When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).
Xerocon2018 brought us several sessions that asked us to think about the way we think. They were an excellent, and timely, reminder for me of what’s important in my life.
With a young family, I’ve found myself at one of those times in life when it’s valuable to pause a moment. To check that you understand your priorities. Because they change over time. And sometimes a significant event, or a minor event, a comment, a chance meeting, or a speaker at a conference can trigger reflection.
One of the highlights of Xerocon2018 for me was a presentation from Professor Genevieve Bell: Preparing for artificial intelligence, or the fourth wave of industrialisation.
If you apply for certain tax offsets, concessions or government benefits, you may be asked to provide your “adjusted taxable income” (ATI).
Let’s talk about superannuation – it’s one of our favourite topics!
Okay, you might not get as excited about superannuation as we do. But there are a number of recent changes to the tax treatment of super that we think you should be aware of.
To help you get the most out of your retirement savings and avoid any unexpected pitfalls, we’ve outlined some of the major developments here.
The option of claiming a standard tax deduction for work expenses has long been talked about, in the hope of simplifying personal tax returns. It was speculated to be delivered in this year’s Federal Budget, however was not to be.
The 2017-18 Budget also contained no changes to the personal income tax rates and thresholds. This means that the Temporary Budget Repair Levy (2% on incomes over $180,000) will still expire at the end of the 2016-17 financial year.
There are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.
But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.
An increase in the middle tax bracket from $80,000 to $87,000 is long overdue and works to overcome the significant bracket creep issues of recent years.
Gareth Atkins, Synectic
From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000.
Many people, as employees, get their tax returns wrong in relation to claiming work-related travel expenses.
The absence of hard and fast rules can makes claiming travel expenses difficult. Often the deductibility of such costs can depend on the nature of employment, the amount of time spent away from home, and whether an allowance has been received to cover the costs.
The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”.
The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used when discussing the tax implications of such property works.