Personal Income Tax

New Tax Legislation Effective 1 July 2014

New changes have come into effect for the new fiscal year, and many more are simply awaiting approval. Be aware of the following changes to tax legislation, effective as of 1 July 2014.

Tax Time Checklist

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.

Tax Deductions: How they work and what they do

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.

Things You Can't Claim as Tax Deductions

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