If you're expecting a sizable tax return, it can be tempting to blow the money on a shiny new gadget or mid-year holiday. Indeed, a recent survey by Get Qualified Australia (GQA) found that nearly a fifth of Australians spend their tax return on recreation. By contrast, just 2 per cent of people put the money towards education and upskilling. Here are five ways to transform your return into a lucrative investment courtesy of GQA founder Adam Wadi.
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While tax time usually conjures the image of piles of paper and shoeboxes full of old receipts, it doesn't have to be that way forever. If you're sick of shuffling through hard copy documents to get your finances sorted every July, here are our top five apps that'll save you time and stress this tax time.
Each financial year, the Australian Taxation Office pays special attention to certain work expenses as it attempts to flush out people deliberately rorting the system. In 2015, the ATO adopted a broad targeting strategy to ensure deductions were appropriate. This year, it's going after particular work expenses -- and you're probably claiming at least one of them.
As tax time looms closer, online ads spruiking an "instant" or "same day" tax refund have likely caught your attention. When it comes to tax returns, now is better than later, right? However, the truth is that many so-called “same day tax refunds” are anything but. In fact, it could be a decision that leaves you thousands of dollars out of pocket. Here are several reasons why these "deals" are best avoided.
Did you know the Australian Taxation Office has an official app that can make things much easier on you this coming tax time? Though released last July, the ATO's myDeductions tool will come into its own this year, with the ability to either automatically upload all your deductions straight into your tax return, or email your information to your tax agent or accountant.
Doing your own taxes has never been easier, with the ATO's Online Tax Return taking less than 15 minutes to complete on average. However, it's important to know how expenses work and what can and can't be claimed prior to filing your tax return. This multiple-choice questionnaire from the Australian Taxation Office is designed to test your knowledge on the subject. How many did you get right?