Of the hundreds of thousands of Australians who have invested in cryptocurrency, many have failed to report their profits.
Mark Chapman is director of tax communications at H&R Block, Australia’s largest firm of tax accountants, and is a regular contributor to Money. Mark is the author of Life and Taxes: A Look at Life Through Tax.
As I walked to the coffee shop, I noticed that the gym next door had an end of financial year sale. That set me wondering: why on earth would a gym have an EOFY sale?
Who is in the ATO’s sights this tax time? They’re looking at two main areas: work-related expenses and claims made by investment property owners.
Eliminating work-related tax deductions in favour of a standard deduction would simplify the tax process but at the cost of tax-payers, particularly tradies, writes Mark Chapman.
If you claim deductions for working from home, there’s good news. The hourly rate that you can claim for deducting home office expenses is increasing.
If you receive a workers’ compensation payment, determining whether it is taxable can be confusing.
We donate at Christmas to help others, but giving to charity is also often tax deductible. So what do you have to do to ensure that you can get tax relief next time you lodge your tax return?
If you bake a few cakes and sell them at a local market on a Saturday morning, or make quilts that you sell to friends, you might think it can’t possibly be taxable. Sadly, you’d probably be wrong.
Subdividing your property can mean big profits but first you need to be aware of the tax consequences.
Edible underwear. Breast implants. Cigarettes. These are the baffling and bizarre deductions Aussies thought they could get away with at tax time.