by C&N Accountants | Nov 17, 2023 | ATO, Tax Planning, Tax Tips
Tax offset is a common term used during tax season. According to the Australian Taxation Office (ATO), a tax offset can directly reduce the tax payable by an individual on their taxable income in a financial year, provided they are eligible for it. In this blog, we...
by C&N Accountants | Nov 10, 2023 | ATO, Tax Audit
Have you ever wondered why some foods are exempt from GST while others are taxed? A recent Administrative Appeals Tribunal (AAT) encounter sheds light on the intricate balance between GST-free and taxable foods. Origins of the Divide Back in 2000, when the Goods &...
by C&N Accountants | Nov 1, 2023 | ATO, Tax & Accounting, Tax Deductions, Tax Planning, Tax Refunds, Tax Tips
Are you wondering about the Lump Sum Payment in Arrears tax offset (LSPIA)? Let’s break it down in a way that’s easy to understand. What is a Lump Sum Payment In Arrears Tax Offset? If you receive a significant lump sum payment tied to a previous...
by C&N Accountants | Oct 11, 2023 | ATO, Income Tax, Tax Deductions, Tax Planning, Tax Refunds
The Australian Taxation Office (ATO) recently rolled out a fresh draft ruling concerning self-education expenses. Let’s dive into the intricacies of what you can or cannot claim when it comes to your educational pursuits. Claiming Work-Related Study Expenses If...
by C&N Accountants | Sep 4, 2023 | ATO, EOFY, Tax Deductions, Tax Planning, Tax Refunds
Many Australians are wondering why their tax refunds have significantly decreased. In this article, we explore the reasons behind this phenomenon. The Psychology of Tax Refunds Tax refunds hold a special place in the hearts of Australians. Our nation heavily relies on...
by C&N Accountants | Jun 15, 2023 | ATO, EOFY, How To, Superannuation, Tax & Accounting, Tax Planning, Tax Refunds, Tax Tips
Did you know that you can make a concessional superannuation contribution and get $5000 or more as a tax refund this year? Super concessional contribution caps There is a limit on how much you can put into super each year from your pre-tax income. Such contributions...
