🧾 General Tax Strategies 1. Stage 3 Tax Cuts These are already legislated and apply from 1 July 2024. They reduce the marginal tax rate for many Australians, especially those earning between $45,000 and $135,000. Why it matters: You may pay less tax automatically, but it also affects how you plan deductions and income timing. 2. Work-from-Home Deductions…
1. Maximise Concessional Contributions Cap for 2024–25: $30,000 These are pre-tax contributions (e.g. salary sacrifice or personal deductible contributions). They reduce your taxable income and are taxed at 15% in your super fund (often lower than your marginal tax rate). Just remember to Lodge a Notice of Intent form to claim a deduction with your…
For the 2024–25 financial year in Australia, the Australian Taxation Office (ATO) has updated its rules for claiming work from home (WFH) deductions. Here’s a summary of what you need to know: ✅ Eligibility Criteria To claim WFH deductions, you must: Be genuinely working from home to fulfil your employment duties (not just checking emails occasionally). Incur additional running expenses as a direct…
I can’t stress the importance of keeping digital records to support your claims. If you cant seem to organise your expenses, use the myDeductions tool in the ATO app to keep a record of your expenses throughout the year. Key changes this tax time, what you can do to prepare, things to consider before lodging,…
đź“Ś5 Tips 1. Keep Your Financial Data Organised 2. Immediate Asset Write-Offs 3. Know Your Tax Deductions 4. Top up your voluntary superannuation contributions 5. Look at Loss carry back tax offset Additional tips * Be mindful of cashflow – avoid spending on business assets for the sake of claiming tax deductions. In most cases, you’ll…
