Australian Tax - Aston Accountants

Maximize your tax deduction – Individuals

As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!

This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.

There will be a separate article for business owners so keep an eye on our website!

Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.

2017 tax return lodgement

If not now, then when?

For clients who have not lodged their 2017 tax returns – please get in touch with us as soon as possible to commence preparation of your tax return before it is too late. The general tax return due date is mid May 2018 – individual due dates may vary – we suggest clients contact us for your exact due dates.

Please be aware that late lodgements may attract fines and penalties from the ATO, so avoidance is not a wise move.

ATO’s views on Bitcoins and other cryptocurrencies

In recent months Bitcoins and various other cryptocurrencies have attracted a lot of attention after having a roller-coaster ride in its prices over the past few months, and with more and more cryptocurrency trading platforms becoming available in Australia, it has become easier for Australians to dip into the crypto world. As cryptocurrencies are a new concept, what are the views of the ATO in relation to this new type of virtual currency?

in Capital Gains Tax / News / Personal Tax Returns / Tax Advice and Planning by Emily Yip