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Personal Tax

Fuel Price Rises and How They Can be a Tax Benefit

The increase in fuel prices have definitely had a negative reaction from most people. Taking the positives from everything, this could be a chance to increase your motor vehicle expenses to reduce your taxable income. Here’s how: From 1 July 2022, the cents per kilometre rate increases to 75c per kilometre of work related travel.…

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How not to get caught out at tax time!

The ATO has provided updated guidance on the deductions they are targeting and the requirements to claim deductions. Here are some handy tips to remain compliant while claiming deductions: Make sure it makes sense – Make sure your deductions relate to your work, and that the deductions make sense to your work conditions. For example,…

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Crypto and NFT’s – Don’t Get Caught at Tax Time

Crypto and NFT’s have become extremely popular in recent times. Due to this, the ATO has taken action to ensure that crypto and NFT transactions are recorded properly. You may not realise that you are creating capital gains events in the course of your crypto and NFT trading. Here’s a few transactions that will cause…

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Personal Deductions Update

Leading up to the end of the financial year, there will be a number of new deductions for your personal tax return. Here are some of the ones that we recommend keeping an eye out for: RAT & PCR Tests: COVID-19 testing expenses will be tax deductible in the 2022 financial year onwards. The government…

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The Biggest Traps With Capital Gains

Before you start investing, we highly recommend you understand the tax consequences of investing. Countless times will we see clients unexpectedly get tax bills because they were not aware of the consequences of their investments. Here are 3 key points to think about before you invest: Timing – this one is crucial for investment properties…

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