The end of the financial year (EOFY) is fast approaching and this year, the Australian Tax Office (ATO) has highlighted it will focus on specific tax deductions that will receive closer scrutiny. As an Australian homeowner, property investor, or first home buyer, it’s essential to understand what these focus areas are and how to avoid making errors. To help you prepare for EOFY, here are three tax deductions under ATO scrutiny in 2024.

As the end of the financial year (EOFY) approaches, it's important to take proactive steps to ensure you're making the most of available tax benefits. Whether you're an individual taxpayer, business owner, or investor, EOFY is when we wrap up the current financial year, complete bookkeeping tasks, lodge tax returns, and prepare for the new financial year. Set yourself up for financial success with these essential tax tips for end of financial year.

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.

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.

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.

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.