Investing money under a company structure to save 17 per cent on your investment income.ĭeborah James, 40, reveals she was given just days to live when she was released from hospital last month so her day at Royal Ascot was a 'fab milestone' t Residents can claim back any money they donated to a charity. Workers can claim back any fees they have paid to be represented by a union.Īustralians can make a one-off payment to their super from their post-tax savings at the end-of-financial year. This includes books, magazines and newspapers. Homeowners with an investment property should pay their strata fees or insurance in advance in order to reduce the amount they can claim next yearĮmployees can also get money back if they purchased any materials to further their education in their industry.
Pre-pay expenses for investment properties Workers have been told to check the occupation and industry guides set out by the ATO to find out what items they can claim back in their industry.Įmployees are still able to claim 52c for every hour they work from home.ĥ. Residents can claim back the money they spent on a bag as long as it is used primarily to carry work supplies between their home and the office.ĭrivers can keep a logbook of the kilometres they travel and should hold onto the receipts of any expenses they pay for including food and accommodation.
#Easy mini ramp tricks full
'Our message is – don't stick your head in the sand – even if you can't pay the full amount owed straight away, please contact us or your registered tax professional to discuss and we will work with you to set up an appropriate payment arrangement.'Īustralians can begin to file their tax returns after June 30 and have until October 31.īelow is a list of 10 ways workers can make the most of their tax return. 'That's pretty much gone into reverse now, the ATO takes the view that we're heading back to normal, Covid's done and dusted, therefore it's pursuing small business tax debts,' he said.ĪTO deputy commissioner Vivek Chaudhary added: 'We understand that a lot of people – especially small businesses – have done it tough through Covid and may now have a tax debt. H&R Block director of tax communications Mark Chapman said the taxman was directing its focus on small business tax debts. The ATO briefly paused its debt collection because of Covid, but is resuming its efforts now the worst of the pandemic is behind us. Ten simple tricks could help boost tax returns and lead to hundreds of more dollars going back into the hip pockets of deserving Australians The ATO warned that it will ramp up its efforts to chase up taxpayers with outstanding bills as it works through a backlog of debts. The maximum tax rate is reduced to 30 under a company structure. The tenth hack is that people should consider investing money under a company structure to save 17 per cent on their investment income.Įvery dollar of an investment income earned by an individual is taxed at 47 per cent. Ninthly, workers can make a one-off payment to their super from their post-tax savings at the end of the financial year. They can also get money back if they bought any materials to further their education in their industry, including books, magazines, and newspapers.Įighthly, homeowners with an investment property should pay their strata fees or insurance in advance to reduce the amount they can claim next year. Workers can make a claim for any money spent on union fees or donated to charity. Thirdly, workers are encouraged to check out the occupation and industry guides set out by the ATO 'In most cases I've seen – and I've lodged 4,000-plus returns during the COVID period – reverting to the old 52c per hour WFH method for electricity and decline in value of furniture works out better, with a percentage claim on top for internet, phone and computer consumables,' she said. Ms Francis said workers were better off using the shortcut method and claiming 52c for each hour.
The actual costs method takes longer as workers make claims on individual items. The shortcut method is simpler and allows employees to claim money on the amount of hours they work.
#Easy mini ramp tricks crack
The ATO has warned taxpayers could actually receive less as they resume debt collections, after it was paused during the Covid pandemic, and crack down on 'double dippers' - taxpayers who make claims on the same item more than onceįourthly, employees are still able to claim money if they have continued to work from home since the pandemic.Īssistant Commissioner Tim Loh said there were two ways of making the claims - by using the 'shortcut' or 'actual costs' methods.
0 kommentar(er)
