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So far Chris Wang has created 4 blog entries.

Small business income tax offset

Small business income tax offset The small business income tax offset can reduce the tax you pay by up to $1,000 each year. It is available from the 2015–16 income year. We will work out your offset based on the amounts you show in your income tax return. These are your: net small business income that you earned as a sole trader share of net small business income from a partnership or trust. To be eligible for the offset as a sole trader, you must be a small business entity. If you have a share of net small business income [...]

By |2016-11-29T13:55:13+10:00November 29th, 2016|Tax Tip|Comments Off on Small business income tax offset

Seniors and Retirees -Tax Offsets

Seniors and Retirees -Tax Offsets Tax offsets – sometimes referred to as rebates – are not the same as tax deductions. Offsets directly reduce the amount of tax you must pay. Each dollar of tax offset reduces your tax payable by a dollar regardless of your taxable income. Mature age workers, seniors and pensioners may be eligible for tax offsets. If you are a low income earner, you may be eligible for an offset and, if your medical expenses pass the threshold limit, you may be eligible for the medical expenses tax offset too. You may also be eligible for [...]

By |2016-11-29T08:38:00+10:00November 29th, 2016|Tax Tip|Comments Off on Seniors and Retirees -Tax Offsets

Deductions you can claim

Deductions you can claim When completing your tax return, you have entitlement to claim deductions for some expenses. Most of the them directly link to earning your income. To claim a work-related deduction: you must have spent the money yourself and you haven't reimburse the money the money must relate to your job you must have a record to prove it (there are some limited exceptions). You can only claim a deduction for the work-related portion, even if the expense was for both work and private purposes. Follow the links below for specific deductions you can claim: Vehicle and travel expenses - including travel between work and home [...]

By |2016-11-29T08:37:38+10:00November 28th, 2016|Tax Tip|Comments Off on Deductions you can claim

Car expenses

Car expenses From 1 July 2015 – two methods The government has simplified the car expense deductions for 2015–16 and future income years. From 1 July 2015, the one-third of actual expenses method and 12% of original value method have been abolished. The two methods available from 1 July 2015 are: cents per kilometre method (with some changes) logbook method (with no change to its rules) Cents per kilometre method The cents per kilometre method is available for use with some changes. Separate rates based on the size of the engine are no longer available from 1 July 2015. Under the revised method, [...]

By |2016-11-29T08:36:11+10:00November 28th, 2016|Tax Tip|Comments Off on Car expenses