Private Health Insurance I see the commercials every year from the health funds, sign up now and save on your tax return, I am even tempted to sign up myself. However, the reality is completely different, unless your MLS income is greater than $90,000 if you are single or your
What is income protection insurance? Income protection insurance covers you for any loss of income through an illness or an accident. The insurance normally has a defined length of time for payment which typically can last from 2 years or until you’re 70. The duration of the payment is set
Your tax return has been prepared and you are now expecting the refund cheque soon, so what can you spend your tax refund on? What about purchasing green, eco-friendly products to save you money now and that will also be a good investment for the future? 1. Solar Panels; being in
As from the 1st July 2013 the Australian Taxation Office will no longer be issuing income tax refunds as a cheque, instead, the refunds will be electronically transferred directly to your Australian bank account. So when you visit your Registered Tax Agent or complete your return online you will need to make
Penalties for not lodging on time range from $110 to $550 depending on how long the document is over due, and can increase to $2750 depending on the size of the entity. Just recently the ATO has started to enforce the late lodgment penalties as described above, these penalties have
You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year.
How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income?
The Australian Taxation Office replaced its software in January, and because of this any tax returns lodged were not going to be processed till February 1st. I contacted the ATO on Monday and was informed that the software update didn’t go as planned and that instead of the 1st being
The Australian Taxation Office (ATO) has begun to accept credit card payments for debts between $10 and $10,000. The ATO will accept Visa, Mastercard or American Express and will charge a card payment fee of .67% for Visa and Mastercard and 1.02% for American Express. On a $10,000 payment the fee will