The Australian Taxation Office (ATO) have created some helpful videos to assist you in understanding what your record-keeping obligations are if you own or are investing in a rental property. The videos include the following: An introduction to rental property…
Budgeting and financial planning are both processes designed to boost your financial wellbeing. And while there are striking similarities between the two, there are key differences in how the two work to help you achieve your financial goals. Budgeting As…
Financial planning helps people identify and work towards achieving their financial and lifestyle goals. Essentially, it helps you be more in control of your income, expenses, and investments so you can make informed decisions about managing your money and achieving…
What is a record Records are written evidence of your income or expenses that can either be in paper or electronic form. These records are important documents that are used for doing your tax during the income year. In most…
To manage your tax and super on the go the Australian Taxation Office (ATO) have created an app that you can download and install on your mobile device. Download the ATO app The app is free to download and use…
Personal protective equipment (PPE) To claim a deduction for personal protective equipment (PPE) you have purchased to use at work, the expense must be incurred by yourself. A deduction cannot be claimed if your employer: pays for the items provides…
The Government first announced several big changes to super contributions for older people in the 2021/22 Federal Budget. These included: partially removing the work test for people aged 67 to 74^, extending eligibility to make non-concessional contributions (NCCs) under the…
How crypto assets work Crypto assets are a digital representation of value that you can transfer, store or trade electronically. This also includes non-fungible tokens (NFTs). Crypto generally operates independently of a central bank, authority or government. Regardless of this…
While most people do the right thing, a small number of people who engage in refund fraud will be held to account by the Australian Taxation Office (ATO). Examples of refund fraud Refund fraud is when a person claims a…
This year may see many families struggle financially. Since May this year, the RBA has lifted cash rates from 0.1% to 0.85% amid rising inflation and costs. For an increasing number of retirees who have left the workforce with mortgage…