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ITP Australia
18 followers -
Do what you love, we'll do your taxes.
Do what you love, we'll do your taxes.

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ITP TAX TIP - If it’s work-related, deduct it

Most people know that you can claim deductions for up to $300 in work-related expenses without having the receipts to prove it, but there are many other juicy deductions available.
CPA Australia suggests looking at the following possible deductions:
• Up to $150 in eligible laundry claims can be deducted without a receipt, even if you’re over the $300 no-receipt threshold.
• Home workers may be able to claim a deduction for heating, cooling, lighting and depreciating your office equipment or professional library, but you need to keep a diary of the hours worked at home for at least four weeks to substantiate the claim.
• Education expenses for study directly related to your field can be claimed as deductions, but not if the study is to help you obtain new qualifications in a different field. 
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Make your car a lean, mean, tax deduction machine

There are three different methods of claiming tax deductions for work-related motor vehicle travel – CPA Australia says tax savings can be had by choosing the method that works best for you:

If you are planning to claim a deduction for less than 5000 kilometres of work-related travel, you can claim a deduction for your car expenses on a cents-per-kilometre basis.

If you have kept a log book, odometer readings and receipts, you can claim a deduction for total running expenses.

If you plan to claim for business travel in excess of 5000 kilometres, it may be possible to claim one-third of actual car expenses or 12% of the original value of the vehicle without a logbook.

Contact one of our Income Tax Professionals to find out more about this deductions and many more today!
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Are you close to retirement? Here are a few tips that could help you.

1. Add extra to your super: If you have surplus funds outside of your superannuation fund, consider making additional contributions into your fund. The cap for non-concessional (after tax) contributions is $150,000 per year but if you are under 65, you can make contributions up to a $450,000 limit at any time over the course of the current year and the following two years without being penalised. This is particularly important for anyone close to 65 who wants to make maximum contributions prior to turning 65.

2. Consider a ‘Transition to Retirement’ pension: Workers who are over 55 can access up to 10% of their super as a “Transition to Retirement” pension (TTR pension) and can potentially save considerable tax. However, if you exceed the 10% limit, penalties will apply.

3. Business Concessions: If you are thinking about selling a small business and retiring, you may be eligible to use one of the several small business capital gains tax concessions. Some and possibly all of the proceeds may be able to be rolled into super, reducing or even eliminating the capital gains tax applicable on the sale.

Contact one of our Income Tax Professionals to find out more about this deductions and many more today!
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ITP Tax Tip - Pay super early

Superannuation guarantee payments for your staff aren’t due until July but paying these in June will give you a deduction for them in this financial year as opposed to next financial year. Contact one of our Income Tax Professionals to find out more about this deductions and many more today!

ITP Tax Tip - Delay income

If you are able to, try to defer income until after June 30 to avoid paying tax this financial year. As an example this may be done by reviewing term deposit maturity dates or legitimately deferring income by holding off issuing invoices until July 1. Contact one of our Income Tax Professionals to find out more about this deductions and many more today!

ITP Tax Tip - Buy health insurance if you are a high-income earner:

To avoid the Medicare Levy Surcharge, high-income earners should take out private health cover. To avoid the surcharge for the entire year, the insurance needs to be held for the entire year otherwise it will be pro-rated. Contact one of our Income Tax Professionals to find out more about this deductions and many more today!

Do you have Health Insurance?

Tax Tip - Prepay your expenses

By prepaying 12 months of tax-deductible expenses towards the end of the financial year, you can bring the deduction forward into the current financial year. A good example of this is income protection insurance but other options are prepaying interest on margin loans or investment loans. Contact one of our Income Tax Professionals to find out more about this deductions and many more today!

ITP Tax Tip - Charities

If you are thinking of donating money, you may be able to receive a tax deduction for contributions to a charity. and receive that deduction this financial year. Donations need to be $2 or more. Care should be taken that you do not get any products from a charity in return for your contribution otherwise this may no longer be tax deductible e.g. pens, raffle tickets, pins etc. Contact one of our Income Tax Professionals to find out more about this deductions and many more today!

What charities do you donate to?

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6000 Likes!
Keep sharing everyone. Not far to go before we can draw 3 Thermomix!

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It’s only been a few weeks, but we are happy to see such a positive response to our $30,000 giveaway and competition. In fact, our three amateur athletes are all starting to think that their bruises were worth it after all! If you haven’t entered the competition yet, make sure to fill out the entry form, and like your favourite video. Don’t forget that the prize value goes up depending on how many ‘likes’ are generated, so be sure to share your video of choice with all your friends and family.
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