Personal Tax Return Tips

In the ATO's sights this Tax Time

ATO’s three focus areas this tax time

By Warren Kruger / June 5, 2024 / Comments Off on ATO’s three focus areas this tax time

The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work related expenses: Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked […]

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Earning income for personal effort

Earning income for personal effort

By Warren Kruger / April 22, 2024 / Comments Off on Earning income for personal effort

Taxpayers should remember that, if over half their income is from a contract for their personal effort or skills, then their income is classified as personal services income (‘PSI’). Taxpayers can receive PSI in almost any industry, trade or profession, e.g., as a financial professional, IT consultant, construction worker or medical practitioner. Taxpayers who earn […]

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lodge your tax return

ATO gives ‘green light’ to lodge

By Warren Kruger / September 12, 2023 / 0 Comments

The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need to lodge has now been pre-filled in their tax return. Mr Loh also reminded taxpayers that some income may […]

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How the myGov update affects taxpayers | Taxwise Australia | (08) 9248 8124

How the myGov update affects taxpayers

By Warren Kruger / October 4, 2022 / 0 Comments

Clients using myGov will see that it has recently been updated with a new look and more features. When signed in to myGov, clients might receive notifications through ‘Payments and claims’ from other government services, such as Centrelink.  However, the ATO has stated that it will not communicate using this feature.  Instead, the ATO will […]

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ATO Priorities This Tax Time | Taxwise Australia | (08) 9248 8124

ATO Focus This Tax Time

By Warren Kruger / June 25, 2022 / 0 Comments

The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping. Work-related expenses. Rental property income and deductions. Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: they spent the money themselves and were not reimbursed; if an […]

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Avoid Double Dipping On Your Deductions | Taxwise Australia | (08) 9248 8124

Avoid Double Dipping On Your Tax Deductions

By Warren Kruger / June 21, 2022 / 0 Comments

Taxpayers are reminded not to make the mistake of ‘double dipping’ on tax deductions (that is, claiming expenses twice) in their tax return this year. Some of the ‘double dipping’ mistakes commonly made relate to the following deductions: Working From Home Expenses A common mistake involves using the ‘shortcut method’ to claim working from home […]

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