Industry Insights | EzyTaxBack


Industry Insights

 

 

Note :The information in the articles below is of a general nature only and may not be relevant to your specific individual circumstances.  You may need to engage ezytaxback.com Pty Ltd to provide you with specific advice to suit your specific circumstances.


10 Quick Tips About Tax Returns

With tax season in full swing, it is important to remember the little things that might have a huge effect on the result of your tax return. To help you get into gear, here are our top tax return tips for 2018:

 

1.Have a deduction strategy

The best tip to increase your tax savings is through deductions. It may seem like an obvious solution, yet more than 45% of young Australians aged between 25 and 34 failed to claim more than the $300 threshold in their tax returns the previous year. The Australian Tax Office (ATO) allows you to claim this amount without receipts, however bear in mind you are still required to actually have incurred the cost to be eligible to claim it. Once this amount is exceeded you must be able to produce tax receipts for all tax expenses. To maximise your refund, it’s worth spending some time getting to know the items you can and cannot claim for your particular industry or occupation.

Read the full article here 

 

 

5 things every Tradie needs to know

As a professional tradesperson or contractor there are many costs involved in order to do your job. From purchasing tools, clothing and travel expenses, there are some common tax deductions you should know. So trade your tax deductions for a better return with these top tips for tradies

 Travel expenses

In most circumstances travelling between home and the work place in a personal vehicle is considered a private cost. However, for a tradesperson the rules are slightly different. If you carry bulky tools and equipment to and from work because they cannot be left at the worksite due to a lack of secure storage, you can claim the cost of travel. In order to claim these travel costs, it must be a requirement to take the equipment home rather than it being a personal choice or out of convenience.

Read the full article here

 

 

Tax Planning for Individuals

Maximize Tax Deductions

Everyone always asks us how to get the most out of their tax returns?

Through the use of tax deductions an individual can reduce their taxable income in a legal manner, allowing them to take advantage of lower tax rates. Tax Deductions are classified as out of pocket expenses that are directly related to an individual’s employment and income activities. Whilst claiming tax deductions is a legal form of tax minimization, it is important the expense meets the requirements set out by the Australian Taxation Office.

The ATO requires a work related expense to meet the following criteria in order for it to be classified as a legitimate tax deduction to include in your personal online tax return:

Read the full article here



Australian Tax Returns for Non-Residents

 Money that is earnt by an individual residing in Australia must be declared within an Australian Tax Return whether you are an Australian Resident, are visiting Australia, or are a foreign resident with investments within Australia.

A tax return is required to be lodged if any of the following circumstances apply to you:

  • You are a non-resident with $1 or more of Australian Income
  • You are an Australian Resident or Temporary Resident with $18,200 or more Taxable Income
  • You have PAYG Tax Withheld from your income

The majority of employees or individuals fall into at least one or more of these circumstances and will be required to lodge an Australian Tax Return.

Read the full article here 

 


What if my Tax Return is late?

Do you have outstanding tax returns? Or are you still yet to lodge your 2015 Income Tax Return?

Don’t worry, we’re here to help!

All Individual Tax Returns for the current 2015 financial year and any prior years are expected by the Australian Taxation Office (ATO) to be lodged. This means if you still have a 2015 Tax Return you haven’t lodged with the ATO, along with any other prior years, it is now late. However there is no need to worry. Ezytaxback.com is a Registered Tax Agent and therefore we can still lodge all your Tax Returns for you. 

Read the full article here

 

 

 Tax Deductions You Might Be Missing

The best way to increase the value of your tax return is through deductions. It may seem like an obvious solution, yet more 45 per cent of young Australians age between 25 and 34 failed to claim more than the $300 threshold for their tax returns the previous year.

To ensure dollars end up back in your pocket, it’s worth spending some time getting to know the items you can and cannot claim for your particular industry or occupation. 

Read the full article here