Errors on your 2020 tax return – either accidental or deliberate – can result in painful consequences. Here’s how to get it right the first time and avoid a stressful audit.
Tax time can be painful or highly anticipated. Dr Adrian Raftery outlines the traps and tricks.
Australians can expect a bigger tax return this financial year due to a combination of lower taxable incomes and higher claims for work-related expenses, tax experts have said.
It’s officially tax time again, fellow taxpayers, which means we can expect an onslaught of Aussies seething as they watch their mates cop a small fortune while they’re left with pennies.
There have been fresh calls for the GST to be raised, but some experts are saying now's a good time to review other unpopular taxes like stamp duty.

comments-rhsLatest Comments

  • "Assuming the app calculates the profit currently then you can use that figure in the Business Income item of your individual tax return - ideally the ATO would like a gross up of the turnover/sales..."

    By: Mr Taxman at Oct 17, 2020 2:10AM

    Post: Foreign currency trading

  • "Good evening Mr Taxman, I just would like to ask about my forex currency trading(I use MT4 app) Each time I close a trade it shows me a loss or profit and it includes the costs. At the end of..."

    By: Aggi at Oct 06, 2020 11:19AM

    Post: Foreign currency trading

  • "I think the Tax Commissioner would unfortunately consider it to be a personal expense Anne - like the purchase of a house would be."

    By: Mr Taxman at Sep 19, 2020 12:35AM

    Post: Claiming car expenses

  • "You can claim the 68 cents per kilometre method but that effectively covers all running costs of your vehicle. If you wanted to claim a % of running costs you will need to keep a 12 week logbook. "

    By: Mr Taxman at Sep 19, 2020 12:32AM

    Post: Claiming car expenses

  • "Its ok to choose from November 2019 for the start of your logbook Liezl. You can essentially chose any 12 week period during the year so long as its representative of your travel throughout the..."

    By: Mr Taxman at Sep 19, 2020 12:29AM

    Post: Claiming car expenses