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work-related travel

Claiming Work-Related Expenses | Part 3 – Other Popular Deductions

Hello everyone & Happy Monday! Continuing our series on work-related expenses, this week we wanted to talk about a couple of other popular items people try to claim in their tax returns. These include work-related travel, clothing, phone & internet, education and “working from home” expenses. If you have not read our first 2 articles…

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Claiming Work-Related Expenses | Part 2 – Claiming Car Expenses

As we mentioned in the first article of this series; “4 Things You Should Know Before Claiming Work-related Expenses“, you may be entitled to claim certain deductions for work-related expenses in your tax return. But: You must have spent the money out of your own pocket You mustn’t have been reimbursed for it already It…

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Article on work-related expenses

Claiming Work-Related Expenses | Part 1 – 4 Things You Should Know!

When completing your tax return, you’re entitled to claim deductions for certain expenses directly related to your income.   To successfully claim a deduction for work-related expenses: You must have spent the money out of your own pocket You must have not been reimbursed for it already It must be directly related to earning your…

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Late Tax Returns

Outstanding or Late Tax Returns? 2 Simple Tips to Fix Them.

As you may know, it’s compulsory for Australians to lodge a tax return every year. Despite this, late tax returns are more common than you think. Many taxpayers find themselves falling behind and are embarrassed upon realising that they have multiple years of outstanding tax returns – whoops! Time can fly by so quickly, that…

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MyGov Accounts are NOT Compulsory | Here’s What You May Not Know…

As you may know, in February this year legislation came into effect that requires all employers to start reporting their payroll information through Single Touch Payroll from 1 July 2019. Employers have until 30 September 2019 to start reporting without needing to apply for additional time. If you haven’t read the article and would like…

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Tax Planning for Individuals

Why Year-End Tax Planning is Important, even for Individuals!

If you could pay less tax this year what would you do with the extra money? Would you use it to: Reduce your home loan? Top up your Superannuation fund? Save for your dream holiday? Buy a new car? Build a deposit for an investment property? Save for your child’s education? Year-end tax planning season…

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A Guide to Capital Gains Tax

A Guide to Capital Gains Tax

“Capital Gains Tax (CGT)” – A word that many have heard of, but few completely understand. The world of tax can get a bit confusing. That’s why our team are here to help. In this article, we will aim to demystify Capital Gains Tax so that you can more feel comfortable with what you’re getting…

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The 13 Steps of Property Investment Success

The 13 Steps for Property Investment Success

If you’re not a seasoned property investor, making your first property purchase can be a daunting process. To help you on your property investment journey, here are 13 simple steps you can follow: 1. Consult With Your Accountant At Knox Taxation and Business Advisory, we specialise in providing advice in the following areas related to…

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10 Tips For Successfully Starting a Business

 If you’re considering starting a business, there’s probably a million and one worries and concerns circling around in your mind. You’re not alone. Starting a business for the first time can be daunting, with many worried about experiencing failure. Despite once dreaming of becoming successful entrepreneurs, many never achieve it. Instead, they become burdened with…

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New Scams Alert | How To Protect Yourself Now!

As most of you are aware, we are now in the peak season for many ATO and Tax scams. Recently, we have been informed of two new methods that scammers are using to phish personal and financial information from their victims.   1) 3-way phone conversations Scammers are now initiating 3-way phone conversations between their…

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