Each year, the Australian Tax Office sets its focus on particular areas they'll be honing in on as they review tax returns and where we're trying to reduce our taxes. This year is no different with cryptocurrency earnings, money made from new platforms like Uber, home office expenses and work-related claims on their hitlist.
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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.
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.
Dear Lifehacker, I have a question in regard to tax deduction. If I take a Commonwealth supported place in my master degree study and pay my student contribution amount in full up-front, can I claim that as an education expense? It's not the amount I am paying back, it's the upfront student contribution amount. Hope to hear from you ASAP!