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Australian Tax Rates for 2019!

tax rates 2019

You might be wondering how your taxes will be affected next year.

The marginal tax rates have been changed for 2019 and is subject to change until 2024. Not only will we be showing you how the tax rates for 2019 changes, but we’ll show you how the future tax rates will look like.

Keep reading for more information.

Tax Rates for 2019

As you know, the first $18,200 of your income is tax-free. Below, you will find the tax rates for the 2018/2019 financial year.  Read the rest of this entry »

Accommodation Allowances & Your Taxes

Traveling for work? Deduct your accommodation costs!

Are you missing out on your friend’s barbie to travel for work? No doubt, we know that work can be a drag if you have to travel, especially if it isn’t for vacation time. On the other hand, you could enjoy being pampered for a few days and get away from home. Luckily, whether you enjoy traveling for work or not, you can deduct most of your accommodation costs on your tax return if you are responsible for all of your up-front business trip costs.

Let’s take a look if you’re eligible to deduct these expenses and how to do it.

 

Did your employer issue you a travel allowance?

First, if your employer issues you a travel allowance for accommodations, you need to report it as income on your tax return. In other words, you do not need to declare the allowance on your taxes if:

  • The travel allowance is not on your payment summary.
  • The allowance is a deductible accommodation cost.
  • You can count meal and incidental expenses.


So, if it’s not included as income, then you can’t report it. It’s as simple as that! 

 

Follow this 6 Rule Checklist:

Read the rest of this entry »