Serving Sydney’s Inner West
The Happy EOFYS adds have started on tv and in the newspapers, so you know we must be only a few weeks until the end of the financial year. But, you’re an individual Pay As You Go salary earner, so nothing to see here – right? Wrong! While it’s true that most of these adds are targeted to the business owner, as a wage earner, there may still a few things you can do before 30 June to reduce your tax. Continue reading “How to save tax in 2019”
I was completing a tax return last week for a client. They asked a question about what extra tax they would need to pay if they decided to get rid of their private health insurance.
Now first up, let me say that I’m not going to give anyone advice about whether their policy is the right one for them or even whether they get value for money from their policy. But I did attempt to explain the tax implication of not having private health insurance.
It made me realise how complicated the Medicare levy is and how ridiculously difficult it is to give a straight answer to a really simple question. Continue reading “Medicare Levy, surcharge and private health insurance”
When many people think of fringe benefits tax, most automatically think Entertainment – boozy lunches and tickets to the corporate box. But entertainment includes a very wide variety of activities – from free movie tickets to junkets to foreign destinations. But as with all tax related matters, not all entertainment is taxed equally. Continue reading “When is entertainment a fringe benefit?”
Every so often I get asked about discretionary trusts – should I have one, does it mean I pay less tax, are they only for rich people? Continue reading “To Trust or not!”
London’s calling and you’re about to head overseas on an adventure. You plan on being away indefinitely and hope to land the dream job in the UK. Sounds like a great plan, but what about the tax consequences? Will you need to lodge a tax return? What about the salary you earn while you’re away – it won’t have to be declared here. Or will it? The answer depends on whether you are considered an Australian resident for tax purposes. Continue reading “Australian tax resident? It’s different to being a citizen…..”
We all know that our employer must contribute 9.5% of our wages into superannuation on our behalf. But I often get asked whether it will be enough to comfortably retire. In this post, I’ll go through the ways you can boost your superannuation balance. Continue reading “How to boost your superannuation balance”
Last week I was asked about the new child care subsidy which came into effect from July 2018. My kids are terrible teens but if you’re wrangling the terrible twos along with work and all the bureaucracy of a new system, here are the key things you need to know. Continue reading “How to navigate the new Child Care Subsidy”
At this time of year, I often get asked about PAYG income tax instalments – mostly because you’ve just lodged your return and the Tax Office have sent you a letter. So if you’re in that position, here are the answers to some of the frequently asked questions. Continue reading “PAYG income tax instalments… Frequently Asked Questions”
Claiming travel in your tax return is one of the (many!) confusing parts of preparing your tax return. But you shouldn’t let that stop you from claiming what you are entitled to. So, let’s keep you off the Tax Office’s radar but maximise your deductions. Continue reading “The Do’s and Don’ts of claiming travel”