by Sophie | Nov 2, 2021 | Business
Work-related car expenses (2 methods): 1. Cents / per km method: maximum 5000km. You do not need written evidence but you may need to be able to show how you worked out your work-related kilometres. You must keep records for odemetres at the beginning and the end of...
by Sophie | Nov 2, 2021 | Business
Section 8-1 of Income Tax A (ITAA 1997) Assessment Act 1997 categorises deductions into general deductions and specific deductions. Generally a deduction is allowed if the expenses has been incurred in earning the person’s assessable income, or incurred in carrying on...
by Sophie | Nov 2, 2021 | Business
For those who have reached age pension age, they can earn some income without paying the full tax. If you fit this category and are entitled to the senior and pensioners’ tax offset, you are able to earn each year as a pensioner before having to pay tax. The...
by Sophie | Nov 2, 2021 | Business
The tax-free threshold for your assessable income is $18,200. The meaning of “assessable income” is “income that can be taxed” and they are total of : salary and wages interest from bank accounts dividends and other income from investments bonuses and overtime an...
by Sophie | Nov 2, 2021 | Business
If any of the following reasons applies to you, you must lodge a tax return. You were an Australian resident and you: You must lodge a tax return if any of the following apply to you. You: had tax withheld from any payments (such as wages) made to you during the...
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