What is a Low Income Super Tax Offset?

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[…..]

Private Health Insurance Cover & Your Tax Return

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[…..]

Foreign Residents and Capital Gains Tax

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[…..]

Investment Property Tax Tips in Australia

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.[…..]

Tax Deductions on Self-Education Expenses: All about What You Can Claim and What you Can’t

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[…..]

Tax Deductions on Training Courses for Employees

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[…..]

Why Is It Important To Keep Cryptocurrency Records & Reports For Your Annual Tax Return

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[…..]