Tagged With tax

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Missed the deadline to lodge your tax return? You’re not alone: heaps of Australians forget every year to file by the October 31 deadline.

Whether you’re behind by just one year or several, don’t panic. There are things you can do to stay on the ATO’s good side: but don’t dawdle. The longer you wait, the higher penalty you can pay – and those can reach in the hundreds of dollars.

Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.

One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.

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If you plan to lodge your tax return yourself, you need to be aware that the deadline for lodging your return is only two weeks away. The latest date for self-lodgers to get their tax returns in to the ATO is 31 October 2017.

If you lodge after that date, you run the risk of incurring a late lodgment penalty of up to $1050. Here's what you need to know.

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Dear Lifehacker, I recently was lucky enough to land a contractor job as a remote QA tester for a company in Canada. My questions are to do with tax. I will be paid for the hours I put into this job on top of my normal income. What forms will I need to fill out? And will I be able claim the costs of my consoles, home internet connection and other expenses associated with it?

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The say nothing is more certain that death and taxes. And, if you're the ATO, public outages that garner lots of attention can be added to that list. At the Technology in Government conference taking place over the next couple of days in Canberra, the ATO's Chief Digital Officer, John Dardo, told the audience that a number of changes are coming.

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The 2016-2017 financial year is coming to a close, which means you need to get your taxes in order. If you own a small business, this checklist will help you to cross those t's and dot those i's.

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The $20,000 instant asset write-off was extended into the 2017-18 financial year in the latest Australian federal budget. It's truly a real boon for small businesses. It allows small businesses that turnover less than $10 million to instantly write-off 100% of any business related purchase under $20k.

This applies to things like vehicles, tools, equipment -- pretty much anything that isn't a horticultural plant or in-house software.

Newsflash: not many things cost over $20,000, which leaves you with genuine carte blanche. What does your business need? Might as well pick it up now while the going is good.

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Each year, the ATO lets us look inside the collective pay-packets of the nation. Their annual look at what jobs make the most money (well, it takes a couple of years for the data to filter through so the most recent data is for the 2014-5 financial year) and who's making it is a lot of fun for the statisticians among us. There's oodles of data to pour over. But are salaries the best tool for assessing a job or career?

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A few years ago, after much whining and hand-wringing by olde worlde retailers, the federal government began looking into changing the law around GST collection from overseas retailers on purchases of under $1000. Even though it would cost more to collect the GST than the tax would raise the government wants to kick start this exciting new initiative (not) on 1 July 2017. But the impact could suck big time as eBay suggests they might block overseas retailers from their marketplace.

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There is a strong chance that the ridesharing service Uber will be forced to charge higher fares in Australia following a Federal Court ruling that it must pay GST. Moving forward, Uber drivers will be charged GST like other taxi services, a cost that is almost certain to be passed on to the customer.

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Running an investment portfolio comes with its own tax responsibilities relating to interest, dividends, capital gains and rent-related payments. If you're new to the game, it can be a lot to take in. Here are some expert accounting tips to help you play by the rules and get the return you deserve.

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It's fair to say that the Rio Olympics didn't produce the results that the Australian Sport Commission was hoping for. The nation finished tenth on the medal table with a total medal haul of 29; our lowest finish at an Olympics since Barcelona in 1992. This was despite individual sports receiving tens of millions of dollars in taxpayer funding to boost our medal chances. This infographic breaks down precisely how much our Rio medal "haul" ended up costing Australians.

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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.