Personal Tax Information

Maneuvering through the maze of the Australian taxation system can be a daunting thing for any person. No wonder over 71% of individual tax payers use registered tax agents!

Ultimately, you don’t want to be paying more tax than you are required, and you don’t want to fall foul of the prevailing auditing system by making incorrect claims.

Below you will find information, news and resources relating to personal tax rates, thresholds, deductions and offsets.

Who is assessable on interest income?

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations that […]

Getting deductions for clothing and laundry expenses right

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have […]

Can salary sacrifice work for you?

Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash – and not personally pay tax on it. Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary […]

Deceased estates: A brief guide to tying up the loose ends

After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate is commonly referred to as the executor, but could also be known as an administrator […]

Home office deductions: What substantiation will the ATO accept?

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer […]

Extending the festive cheer (in a tax efficient way)

The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some […]

When you have to deal with a natural disaster

Now that we are heading into bushfire season, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also […]

Travel to a workplace: What’s in, what’s out

A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. Work-related travel is a hot focus area of the ATO as taxpayers can often get claims wrong. While trips between […]

What types of legal expenses are allowable as tax deductions?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning […]

Volunteering & Tax: What you need to know

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping up all sorts […]