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The anticipated tax refunds for many Australians have significantly diminished. We delve into the reasons why and how to optimise your tax deductions.
The lead up to EOFY can be an ideal time to conduct a personal finance health check and reconsider your EOFY tax planning strategies. Here are a few things that could help with minimising your tax bill before year end.
Soon older Australians will no longer have to meet the work test to make super contributions. From 1 July 2022, members under 75 years of age will be able to make or receive personal contributions and salary sacrificed contributions without meeting the work test.
From 1 July 2021, employees can claim a tax deduction for COVID-19 tests that are purchased for work purposes. Find out more about the record-keeping requirements to claim the expense.
If you have cryptocurrency, check out the ATO’s latest tips to avoid errors including key questions to ask yourself at tax time.
Child Care Subsidy (CCS) and Family Tax Benefit (FTB) recipients and their partners must lodge their outstanding 2021 tax returns by 30 June 2022 to avoid losing their benefits.
With EOFY fast approaching, it’s best to reach out to us sooner rather than later to talk through deducting your work-related expenses correctly, and any steps you need to be aware of before 30 June.
