When Hayley Stephens and Robert Fagan began planning the launch of their e-commerce business in January, a global pandemic was not on their radar. Ms Stephens and her brother-in-law Mr Fagan joined forces to create Beechville Lane – an online baby and new mum gift hamper business featuring iconic Australian brands.
Unprecedented numbers of us have had to work from home this year and for many, navigating what to claim as allowable tax deductions is perplexing. Moreover, any resultant tax refund is especially important for those who have had their hours reduced, pay rate slashed or lost their jobs altogether and need this money now more than ever.
Every dollar counts right now so don't be afraid to fight for what you're entitled to when it comes to your deductions, says tax expert Dr Adrian Raftery.
While many savvy retailers are great at tricking people into spending money at this time of year purely to get a tax deduction, there are genuine ways to spend for a better tax refund.
Banks are taking very different approaches when it comes to first-home buyers using super withdrawn under the government’s COVID-19 hardship provisions as part of their deposit.

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