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Fixed income: Top 10 things you should know.

Fact No.1: Fixed income, also known as bonds and credit, is a commonly used type of debt investment. It is a type of ‘asset class’, meaning a category of asset into which an investor can invest. Fact No.2: Bonds are issued by governments…
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Where do reward programs stand in regard to tax?

Many businesses and organisations offer their customers loyalty award-based incentive programs. They are designed to reward customers for purchasing or using a company’s goods and services (or sometimes affiliated businesses). The ATO…

What to do if you haven't lodged a Tax Return in years

Skipping a tax return can easily turn into several years of skipped returns, but it's never too soon or too late to right the ship. Here is why you should, and how you can, get yourself out of the hole. The bad news Everyone who earns…
Laundry expenses

Getting deductions for clothing and laundry expenses right

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally…

When the taxman sends a bill, not a refund

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion. Most people who earn income as employees have tax payments made on their behalf…

New guidance on “personal services income” rules

The ATO has recently updated its guidance material on the operation of the personal services income (PSI) and personal service business (PSB) rules. These highly prescriptive rules took effect from the 2000-01 income year, after the government…

Checklist for employment-related tax deductions

This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written…
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Working from home? How to boost your next tax return

With the range of technology and software available today, it's become easier than ever to work from home. Employees can efficiently complete calls using teleconferencing software, many collaboration tools are now cloud-based, and work devices,…

Dealing with excess before-tax super contributions

Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since…