deductions Archives - The Accountants

Tax deductions for super contributions

11 April 2024 No Comments

This article provides an overview for individual taxpayers in Australia on the tax deductions associated with superannuation contributions. It covers concessional and non-concessional contributions, the process of claiming tax deductions, benefits, considerations for high-income earners, and the importance of professional advice. Understanding these aspects is crucial for effective tax planning and retirement preparation.

What is a logbook?

15 March 2024 No Comments

This article explains the importance of keeping a logbook for tax purposes in Australia. It covers what a logbook is, how to start and maintain one, calculating business use percentage, the significance of accurate records, the use of digital logbooks, and the importance of seeking professional advice. Proper logbook maintenance is emphasized as essential for accurate tax filing and compliance with ATO regulations.

Debunking the $300 Tax Deduction Myth

14 March 2024 No Comments

This article addresses the common misconception about an automatic $300 tax deduction in Australia. It clarifies the actual rules regarding work-related expense claims, the importance of accurate claims, risks of misclaiming, and the necessity of seeking professional advice. The aim is to educate taxpayers on correct tax filing practices and dispel prevalent myths.

What can I claim?

23 February 2024 No Comments

Understanding what you can claim on your tax return can significantly affect your tax liabilities. However, it’s crucial to only claim legitimate work-related and investment expenses. Australian tax laws can be complex, and it’s often wise to consult with a tax professional to ensure compliance and maximise your tax return benefits. By keeping accurate records and staying informed about eligible deductions, you can effectively reduce your taxable income and increase your potential refund.