Taxable Income

Provided that you satisfy the eligibility criteria, you will be able to claim a deduction for the superannuation contributions you have made to a complying superannuation fund or retirement savings account.

To do so you must be fully self-employed or no more than 10% of your assessable income (including Reportable Fringe Benefits and Reportable Superannuation Contributions) is from an employer.  You must also have first notified your superannuation fund of your intention to make the claim and received a confirmation.

If a taxpayer carries out all or part of their employment activities from home and has an office set aside to do the work, some portion of the running expenses can be deducted. A diary should be kept for a minimum of 4 weeks stating hours the office was used for work related purposes.

From 1 July 2014, the Commissioner’s rate of 45 cents per hour (increased from 34 cents per hour allowed in the 2014 year) can be claimed for the hours the home office is used. Only running expenses (electricity, heating and depreciation of office equipment) can be claimed for home office unless the home is being used as a place of business.

Where a home is a place of business (and is easily identified as such – for example a separate entrance, signage, clients/customers coming to set area of your home etc.), deductions can be claimed on occupancy and running expenses including:

• mortgage interest
• rent
• house insurance
• council rates
• insurance
• repairs
• cleaning
• pest control
• maintenance
• decorating
• telephone
• heating
• lighting.

Find your nearest H&R Block office and book an appointment online or call 13 23 25.

If you believe this is incorrect, you should contact your bank to verify the income details for your accounts. The bank should notify the ATO in writing if this information is not correct.

You have 28 days to correct this information. However, if you have omitted the taxable income, you will not need to contact the ATO. They will amend your return and send you a new assessment requesting payment of the additional tax, a general interest charge and, in some cases, penalties. If you require assistance with your communication with the ATO, H&R Block can help.

A Living Away From Home allowance is paid by employers when they require an employee to work in an area that is different to their normal workplace and the employer pays the costs to the employee for living away from home.

For example, I work and live in Melbourne and after a few months the company requires me to go to Regional NSW for a few months to do some work there.  They pay me an allowance for the costs of living in regional NSW because they have requested me to work there for a time. 

This is not taxable income, so I do not need to declare it in a tax return.  It is an allowance paid by an employer to an employee and is not subject to tax by the employee, provided it is paid in accordance with the tax office guidelines.  No expenses can be claimed against this allowance.

From 1 October 2012, the LAFHA continued to be taxed to the employer under the Fringe Benefits Tax system.  However, the employer is able to reduce the Fringe Benefits Tax payable on the amount paid to the employee, for a maximum period of 12 months, provided the employee meets the following conditions:

• maintains a home in Australia for their own personal use and enjoyment at all times whilst required to live away from home for their work; and
• provides a declaration relating to living away from home.

If these rules are satisfied, the employer is able to reduce the taxable value of the LAFHA by:

• the amount of the employee's actual substantiated accommodation expenditure while living away from home; and
• the amounts incurred by the employee for food or drink costs while living away from home, less a statutory amount if applicable.

You are wise to be cautious. Not all schemes are genuine and often promise large tax deductions that they say will be allowed by the tax office. It is wise to check out any investment scheme before putting your money into them. 

If you invest in a risky tax scheme, you could lose some or all of your money, and you may have to pay back any refunds due to over-claimed deductions as well as interest and penalties. 

Before investing in any tax scheme it is advisable to seek independent advice from a professional advisor and/or the tax office. Information and warnings about investment schemes and scams can be found on the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission SCAMwatch website.

All income must be declared by each recipient on the same basis as the accounts are held. Interest from a joint account must be split 50/50. You cannot declare it all on your wife’s tax return and doing so could lead to an ATO audit.

Yes she will have to lodge a return. Prior to the 2012 income year, a minor could have earned up to $3,333 from investments before any income tax would be payable. However, from 1 July 2011, the Government removed the ability of minors to access the low income rebate for unearned income (such as interest, dividends, rent, royalties, trust distributions etc.). This means that a minor who earns over $416 in unearned income must lodge an income tax return.

Personal exertion income (such as salary & wages) will still have tax payable on it, but that tax payable can be reduced by the low income tax offset. All unearned income will not attract the low income rebate and be taxed at minors’ rates.

You do not have to lodge a full tax return. You can complete the Refund of Franking Credits for Individuals form which can be lodged by telephone or mailed to the ATO.

In most cases overseas pensions are taxable and, if you are an Australian resident, you will need to include the amount in your tax return. There are a few exceptions to this rule. Please call H&R Block on 13 23 25 if you are not sure.

All income must be declared. This is because the tax office needs to determine what tax rate applies to your other earnings for the year. You may be entitled to an offset to ensure that no tax is payable on your benefit.

You can access the information required from Centrelink online services, Express plus mobile apps and at self-service terminals at Dept. Human Services Service Centres. H&R Block can also look up the required information for you.

You will only have to pay tax on any earnings you make from the time that you moved to Australia. If the money that you brought with you earns interest in a bank account you will have to pay tax on the interest.

The income will be taxable unless you have worked overseas continuously for more than 90 days and are working on a specific Australian government project or deployed overseas as a member of an Australian government agency. In these cases the income will be tax exempt.

If your overseas income is not exempt, you will need to declare the income on your Australian tax return and may be entitled to a foreign income tax offset for any foreign tax you paid on that income.

We can assist you with any number of tax questions. Find an office near you and book an appointment online or call 13 23 25.

If you make an advance payment of at least $500, or enough to clear the debt entirely, you will receive a 5% discount on that payment. It is a good idea to make the payment before 1 June when the annual indexation is calculated. The indexation rate for 2015 is 2.1%. You should be aware that if you’re HELP repayment income is above $53,345 and you still have an outstanding HELP balance you may also be required to make a compulsory payment when you lodge your 2015 tax return.

Although it is the government’s intention to remove the bonuses, at the time of writing the enabling legislation had not been approved by parliament.

A new benefit was made available from the 2009 income year onwards which reduces the compulsory HELP repayment or accumulated HELP debt for eligible graduates in science, maths, nursing (including midwifery) or early childhood education.

The reduction amounts are indexed annually, and must be applied for after the end of the financial year. There is a fixed claim period of 2 years from the end of the financial year.

The benefit was designed to encourage maths and science graduates to work in specified occupations and early childhood teachers to work in specified locations. The benefit must be applied for each year and forms are available from the tax office or can be downloaded from www.ato.gov.au. Details of the qualifying occupations and locations can be found at www.studyassist.gov.au

In the 2014 Budget the Government announced that the HECS-HELP benefit scheme will end on 30 June 2015. Graduates would have until 30 June 2017 to claim HECS-HELP benefit for employment prior to 1 July 2015.

The costs associated with seminars are tax deductible provided that they relate to your current income producing activities.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. To find an office near you just call 13 23 25 or click here.

There is a limit to the amount of money you can voluntarily contribute into your super fund on a concessional basis. Superannuation contribution limits operate to limit the tax benefits available each year.

Making contributions over the limits results in additional tax payable, and excess concessional contributions are counted towards the non-concessional cap. 

Concessional contributions are essentially those contributions which are tax deductible, and include employer contributions and personal contributions claimed by the self-employed. 

The current concessional contributions cap, regardless of age is $27,500 per annum. 

If you are older than 67 you will need to meet a work test to contribute to super in most cases. You need to work for at least 40 hours during 30 consecutive days at any time during this financial year to make tax deductible and non-deductible contributions to super.

Non-concessional contributions are those made from after-tax income. There is no contributions tax applied when they are contributed to the super fund.Once in the fund, the normal fund tax rates apply to earnings

The non-concessional contributions cap is $110,000. It then follows that  $330,000 can be contributed over the three-year fixed period under the 'bring forward rule'.

If you have a total superannuation balance of close to $1.6 million, you are only able to access the bring forward rule for the number of years that would bring your balance to $1.6 million. Once you trigger the bring forward rule and your balance reaches $1.7 million you can’t make any further non concessional contributions even if you still effectively have not fully used up the remaining of the bring forward cap triggered.

If you triggered the bring forward rule before 2016/17 but the full $540,000 was not contributed, you will be limited to a transitional bring forward cap.

If you are over the age of 65 you cannot utilise the ‘bring forward’ rule, even if you meet the work test.

Amounts paid into superannuation by your employer to meet the Superannuation Guarantee obligations and amounts paid under a salary sacrifice arrangement are called concessional contributions.

Salary sacrificing into super involves asking your employer to redirect a portion of your pre-tax pay into your super fund. These contributions are taxed at a rate of 15% in the super fund. For most, this is a lower rate of tax than their marginal tax rate.

The concessional contributions cap per annum, per individual, is $27,500. If the total of your employer super guarantee contributions and salary sacrifice contributions go over this cap, you may have to pay extra tax.

Check your employment agreement or speak with your employer before arranging salary sacrifice into super. 

If you have salary sacrificed into super, the amount contributed is included in the reportable employer superannuation contributions amount shown on your PAYG payment summary. Also included are any superannuation contributions for which a tax deduction has been claimed. This means that any entitlement you have to any benefits from Centrelink or the Family Assistance Office that are subject to an income test will take into account those amounts.

It also contributes to the calculation of any Child Support payments and is used to determine your liability to such things as the Medicare levy surcharge or repayments of HECS-HELP debts. They may also impact on any tax offsets that you are entitled to claim on your tax return.

People who have reached 60 no longer pay tax on superannuation income streams (pensions or annuities) that are paid from a taxed fund. A taxed fund is one where contributions tax was paid on the contributions made by your employer into your super fund on your behalf.

Contributions tax would also have been paid for contributions made under a salary sacrifice arrangement. Most funds are taxed funds. However, for taxpayers who belonged to an untaxed super fund, they will still have to pay tax on their superannuation income stream, irrespective of their age.

Taxpayers who are over 60 years of age (for the full financial year) and receiving a superannuation income stream from a taxed fund no longer receive a PAYG Payment summary.

Even if your employer is required to contribute to your super, you are now also eligible to contribute and claim a tax deduction.

Prior to 1 July 2017 you needed to be self employed to be able to claim a tax deduction for personal contributions.

Contributions that you claim as a tax deduction count towards the $27,500 concessional contributions cap, along with any contributions your employer pays. If this cap is breached, you may have to pay excess tax. However, from the 2019 year, if you have not used your concessional contributions cap for the year, the excess may be carried forward and used in a futer year (within 5 years).

If you claim a tax deduction for a contribution you have made, you are not eligible for the super co-contribution for the amount you claim.

You must make a valid ‘notice of intent to claim’ in the approved form (https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/n71121-11-2014_js33406_w.pdf ) to your super fund before you lodge your tax return or by the following June 30, whatever is earliest.

You must receive an acknowledgement from your super fund that a valid notice of intent has been received, BEFORE you claim the tax deduction.

If you make a personal contribution to super, you don’t have to claim a tax deduction. It will be treated as a non-concessional contribution and won’t be taxed in the fund. You may be eligible for a co-contribution for amounts not claimed as a tax deduction. 

If you do not tell your superannuation fund what your TFN is then the fund will be required to pay additional tax on any contributions made by your employer (including salary sacrifice amounts).

Without having your TFN recorded, your fund will not be able to accept any personal contributions that you make and the government co-contribution that you may be entitled to cannot be paid into your account.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near you and book an appointment online or call 13 23 25.

You probably heard about the Mature Age Workers Offset which gave an additional offset of up to $500 if you were born before 1 July 1957 and your income from working did not exceed $63,000.

Unfortunately, the government has abolished this offset and it ceased to be available as of 30 June 2014.

Taxpayers who take out private health insurance are entitled to claim a percentage of the premium as a tax offset. This can be taken as a reduced premium, a cash refund from Medicare or claimed through the tax return at the end of the income year. From 1 April 2005 premiums for health insurance policies covering people over 64 years of age have attracted a higher tax offset. If the eldest person covered by the policy is aged 65 or above the offset increases to 35%. Where the eldest person covered by the policy is 70 years or over the offset increases to 40%.

However, from 1 July 2012 the ATO introduced income testing against three income tier thresholds. Depending on your income you may receive a lesser percentage of tax offset.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. To find an office near you just call 13 23 25 or click here.

The Medicare levy surcharge is payable where your income is over a threshold amount and you do not have adequate private hospital insurance. The threshold amount for a single taxpayer is currently $90,000 and for families with up to one dependent child it is $180,000. If your income for surcharge purposes exceeds the relevant amount and you do not have private hospital cover, you will pay the surcharge.

Income for surcharge purposes includes your taxable income, exempt foreign employment income, investment losses as well as reportable fringe benefits and reportable superannuation contributions. The private health insurance rebate and the Medicare levy surcharge are income tested against three income tier thresholds. Higher income earners will receive less private health insurance rebate or, if they do not have the appropriate level of private patient hospital cover, the Medicare levy surcharge may increase.
If you are unsure whether or not you will be liable to pay the surcharge, you should contact your H&R Block Tax Consultant on 13 23 25.

If you are an Australian resident for tax purposes, 16 years old or older and able to attend an interview at one of the participating Australia Post retail outlets, you can apply for a TFN on the web. Otherwise, you will need to complete a paper Tax file number – application or enquiry for individuals (NAT 1432) form. You can get a copy of this form by phoning the ATO on 1300 720 092, from online ordering or from one of the ATO shopfronts or selected newsagents.

Provided you have applied for a tax file number, you have 28 days to quote your tax file number to your employer.

One of the ways you can reduce the tax you pay is by salary sacrificing in return for employment related benefits. The advantage of salary sacrificing is that your benefit is purchased with pre-tax dollars. Find out more information and tips on salary sacrificing.

If you salary sacrifice into superannuation this will attract a contributions tax of 15%. If your contributions exceed the threshold for that year, you will be taxed at a higher rate. With the new tax free threshold, as you are paying 19 cents in the dollar (plus Medicare) for any amount you earn over $18,200 this is greater than the 15% payable in contributions tax.

However, any amounts that are sacrificed into superannuation will now also be taken into account for the new income tests that determine liability to pay the Medicare levy surcharge and the entitlement to claim dependent tax rebates and pensioner tax offsets.

From 1 July 2012, if you have gone over your concessional (before-tax) contributions cap by $10,000 or less, you may receive a once-only offer to have the excess concessional (before-tax) contributions refunded to you and assessed at your marginal tax rate, rather than pay excess contributions tax.

From 1 July 2014, the concessional (before-tax) contributions cap will be indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $5,000. For answers to more superannuation questions, click here.

Since 1 July 2006 there has been a separate category for people who are temporarily living in Australia. A permanent resident is generally taxed on all income in and out of Australia but a temporary resident is exempt from paying tax on certain classes of income. People who exhibit the behaviour of a 'resident' and hold a temporary visa granted under the Migration Act of 1958 will be taxed at resident rates. Temporary residents may also be liable to pay the Medicare levy unless they are eligible to apply for an exemption.

Non-residents pay tax on Australian source income. They pay tax on every dollar of taxable income as declared on their tax return but do not pay Medicare. Residents have to declare all income earned in and out of Australia. A tax free threshold of $18,200 (for the 2014 year) is available to them and a resident may be entitled to claim some tax offsets (rebates) that are not available to non-residents. Depending on their income, a resident may also have to pay the Medicare levy and Medicare levy surcharge.

You should lodge your outstanding tax returns as soon as possible and before the Australian Taxation Office takes any action to have you lodge these tax returns. Once they have begun any action, it could result in a court conviction. The ATO may charge a penalty of $170 for every 28 days that the return is outstanding. The maximum penalty is $850 even if you are due a refund.  In addition, the ATO will charge interest. This is called the general interest charge and is levied on any outstanding monies. H&R Block can assist you to lodge your late prior year returns.

Your return can be completed using the details from a copy of the PAYG Payment Summary, a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your pay slips for that period. If you are unable to obtain the payment summary details from an employer a Statutory Declaration would need to be completed. The detail from your PAYG Payment Summary may also be accessible by your tax consultant on the ATO Portal. Call 13 23 25 and ask to speak with a tax consultant in your local H&R Block office.

Your wife does need to lodge a return even though her income is below the tax free threshold. Any earnings that have had tax withheld, no matter how small, are required to be reported on a tax return. This is also the only way to get a refund of the tax paid.

No, you cannot do that. A PAYG Payment Summary from a past year cannot be included with the current year tax return as the income on it was not earned in the current year. It can only be included in the return for the year to which it relates. You will need to submit an amendment to last year's tax return. H&R Block can assist you to lodge an amendment.

It is necessary to complete a tax return to date of death if a return has been lodged in past years. This return, marked final, must show all income received to the date of death.

If you owe tax and lodge your return late, any amount owing will be payable on 21 November this year and a general interest charge will be calculated from then until payment is made. The ATO may charge a penalty of $170 for every 28 days that the return is outstanding. Unless you use a registered tax agent, you have from 1 July until 31 October to lodge your return. If you need an extension of time either contact the ATO or your local H&R Block for assistance on 13 23 25.

It isn't necessary to complete a return before leaving Australia unless you will not be back before the due date for lodgement of your return (31 October). If you won't be back until after that date contact the Australian Taxation Office or a registered H&R Block tax agent to apply for an extension of time to lodge.

Since 1 July, 2009 the definition of 'spouse' has changed to include same-sex partners. If you are living in a domestic situation, in a relationship as a couple, you will be entitled to claim the same family tax benefits that can be claimed by partners in an opposite-sex relationship. If you pass the relevant income and age tests you may be able to claim an Invalid and Invalid Carer Tax Offset if your spouse is genuinely unable to work because they are an invalid or they care for an invalid (the invalid must be receiving a Government disability payment to qualify). Depending on your combined income you may also be entitled to claim a reduction in the amount of Medicare levy you pay. Any other tax benefits you may be entitled to will be determined on the basis of your income, not your gender.

No. Maintenance payments are not tax deductible.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near you and book an appointment online or call 13 23 25.

The Family Tax Benefit helps with the cost of raising children. It is therefore available for those who:

• have a dependent child or secondary student younger than 20 years of age who is not receiving a Government benefit such as Youth Allowance
• provides care for a child at least 35% of the time
• meets an income test

This is the basic eligibility for the FTB, but if you would like further information, head to the Department of Human Services website.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near you and book an appointment online or call us today on 13 23 25.

You are able to claim expenditure incurred in replacing, insuring and repairing tools of trade that you use for earning your income. If the cost of any item is more than $300, it will have to be depreciated (i.e. claimed over its effective life). The amount you can claim will depend on what receipts you have kept and to what extent you use it for income producing purposes. If you are in the situation where you are wondering what you can claim without receipts, you can claim less than $300 without proof of purchase.

If technical books, trade books or journals are necessary to fulfill your job function efficiently, the cost of their purchase is tax deductible.

Learn more about claiming self-education expenses.

A deduction is available for outdoor workers who buy sunscreen lotion, sunglasses and hats for use at work. The claim must be substantiated and apportioned for private use.

There are two different methods for claiming work related motor vehicle expenses and each have different record keeping requirements.  To use the method that ensures you the best claim it is advisable to keep a log book and all receipts for expenses (e.g. insurance, registration, repairs, services, tyres, etc.). You do not have to keep receipts for petrol as H&R Block can work that out for you using a yearly average formula. Your log book should be kept for a minimum of 12 consecutive weeks and generally it will be valid for five years unless there are significant changes in your circumstances. You also need to keep the opening and closing odometer reading for each year. 

It is not necessary for you to use the same claim method each year. The choice of method should be made on the basis of which is more favourable to you and which you have the appropriate records for. If you don’t have a current logbook or have not retained all receipts you will be limited in which method you can choose. You cannot, however, claim any car expenses if your car is salary packaged.

Compulsory uniforms are generally deductible provided they identify you as an employee of that organisation or in a specific occupation. A requirement to simply wear particular colours is not enough to make the clothing deductible (for example a waiter being required to wear black and white clothing) nor is a requirement to wear a store’s own brand of clothing (they are still conventional clothing and not tax deductible). Corporate wardrobes are also deductible if certain conditions are met. The uniform design must be registered with AusIndustry. Provided that the clothing is deductible then you may also claim maintenance costs (laundry, dry cleaning and repairs).

Learn more about claiming a tax deduction for work clothing.

Fashion clothing is not tax deductible even if your employer requires you to wear it. Because the logo is a part of the design of the clothing and does not in itself identify you as an employee it will still not be claimable.

You cannot just claim $300. You must actually incur any expense before it is claimable. Whilst you may not need receipts for expenditure up to $300 you must have spent the money and it must be relevant to your employment.

Your travel must be relevant to your job function for you to be eligible to claim a deduction for those expenses. Where this is the case, and you have the necessary documentation, you can claim the cost of transport and incidentals. If your travel involved an overnight stay you would be able to claim for meals. Travel overseas also requires you to keep travel diary.

A deduction will only be allowed if you have actually incurred a work-related expense and have the necessary documentation. Travel to and from your job is generally not claimable unless, for example, you are carrying bulky equipment. Some awards allow for a payment of an allowance even though an expense is not necessarily incurred by the employee. If a deduction can be claimed it cannot be for more than the expense that you incurred even if the allowance that you have received was higher.

You cannot claim the cost of the trip because the main purpose was to have a holiday and attendance at the seminar was incidental to this. You will only be able to claim the additional expenses that you incurred to attend the seminar. These could include the registration fee, taxi fare to the seminar, etc.

If a taxpayer carries on all or part of their employment activities from home and has an office set aside to do the work, some portion of the running expenses can be deducted. A diary should be kept for a minimum of 4 weeks stating hours the office was used for work related purposes. The Commissioner’s rate of 52 cents per hour can then be claimed for the hours the home office is used.  Only running expenses (electricity, heating and depreciation of office equipment) can be claimed for home office unless the home is being used as a place of business.

Where a home is a place of business (and is easily identified as such – for example a separate entrance, signage, clients/customers coming to set area of your home etc.), deductions can be claimed on occupancy and running expenses including:

• mortgage interest
• rent
• house insurance
• council rates
• insurance
• repairs
• cleaning
• pest control
• maintenance
• decorating
• telephone
• heating
• lighting
• depreciation.

Items like this that you buy for use in your job can be claimed in your return. However, since the cost of these items is most likely to be more than $300 each you will not be able to claim the full cost in one year.

It will be necessary to spread your claim over the useful life of the items (depreciation) and only the work-related proportion is claimable. You should keep a log of work related use for a period of at least four weeks for each item to determine the proportion that you can claim.

The ATO have confirmed that the iPad will be treated as the equivalent of a laptop. If it is used to produce assessable income (i.e. for work related activities) a claim could be made. Any claim will have to be adjusted where there is private use and if the iPad cost more than $300 the work-related proportion would have to be depreciated over its effective life. You should keep a log of work related use for a period of at least four weeks to determine the proportion that you can claim.

Child care expenses are not claimable as a tax deduction. Eligible taxpayers may be able to claim the Child Care Tax Rebate (CCTR) through the Family Assistance Office.

You cannot claim a deduction for this because it is not a donation to the charity; rather you are receiving something for your money. Buying an item from a charity does not make your purchase tax deductible. The same applies to the purchase of raffle tickets. Only donations to registered charities are tax deductible.

There is no limit on the amount claimed each year, provided the expenses are necessarily incurred in earning your income. The expenditure must be work related and you may need receipts to substantiate the expenditure. Keeping incomplete, incorrect or no records at all may be limiting your ability to claim deductions. Advice can be obtained from a registered tax agent. H&R Block are happy to advise their clients on appropriate record keeping that will enable them to maximise their allowable deductions.

Provided it gives full details of the supplier and date of purchase the tax office would accept a credit card slip as proof of purchase. Taxpayers can make a notation on the document indicating the type of goods that were purchased. Many taxpayers use the internet to purchase or pay for their work related expenses and so the ATO will also accept Bpay or email receipts provided they contain the necessary information: date, supplier, nature of the goods and the amount.

Documentary evidence should be kept for five years from the date of lodgement of the tax return in which the claims are made. If you are depreciating an asset the receipt should be kept until the item is fully depreciated (even if over 5 years).

Fees paid to a registered tax agent (like H&R Block) for preparation of your return, amendments and generally handling your tax matters are all deductible. You can also claim travel to your registered tax agent (you are limited per income tax return to 5,000km in total across the entire return if claiming the c/km method). Registered tax agents are the only people legally able to receive payment for the preparation of tax returns.

At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near and book an appointment online or call 13 23 25.

• First check with the credit agency that created the score to check they have the correct information for you.
• Next, check with your bank to make sure they are also using the correct data and that you’ve not been the victim of financial fraud
• If these are all in order and your credit score is still low, then it is likely due to one or more of the following reasons:
  • Not paying bills on time or not paying at all
  • Missing on loan repayments
  • Making too many applications for credit
  • Defaulting a loan
  • Having your home foreclosed
  • Any court judgment on financial payments

• Ensuring your credit file is accurate and up to date
• Paying all bills and loans on time
• Showing lenders you’re good with loans and repayments by managing a small loan or credit card
• Holding on to any unused credit cards
• Not applying for too many credit cards

• The age of your credit information may affect your credit score in that newer data is often weighted more than older information.
• Information held on your credit file may drop off over time as it gets older.
• The length of time between when a credit provider sends your information through to a credit bureau such as illion may also affect your score.

1. Select your chosen bank or financial institution
2. Add your credentials
3. Choose the accounts you would like to view

Your privacy is a top priority and your credit history will only ever be accessed when you give permission. Click through to find out more about MoneyHub’s Terms of Use and Privacy .

1. Go to your transaction line
2. Click on the ‘edit’ icon under the “Potential Tax Deduction” header
3. Mark the single transaction as a potential tax deduction
4. Or you can choose to apply the rule to all similar transactions

1. Download your list of potential tax deductions
2. Then take this list with you to your tax appointment

1. Go to the Categories page, which you can access on the right-hand side menu of Spend Tracker
2. Select the category you’d like to rename
3. Enter the nickname for your chosen category
4. Click ‘Add nickname’

Yes, you can change a provider’s category any time you like to better suit your needs.

All you have to do is:

1. Go to your transactions page
2. Go to the transaction you want to rename and click on the ‘edit’ icon next to the category to view the full details
3. Choose a revised category from the dropdown list
4. Click ‘Submit’

1. Click ‘Filter your transactions’ at the top of either the Spend Tracker or Transactions pages
2. Under ‘Refine date range’, select the period over which you want to view your spending (Notice that you can put in a custom period)
3. Click ‘Refresh’ to see results

• Deduct the cost base from the sale proceeds. The cost base is the price you paid for the cryptocurrency plus incidental costs.
• Next, take away any capital losses you have.
• Then discount the gain. Individuals are entitled to a 50% discount. The asset must have been held for 12 months or more for the discount to be available.
• The resulting figure is your net capital gain. This is subject to tax at your marginal rate.

1. selling cryptocurrency for Australian dollars
2. exchanging one cryptocurrency for another
3. gifting cryptocurrency
4. trading cryptocurrency
5. using cryptocurrency to pay for goods or services

• Deduct the cost base from the sale proceeds. The cost base is the price you paid for the cryptocurrency plus incidental costs.
• Next, take away any capital losses you have.
• Then discount the gain. Individuals are entitled to a 50% discount. The asset must have been held for 12 months or more for the discount to be available.
• The resulting figure is your net capital gain. This is subject to tax at your marginal rate.

1. selling cryptocurrency for Australian dollars
2. exchanging one cryptocurrency for another
3. gifting cryptocurrency
4. trading cryptocurrency
5. using cryptocurrency to pay for goods or services

• relevant lodgment due date, or
• notice of assessment is deemed received (which is three days after issue).