Giving your finances a thorough review is a good habit to get into. You’ll not only want to take a look at your taxes, deductions, and levies, but also your superannuation savings. This checklist, while not comprehensive, can help you cover the basics and prepare to enter a new financial year.
Many people seem to be confused at what a tax deduction actually entails. As such, you may hear people, all the time, say things like “It’s okay, I’ll get the money back at tax time”. Phrases like this reveal a large element of confusion here; it would seem over the word deduction.
When funds are tight and tax time is nigh, everyone looks to claim as many deductions as possible to make the most out of their tax return. However, there is a line in the sand when it comes to deductions. Usually an expense can only be claimed if it is directly related to your taxable income.
Although you can attempt to make a legitimate claim for the deduction of the following expenses, don’t be surprised if you are ultimately denied by the
While you urbanites are busy chasing the idyllic dream of a smallholding you might be subject to some name-calling – hobby farmer, part time cocky, tree changer – that doesn’t mean that you aren’t entitled to some of the same tax deductions available to bone fide primary producers.
With the proliferation of such “hobby farms”, as well as jokes about their skill at growing fruit and raising rabbits, this became a vehicle to offset what, in essence,
