real estate, shares, units in a unit trust, collectibles, and personal use assets acquired after September 20, 1985. It generally does not apply to assets acquired before that date.
The Factors of Capital Gains
When calculating capital gains tax, you need to consider the following:
Cost Base
This includes the original purchase price of the asset, as well as other costs incurred to acquire or improve it, such as legal fees, brokerage fees, and renovation expenses.
Capital Proceeds
This is the amount you receive from selling or disposing of the asset, minus any incidental costs associated with the sale.
Capital Gain
The capital gain is calculated by subtracting the cost base from the capital proceeds. If the result is positive, you have a capital gain.
CGT Discount
If you have owned the asset for more than 12 months, you may be eligible for a CGT discount. Currently, individuals receive a 50% discount, meaning only half of the capital gain is subject to tax. Some exceptions apply to specific assets.
CGT Exemptions and Concessions
Certain assets may be exempt from capital gains tax, such as your main residence. Additionally, there are concessions available for small businesses and specific events like marriage breakdowns or deceased estates.
The capital gain is included in your income tax return for the relevant financial year, and the tax is calculated based on your marginal tax rate. It’s important to keep records of the acquisition and sale of assets to accurately calculate and report your capital gains.
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Estimating income tax in Australia is complicated, you can use our Australia income tax calculator below to estimate your tax return amount:
Calculate tax without income tax calculator
If you want to calculate yourself, here’s a general overview of the process:
Determine your taxable income
Start by calculating your taxable income. This is done by subtracting any allowable deductions from your assessable income. Assessable income includes your salary, wages, rental income, dividends, and other income sources.
Understand the tax brackets:
Australia has a progressive tax system, which means that different income ranges are taxed at different rates. Familiarize yourself with the current tax brackets and rates provided by the Australian Taxation Office (ATO). These brackets are subject to change, so it’s important to refer to the latest information from the ATO.
Apply the tax rates
Once you know your taxable income and the applicable tax brackets, you can determine the tax payable for each bracket. The ATO provides tax tables and calculators that can assist with this process. The tax payable is calculated by multiplying the income within each bracket by the corresponding tax rate.
Consider Medicare Levy
In addition to income tax, most Australian residents are also required to pay the Medicare Levy, which helps fund the country’s healthcare system. The Medicare Levy is calculated as a percentage of your taxable income, and there may be additional surcharges or exemptions based on various factors.
Apply any offsets and rebates
Australia offers various tax offsets and rebates that can reduce your final tax liability. These may include the Low and Middle-Income Tax Offset (LMITO), Senior Australians and Pensioners Tax Offset (SAPTO), and other specific deductions or credits. Ensure that you meet the eligibility criteria for any applicable offsets or rebates.
Complete your tax return
Once you have calculated your income tax, you will need to complete your annual tax return. This can be done by using our online tax return system . Provide accurate information regarding your income, deductions, and any other relevant details.
It’s important to note that the above steps provide a general overview of the income tax calculation process in Australia. Taxation can be complex, and individual circumstances may vary. It is always recommended to consult with us or use our online tax return services to resolve your tax problems.
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To cancel ABN(Australian Business Number), you can follow these steps:
Notify the Australian Business Register (ABR): Inform the ABR about your intention to cancel ABN. You can do this online through the Australian Business Register website (www.abr.business.gov.au) by accessing the “Manage ABN Connections” portal or by completing the “Cancel ABN” form.
Provide necessary information: When canceling ABN, you will need to provide relevant details such as your business number, business name, and reasons for cancellation. You may also be required to provide supporting documentation or evidence, depending on the circumstances.
Update your business records: Ensure that you update your business records to reflect the cancellation of your Australian Business Number. This includes notifying other government agencies, financial institutions, and any other relevant parties, such as clients or suppliers, of the change.
Complete final tax obligations: Before canceling ABN, make sure that you have fulfilled all your tax obligations. Lodge any outstanding activity statements and tax returns, and settle any outstanding tax liabilities. This will help ensure a smooth cancellation process.
Seek professional advice if necessary: If you are unsure about the process or have complex circumstances, it may be beneficial to seek advice from an accountant, tax advisor, or business professional. They can guide you through the specific requirements and implications to cancel ABN.
It’s important to note that once your ABN is canceled, you will no longer be able to use it for business activities. Additionally, canceling your ABN may have various legal, tax, and financial implications, so it’s advisable to consult with relevant professionals to fully understand the consequences and requirements specific to your situation.
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In Australia, a Tax File Number (TFN) is a unique identification number issued by the Australian Taxation Office (ATO) to individuals, companies, partnerships, and trusts for tax-related purposes. It is a crucial component of the Australian taxation system. To apply a TFN, you can use ATO website or contact us for the registration.
Why you need to apply a TFN
The TFN is used to track and administer various tax obligations, including income tax, superannuation (retirement savings), and government benefits. It enables the ATO to monitor and manage an individual’s or entity’s tax affairs.
When you start working in Australia, you are typically required to provide your TFN to your employer. The TFN is used by your employer to calculate the correct amount of tax to withhold from your wages or salary. It is also used when lodging your annual tax return.
Having a TFN allows you to:
Lodge a tax return.
Receive the appropriate tax benefits and government payments.
Avoid having more tax withheld from your pay than necessary (known as the higher tax rate).
Open a bank account.
Apply for an Australian Business Number (ABN) if you are operating a business.
About the registration
Before you start a registration, you need to:
Check your eligibility – You must be doing some work (employment, business etc.) or planning to lodge a tax return
Gather ID documents – You’ll need certified proof of identity like a passport or birth certificate.
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“How to find my tax file number?” This is a question that guests often ask us. In this article, I will teach you how to quickly retrieve your forgotten TFN.
If you have forgotten your Tax File Number (TFN), you can try the following steps to retrieve it:
Check your tax file: Look for any previous correspondence with the tax agency or ATO, such as tax returns, notices of assessment, or other documents that might contain your tax file number.
Contact your employer: Reach out to your current or previous employers and ask if they have a record of your TFN. They may have it on file from when you started working for them.
Check your superannuation fund: If you have a superannuation account, contact your superannuation fund and ask if they have it. Many people provide their TFN when opening a superannuation account.
Consult a Registered Agent: Let us access the ATO register to search based on ID details.
Contact the Australian Taxation Office (ATO): If you have exhausted all other options, you can contact the ATO directly to request your tax file number. They may ask you to provide certain personal information and go through a verification process to confirm your identity before providing you with your tax file number.
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The Medicare levy is a tax imposed by the Australian government to help fund the country’s public healthcare system, which is known as Medicare. It‘s a percentage-based levy applied to the taxable income of most individuals and families in Australia. However, if you meet certain condition, you could apply an exemption with online tax return system.
Conditions to apply an exemption with online tax return system
You may be able to claim a full or half exemption with online tax return system if you satisfy both of the following conditions:
One of the following medical conditions applied during all or part of the income year:
you were a blind pensioner
received sickness allowance from Centrelink (allowance ceased 20 September 2020)
you were entitled to full free medical treatment for all conditions under either
Defence Force arrangements
Veterans’ Affairs Repatriation Health Card (Gold Card).
During the period you met a condition above, you also met one of the conditions listed in the table below.
You had no dependants.
Full exemption
Each of your dependants (including your spouse) either: 1. was in one of the exemption categories 2. had to pay the Medicare levy.
Full exemption
You had dependent children who were not in an exemption category but who were also dependants of your spouse, and your spouse either: 1. had to pay the Medicare levy 2. met at least one of the medical conditions and you have completed a family agreement stating that your spouse will pay half of the levy for your joint dependants.
Full exemption
You had at least one dependant (for example, a spouse) who: 1. was not in an exemption category, and 2. didn’t have to pay the Medicare levy.
Half exemption
You were single or separated and you: 1. had a dependent child who was not in a Medicare levy exemption category, and 2. were entitled to Family Tax Benefit or the rental assistance component of Family Tax Benefit for that child, and 3. were in a shared care arrangement.
1. for the days that you had care of your dependent child – Half exemption 2. for the days that you did not have care of your dependent child – Full exemption
You had a spouse who met at least one of the medical conditions and you had a dependent child who was: 1. not in an exemption category, and 2. dependent on both of you.
Either you or your spouse can claim a full exemption and the other can claim a half exemption by completing a family agreement.
Family agreement for Medicare levy exemption
A family agreement is a written agreement signed by you and your spouse. It’s an agreement stating who will claim the full exemption and who will claim the half exemption.
You complete a family agreement only if both you and your spouse would have to pay the Medicare levy if you were not in an exemption category.
You don’t need to send this agreement to us unless requested. If you fail to keep the agreement, both of you may become liable for the Medicare levy.
The agreement must contain:
the statement – ‘We agree that the Medicare levy exemption in respect of our dependants for the 2022–23 year will be claimed as follows’ – name of person claiming the full exemption – name of person claiming the half exemption – your signature (with date of signature) – your spouse’s signature (with date of signature). The agreement must be signed on or before the date the person claiming the full exemption lodges their tax return, unless the Commissioner of Taxation allows further time.
Foreign residents Medicare levy exemption
If you are a foreign resident, and you are using our online tax return services, you could apply an exemption if you meet the following condition:
If you were a foreign resident for tax purposes for:
the full year, you can claim a full exemption from the Medicare levy
only part of the year, you can still claim full exemption from the Medicare levy for that period if – you didn’t have any dependants for that period – all your dependants were in a Medicare levy exemption category for that period.
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When it comes to Australian tax returns, there are certain expenses related to investment property tax deductions. In this article, I’ll explain common tax deductions and the documents needed to claim them.
A general overview of common investment property tax deductions
Rental Interest: If you have taken a loan to purchase an investment property, you may be able to claim the interest charged on that loan as a deduction.
Property Management Fees: Agent/Management Fee if you use the services of a property management company
Advertising Costs: Expenses incurred for advertising your rental property, such as newspaper ads or online listings
Insurance: Premiums paid for insuring your rental property, including building and contents insurance
Repairs and Maintenance: Costs associated with repairing and maintaining the rental property, such as fixing plumbing issues or repainting.
Council Rates and Land Tax: These are local government charges imposed on the property
Utilities: If it’s not paid by the tenant, you may be able to claim a portion of utility bills, such as electricity and water
Documents need to keep as proof for investment property tax deduction
To substantiate your investment property tax deduction in tax return, it’s important to maintain accurate records and relevant documents. Here are some documents you should consider keeping as proof of your investment property tax deduction:
Rental Income Records: Such as rent receipts or statements from your property manager or tenants
Expense Receipts: Retain receipts, invoices, or statements for all expenses related to your rental property. For example, receipts for repairs, maintenance, council rates, and etc…
Loan Documents: If you have a loan, keep copies of those documents. For example, statements that reflect the interest charged on the loan.
Utility Bills: Such as electricity bills or water bills, if you are claiming a portion of utility expenses.
Insurance Policies: Retain copies of insurance policies for your rental property.
Depreciation Schedules: If you are claiming depreciation on capital assets within the property.You keep a copy of the depreciation schedule, which is prepared by a qualified quantity surveyor, or relevant documentation related to the depreciation claim.
Bank Statements: a bank statements to show rental income and expenses.
Lease Agreement: Lease agreement or rental contract that outlines the terms and conditions of the tenancy.
Correspondence: Retain any correspondence related to your investment property tax deductions, such as emails, letters, or notices exchanged with tenants, property managers, or relevant authorities.
It’s important to note that the ATO may require you to retain these records for a certain period of time, typically five to seven years, so it’s advisable to keep them organized and easily accessible.
In Australian tax return, a tax deduction refers to an expense that can be subtracted from your assessable income, thereby reducing your taxable income. By claiming deductions, you can potentially lower the amount of tax you owe.
Type of Tax Deduction
Deductions for costs incurred in running your business are allowable, provided the expenses are not of a private, domestic, or capital nature. You may be able to claim deductions for your business expenses.
– Accounting Fee
– Advertising Fee
– Bank Fee
– Other Fee
– Rent
– Sub-Contractors
– Salary & Wages
– Superannuation
– Work Cover
– Insurance
– Public Liability Cover
– Business Trip
– Staff Training Exp
– Freight & Cartage
– Leasing & Hiring
– Fuel
– Parking
– Registration
– Repairs & Maintenance
– Internet Expenses
– Printing & Stationery
– Postage
– Repairs
– Rubbish Removal
– Telephone
– Office Equipment
– Tool Replacements
– Uniform/Prot. cloth
– Electricity Expense
– Material Purchase
– Closing Stock
– Other Purchase
– Car Purchase
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In Australia, you can generally claim deductions for expenses related to your investment property against the rental income you receive.
Investment Property
You can claim a deduction for your rental property-related expenses for the period your property is rented or is genuinely available for rent.
If you use your property for both private and income-producing purposes, you can only claim a deduction for the portion of any expenses that relate to the income-producing use.
Property rented or genuinely available for rent
You can claim a deduction for rental expenses you incur, if you use your property for income-producing purposes.
You can only claim a portion of your expenses if any of the following apply to you:
– Your property is only genuinely available for rent for part of the year.
– Your property is used for private purposes for part of the year.
– Only part of your property is used to earn rent.
– You rent your property at non-commercial rates.
– Your investment loan is partially used for private purposes.
1. When you can claim
You can claim expenses for periods when your property is either:
rented out not rented out but is genuinely available for rent, which means the property is advertised, giving it broad exposure to potential tenants considering all the circumstances, tenants are reasonably likely to rent the property.
If these don’t apply, it’s likely that you can’t claim all your expenses as you don’t have a genuine intention to earn income from your property.
2. Factors that indicate genuine availability
Property is genuinely available for rent when it is:
– advertised in ways that give it broad exposure to potential tenants
– having regard to all the circumstances, tenants are reasonably likely to rent it.
Factors that may indicate a property isn’t genuinely available for rent include:
– you advertise in ways that limit your exposure to potential tenants – for example, if you only advertise
— at your workplace, or by word of mouth
— outside holiday periods, so it is less likely to be rented out
– the location, condition of the property, or accessibility of the property means it is unlikely tenants will seek to rent it
– you place unreasonable or stringent conditions on renting out the property that restricts the likelihood of the property being rented out, such as
— setting the rent above the rate of comparable properties in the area
— placing a combination of restrictions on renting out the property, such as requiring prospective tenants to provide references for short holiday stays and having conditions like no children or no pets
– you refuse to rent out the property to interested people but you don’t give adequate reasons.
All or part of your property is used to earn rent
If only part of your property is used to earn rent, you can claim only that part of your expenses that relates to the rental income. As a general guide, apportion your expenses on a floor-area basis – that is, based on the area solely occupied by the tenant, together with a reasonable figure for their access to the general living areas, including garage and outdoor areas if applicable.
Property available for part-year rental
If your property is only available to rent for part of the year, you can’t claim a deduction for the portion of any expenses that relates to your private use.
For example, if you have a holiday home or time-share unit, you can’t claim a deduction for any expenses related to those periods when you, your friends or your family used the home or unit for private purposes.
You may need to decide which expenditure is private in nature. For example, council rates paid for a full year would need to be apportioned based on the total time the property was rented out and genuinely available for rent during the year as a proportion of the total year.
However, it may not be appropriate to apportion some of your expenses on the same basis. For example, expenses that relate solely to the renting of your property are fully deductible and you would not apportion them based on the time the property was rented out. Such costs might include:
– real estate agents commissions
– costs of advertising for tenants
– phone calls you make to a tradesperson to fix damage caused by a tenant
– the cost of removing rubbish left by tenants.
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The Business Activity Statement, or BAS, is a business’s quarterly tax reporting form submitted to the Australian Taxation Office (ATO). On the BAS, businesses report their total GST collected on sales and GST paid on expenses over the last three months. This allows the ATO to determine if a business owes additional tax or is due a refund.
if your business is registered for GST, you must submit BAS reports.
The BAS is a separate reporting requirement from your tax return. As a GST-registered business, you must report your GST activity and amounts on a BAS on a quarterly basis, regardless of whether you meet the lodgment threshold for income tax returns. It discloses your total GST collected from sales as well as GST paid on business expenses over the reporting period. The Australian Taxation Office uses this information to determine if you have a GST refund owing or additional GST amount payable.
Submitting your BAS ensures you are meeting your GST obligations as a registered business and helps maintain your GST registration status. Even if no sales or expenses were recorded in a particular quarter, a BAS must still be lodged to report nil activity.
What is TFN?
A tax file number (TFN) is your personal reference number in the tax and superannuation systems.
Your TFN is:
a unique number (usually 9 digits)
an important part of your identity
yours for life – you keep your TFN even if you change jobs or name, move interstate or go overseas.
To find your bank statement from online banking, you can follow these general steps:
Log in to your online banking account using your username and password. This information is typically provided to you when you set up your online banking account.
Once logged in, navigate to the section or tab that contains your account information or transactions. This may be labeled as “Accounts,” “Transactions,” or something similar.
Select your business account for which you want to access the bank statement. If you have multiple business accounts, please download all those accounts’ statements one by one with the following steps.
Look for an option or link that allows you to view or download your bank statements. It may be labeled as “Statements,” “Documents,” or “Statements and Documents.”
Choose the statement period or date range for a financial year. For example, if you are doing a tax return of the financial year 2023, please choose 1 July 2022 to 30 June 2023.
Click on the statement or download button to access the bank statement. Depending on your bank’s online banking platform, the statement may open in a new window or be downloaded as a PDF or other file format.
After finishing downloading, please update your file to our online tax return system.
If you are unable to locate your bank statement, please contact your bank staffs.
How to get bank transaction records
To get bank transaction records from online banking, follow these general steps:
Visit your bank’s website and enter your login credentials.
Once you’re logged in, look for a section or tab labeled “Account Activity,” “Transactions,” or something similar. The exact wording may vary depending on your bank’s online banking platform.
Select your business account for which you want to access the bank statement. If you have multiple business accounts, please download all those accounts’ statements one by one with the following steps.
Choose the transaction period or date range for a financial year. For example, if you are doing a tax return of the financial year 2023, please choose 1 July 2022 to 30 June 2023.
After selecting the date range, click on a button like “Export,” “Generate,” “Search,” or “Get Transactions” to export data.
Once the transaction history is generated, it will automatically download to your device. Please open it and double-check that they include the desired transactions and that the information is accurate. If everything is setting down, please upload all transactions CSV files to our online tax return system.
It’s important to note that the specific steps may vary depending on your bank and its online banking platform. If you encounter any difficulties or have specific questions, it’s best to reach out to your bank’s customer support for assistance.
Type your ABN number is search box and click search button.
Find your ABN record in search result.
Check the status of “Goods & Services Tax (GST)”.
What is Medicare Levy Exemption？
Medicare is Australia’s universal healthcare system that provides affordable medical care for all residents and citizens. While Medicare is funded through a 2% Medicare Levy paid by individual taxpayers, there are certain exemption criteria that allow some people to claim a Medicare Levy Exemption. To understand if have met the requirements of Medicare Levy Exemption, please check the article below:
Why student visa holders cannot claim this self-education expense
For oversea students, if you are holding a student visa, your primary intention for obtaining the visa was to study in Australia before gaining working rights. Prior to enrolling and incurring tuition expenses, you were not permitted to work or be employed in Australia. However, when it comes to claiming self-education expenses, the requirement is that the course should be directly related to improving the skills required for your current income-earning activities. Therefore, as a general rule, international students are usually unable to claim self-education expenses.
What's the difference between business-related expenses and PAYG expense?
In the context of Australian tax returns, there are two types of work-related expenses: business-related expenses and PAYG (Pay As You Go) work-related expenses. Here’s an overview of the differences between them:
Business-Related Expenses (ABN): These expenses are incurred by individuals who operate their own business or work as independent contractors. In this section, you can claim deductions for expenses directly related to your business activities, such as office rent, equipment costs, advertising expenses, professional fees, and other costs directly incurred in running your business.
PAYG Work-Related Expenses: These expenses are incurred by individuals who are employees and receive a salary or wages subject to the PAYG withholding system. PAYG work-related expenses are typically associated with the performance of your job and are directly related to earning your income. For example, expenses for uniforms, training courses, and work-related travel.
It’s important to note that there are specific criteria and substantiation requirements for claiming both types of work-related expenses. Generally, you can only claim deductions for expenses that are directly related to your work and are not reimbursed by your employer.
What Happens If I Don't Have an Invoice?
Under Australian Tax Law, deductions totaling more than $300 must be substantiated with proof such as a receipt or other relevant document. If you cannot provide such evidence, we regret that we will be unable to process your deduction.
What is Medicare Levy?
The Medicare levy is an amount you pay in addition to the tax. if you meet certain conditions, you could claim a Medicare levy exemption from your taxable income.
To be legible for an exemption, ATO may ask you to provide a Medicare levy exemption certificate. In this case, you must get a Medicare Entitlement Statement(MES) from www.servicesaustralia.gov.au.
Why need the information of my family?
Because you may get a reduction or exemption from paying the Medicare levy surcharge, depending on you and your spouse’s income and circumstances.
Tax returns require truthful and legally obtained documentation. Please double check all information you upload matches your actual financial records.
The ATO conducts compliance checks, so false claims may result in penalties if discrepancies are found later on. We’re here to help you maximize deductions, but cannot condone fabricated receipts or expenses.
Income statements like pay slips or supplier invoices must be the copy of original documents, not altered versions.
Personal details like your name, address and birthdate should be entered exactly as shown on official identification like a drivers license or passport.
Be sure to include all required income, including cash earnings or side jobs. Leaving things out risks an audit down the road for underreporting.
Ask us if you have any unclear situations or documentation issues before submitting. We’d love to help make sure your return is fully accurate to avoid issues with the ATO.
What Is Capital Gains Tax?
Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your income tax. It’s not a separate tax.
ABN
ABN stands for Australian Business Number. It is a unique 11-digit number that is issued by the Australian Business Register (ABR) to businesses and other entities, such as sole traders, partnerships, companies, and trusts, that are carrying on an enterprise in Australia. The ABN is used as a universal identifier for businesses and is required for various purposes, including:
Registering for Goods and Services Tax (GST) and Fringe Benefits Tax (FBT) with the Australian Taxation Office (ATO).
Claiming tax credits and deductions, such as input tax credits for GST.
Dealing with other government agencies, such as the Australian Securities and Investments Commission (ASIC) and the Australian Business Licence and Information Service (ABLIS).
Conducting business with other entities, such as suppliers and customers, who may require an ABN for invoicing and payment purposes.
To apply for an ABN, businesses and other entities must meet certain eligibility criteria, such as being registered for GST or operating in a business-like manner. Once an ABN is issued, it does not expire and can be used for the life of the business or entity, provided that the information held by the ABR is kept up-to-date.
The revised fixed rate method allows you to claim 67 cents per hour you work from home for the expenses listed below. You no longer require a dedicated home office to use this method:
Expense included in the revised fixed rate are:
data and internet
mobile and home phone usage
electricity and gas
computer consumables (e.g. printer ink)
stationery
You can’t claim a separate deduction for any of the expenses the revised fixed rate includes. You can claim a separate deduction for:
the decline in value of assets used while working from home, such as computers and office furniture
the repairs and maintenance of these assets
cleaning (only if you have a dedicated home office)
Method Two: Actual cost method
The actual cost method allows you to claim a deduction for the actual expenses you incur as a result of working from home.
You may be able to claim a deduction for each of the expenses you incur, such as:
data and internet
mobile and home phone usage
electricity and gas
computer consumables (e.g. printer ink)
stationery
the decline in value of assets used while working from home, such as computers and office furniture, as well as any maintenance and repairs of these items
cleaning (only if you have a dedicated home office)
The actual cost method requires detailed calculations and records. For example, you will need to know and have records of the cost per unit of electricity and average units used per hour.
Is it safe to give tax agency your crypto API and secret key?
In order to better understand this question, it’s important to understand the various types of access that certain cryptocurrency exchange API’s grant. You can configure what type of access you want your API key to grant using your exchanges account settings. Read only access allows the system that is connecting to the exchange API to only “read” or “view” the transaction data for that user account.
This type of granted access is popular amongst portfolio trackers and tax software systems that only need to know your transaction history in order to work properly. These applications, such as us, do not need to be able to make trades on your behalf, we only require this “read only” access to get your income data for tax return purpose. Programs with this type of access CANNOT make trades or withdraw funds on your behalf, so it is safe for you.
How can I get my Uber report?
To obtain your Uber report, you can follow these steps:
Visit the Uber website: Go to the official Uber website at www.uber.com and sign in to your account using your Uber credentials.
Access your account settings: Once logged in, locate and click on your profile icon or photo in the top-right corner of the screen. This will open a drop-down menu.
Open the Privacy settings: In the drop-down menu, find and select the “Privacy” option. This will take you to the Privacy settings page.
Request your data: On the Privacy settings page, scroll down until you reach the “Access and manage your data” section. Look for a link or button that says something like “Download your data” or “Request your data.” Click on it to initiate the data request process.
Specify the data you want: The Uber platform may provide options for you to select the specific types of data you want to include in your report. This can include trip history, account information, payment details, and more. Review the available options and make your selections.
Submit your request: After making your selections, submit your request to Uber. The platform may require you to re-enter your password or go through an additional verification step to ensure the security of your data.
Wait for the report: Once you’ve submitted your request, Uber will process it and generate your report. The time it takes to receive the report can vary, but you should typically receive an email notification from Uber when your report is ready for download.
Download the report: When you receive the notification, follow the instructions provided to download your Uber report. The report is usually provided in a downloadable format, such as a ZIP file or PDF document.
If you encounter any difficulties or have specific questions about obtaining your Uber report, it’s recommended to reach out to Uber’s customer support for further assistance.
When Should I Amend My Tax Return?
To amend your tax return, to fix a mistake or include additional information you can lodge a request online, by paper, through your tax agent or by sending us a letter.
Individuals and sole traders can request an amendment to their income tax return if
they have made a mistake
forgotten to include something
had a change in circumstance after lodging.
Who Is Sole Trader
A sole trader is an individual running a business. If you run your business as a sole trader, you are:
the sole owner and controller of it
legally responsible for all aspects of the business, including debts and losses you incur in running it.
Fares paid to taxi drivers by passengers include goods and services tax(GST). If you’re a taxi driver and you’re not employed by someone else, you must:
register for GST – regardless of how much you earn
only claim GST credits related to your work
lodge business activity statements (BAS) monthly or quarterly (you can’t choose to lodge annually)
pay your net GST
Also, lodge a tax return regardless of how much you earn from ride-sourcing because you are operating a business. If you have registered ABN and GST, please choose “GST Activated”. If you don’t have, please contact us to register them.
