5 Ways to Reduce Taxable Income and Keep More Money in Your Pocket

Feb 15, 2024 7:30:00 AM

The ongoing high cost of living has many Australians looking for ways to keep more money in their own pockets and pay less at tax time. As tax season approaches, there’s no better time to explore financial strategies that could help reduce tax liabilities. By leveraging these financial tools and savvy techniques, it’s possible to save money while still being compliant with Australian tax laws. Read on as we share six effective methods to achieve this goal.

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Topics: Tax Deductions, Australia tax, Financial Advice

Tax Time and Your Health

Jun 15, 2023 10:22:51 AM

Tax time provides the ideal opportunity to review your financial situation and check in on your private health insurance. It’s helpful to know how your private health insurance can potentially impact you at the end of a financial year. Two key things to be aware of at tax time are Medicare Levy Surcharge and Lifetime Health Cover Loading. Here’s how these could impact you and what you can do about it.

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Topics: Health Insurance, Financial Health, Australia tax

ATO Cracks Down on Investors

May 12, 2023 5:36:08 PM

The Australian Taxation Office (ATO) recently announced that it would be cracking down on investors, targeting those who are incorrectly reporting rental income and expenses, or failing to declare capital gains. Going forward, banks will be required to share transaction data of 1.7 million property investors and the ATO will be able to obtain residential investment property loan data (RIPL) from financial institutions in Australia. Here’s more on the ATO's crackdown and its potential impact on investors.

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Topics: Investors, Australia tax, Financial Advice

Preparing for End of Financial Year

Apr 11, 2023 9:01:00 AM

As the end of the financial year (EOFY) approaches, businesses across Australia begin preparing to wrap up their bookkeeping, file tax returns, and plan for the new financial year. Many small businesses dread this time of year, but with a little preparation, it is possible to take the stress out of EOFY. Now’s a good time to get your accounts in order, check what you can and can’t claim, meet your superannuation requirements, diarise your tax due dates, and be aware of potential tax scams.

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Topics: Australia tax, EOFY, Financial Advice