Preparing for your tax return can often seem like a tedious chore, but if you fall for these common misconceptions the task can be even harder. Let's bust some common tax myths.
Tagged With tax week 2013
One of the reasons rental property remains a popular investment for many Australians is that it brings tax advantages. As our Tax Week 2013 coverage continues, here's a reminder of what expenses you're allowed to claim.
If you're the proud owner of a sizeable bitcoin collection, we have some bad news for you: the Australian Taxation Office has announced it will be taxing bitcoin transactions this year. What’s more, the online currency has been taxable since inception, which means you could owe the ATO money from as far back as 2009.
Whether it's consumer debt on credit cards, tax debts or a mortgage, most people find themselves weighed down by debt at some point in their lives. This can keep us working at jobs we hate just to pay the bills and keep our heads above water. By learning how to pay off debt, you can release the burden and remove some stress. I'm going to explain how to pay off your debt as fast as possible using the "stack method".
Calculating depreciation is one of the reasons most small businesses hire accountants, and we're certainly not advising against that. However, changes to the depreciation rules in 2012-2013 mean it might make sense for you to purchase more expensive items before the year is out.
The 2012-2013 financial year saw a big increase in the tax-free threshold -- the amount of money you have to earn before you pay tax -- from $6000 to $18,200. If your total income fell under that amount, which could happen with part-time work, you might not need to lodge a return at all.
Dear Lifehacker, I recently did a photoshoot for a company my cousin works for. The photos were entirely free and I provided them with a selection with my watermark on them. The company has since got in contact with me, asking to buy the rights to the images so they can edit them and use them in publications.
With the new financial year about to start, it's tempting to sign up for investments that claim to reduce your tax bill. The Australian Taxation Office (ATO) is anxious to remind you that any scheme which appears to promise reduced tax with no risk is likely to be problematic.
Yes, the financial year is almost over, so it's time for our annual Tax Week series of posts, looking at how to organise your tax affairs and maximise your returns. Let's kick off with a perennial topic of interest: which occupations will the Australian Taxation Office (ATO) be paying special attention to this year?
