What is the amount I will receive under LISTO? The maximum offset an individual can receive is $500. The amount you get is calculated based on your taxable income and contributions made to your super fund. On the other hand, the minimum amount is $10. In the event that the amount due is less than […]
How to Get the Private Health Insurance Cover Tax Return? If you want to receive the tax offset, you will need to file a tax return. The process is relatively simple and can be done online. You will need to provide your health insurance policy number as well as your income details. It is important[…..]
Foreigners Are Not Eligible for the Main Residence Exemption In Australia, capital gains tax is applicable for all individuals who sell properties that are not their main residence. However, there are exemptions for Australian permanent residents and foreigners with a secondary residence in the country. Australian permanent residents can qualify for a full exemption from[…..]
Bonus Tips: Prepayment of next year’s interest in advance to tax advantage. Many tax payers miss out on claiming mortgage insurance paid on loan with more than 80% LVR. It is classified as borrowing expenses. This is sometimes a substantial amount. An average mortgage insurance on a $750,000 loan can range from $5000 to $15000.[…..]
Investment property is one of the options that come with major advantages. As an investor, understanding these advantages can help maximize tax returns and minimise your tax bills. Let us get straight into these 5 advantages: 1. Negative Gearing Negative gearing is one of the most known tax advantages that real estate investors enjoy. In[…..]
Self-education expenses are technically defined as the costs of education related to improving skills for your current employment. They can include books, supplies, equipment, and tuition fees for courses that enhance your actual work performance. In some circumstances, self-education expenses may also be deductible if they lead to a new job or business you decide[…..]
Employees in Australia may be able to deduct the cost of some training courses from their taxable income. This includes courses that are related to the employee’s current work or a future career change. In order to qualify for the deduction, the employee must have paid for the course themselves, and it must be related[…..]
Wallet Addresses Every time you send cryptocurrency to another wallet, the transaction is recorded. For every single transaction, there is an entry with your wallet address and the wallet addresses of the individual or business you sent funds to. All these transactions are also captured with the date and time stamps. Asides from this, all[…..]
Before making claims on home office occupancy expenses, you must pass the interest deductibility test, provided by the ATO. There are specific traits that the workspace you are using needs to demonstrate so as to qualify for occupancy expense claims. Some of the requirements include: The area should be used regularly for business and visited[…..]
Gone are the days when you had to be worried because it is that time of the year; tax time! Times have changed and there are so many experts to help you with all your tax returns. Our tax consultants have been working with a wide range of clients including real estate professionals. Just like[…..]