What is capital gains tax and when might I have to pay it?

What is capital gains tax and when might I have to pay it? Capital gains tax may be payable when you sell a certain asset (such as shares, land or property) and make a profit. Capital gains tax is charged on the profit you make from the sale of certain assets. These could be assets that you’ve purchased or inherited. To give you a few examples, capital gains tax might apply to things such as …

Tax-deductible superannuation contributions explained

Tax-deductible superannuation contributions explained Did you know you can claim a tax deduction on certain super contributions when you do your tax return? Whether you’re employed, self-employed, unemployed or retired, you might be eligible to claim a tax deduction on your after-tax super contributions. After-tax super contributions are voluntary payments made into your super and don’t include compulsory superannuation guarantee or salary sacrifice contributions. How do I make a tax-deductible super contribution? There are various ways to make …

Tax deductible donations: Get the most out of giving back | Money & Life

Tax deductible donations: Get the most out of giving back Giving to charity can be a great way to help others and give your tax return a boost, but not all donations are tax deductible. Here’s what you need to know about making a tax deductible donation. Donating to a charity or cause you care about is a win-win for both you and the charity. Charities rely on the generosity of donors to help them …

Tax deductible donations: Get the most out of giving back | Money & Life

Tax deductible donations: Get the most out of giving back Giving to charity can be a great way to help others and give your tax return a boost, but not all donations are tax deductible. Here’s what you need to know about making a tax deductible donation. Donating to a charity or cause you care about is a win-win for both you and the charity. Charities rely on the generosity of donors to help them …

Make a plan for your tax refund

Some ways to use your tax refund for a stronger financial future Not sure what to do with your tax refund? Strategic financial decisions for your tax return begin with a strong plan. Whether you breeze through tax time or dread the extra admin, receiving a tax refund makes the effort worthwhile. For many of us, getting a financial boost will be even more welcome this year, and you might be looking around for the …

6 steps to get your money stuff together

6 steps to get your money stuff together If you’re like three out of four Australians, you may have started the year without a proper budget.i Research indicates that over a third of us believe budgeting is too much effort and almost one in five Aussies say budgeting takes too much time.i Here are some easy wins to keep you on the right track for 2019 1. Work out your goals If you don’t know …

How to max your tax refund

How to max your tax refund Expecting a refund from your 2017/18 tax return? 77 out of 100 Aussies are likely to get one and many could already have plans to spend it. If you’re one of them, find out how to treat yourself right with your windfall and be better off for good. For most of us, tax refunds rarely come as a complete surprise. In fact, sometimes we might even be using the …

How Australians will use their tax return

How Australians will use their tax return With nearly one in three people planning to save their tax return, have you considered what you might do with yours?  This year more than 75% of Australians expect to receive a tax return, with a large portion of the population planning to use the money they receive to take the edge off their financial commitments.i We look at the most common ways people intend on using their …

Watch out for tax scams

Watch out for tax scams The end of the financial year will likely bring the usual wave of scams. Here’s what to watch for. The Federal Budget is behind us, and amid the celebrations over tax cuts (around $500 annually for low to middle income earners), now is the time to be mindful of scammers pretending to be from government bodies – especially the Tax Office. In some cases, scam victims have lost close to …

Work expenses – what can you claim on tax?

Work expenses – what can you claim on tax? With the ATO keeping a close eye on deductions, make sure you’re across what you can and can’t claim. If you’re claiming back some of the money you’ve spent as part of your job this year, it’s a good idea to ensure you’ve kept the appropriate records that may be required ahead of lodging your tax return. The Australian Taxation Office (ATO) said recently Aussies needed …