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Bro clearly does not work for H&R Block

Can you employ yourself as a contractor to your company using a abn for yourself to avoid paying super to yourself as a director

Do you use Xero for your small business?

Xero is a $aud21 billion market cap company and it relies on AWS for its servers. 🤯

Hi Ethan Does driving to work and from work to home count as motor vehicle expenses?

Hi @EthanRooschock - How do you account for "car allowance" in your tax return? Thank you!

I don’t think I can trust someone with a funko pop collection behind him.

Hi Ethan, as a small business owner your videos have been so helpful. I like these bite size videos. Just a thought, I'd love to see a video about depreciation on business vehicle, specifically about buying a vehicle that's less than 5 years old vs an older vehicle. Is there really more depreciation with newer vehicles? Why does it make sense for businesses to purchase newer vehicles? Thanks!

Havent filed it yet. Doing it with you on 9th mate.

Interesting about occupancy expenses. I work from home and travel for meetings with clients, but I also go in to our office about once a fortnight for team meetings. I don't have a dedicated desk at the office though - there are hot desks but these aren't typically suitable for the nature of my work as I often need to present to customers via Teams. The room of my home office is dedicated as an office. Could the occupancy method apply? Or because my work has an office building is it ruled out?

Hey Ethan, I'm currentley in the process of reconciling my transactions from an imported statment from my buisness account. Im unsure what account I should use for my postage as I dont have that (code 456) account. Would I file it under code 425: Freight and courier or under code 310: Cost of goods sold, as I charge my customers the shipping fee with thier orders. Do I make my own revenue account named postage in this case?

Was your tax return different this year compared to last year?

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Can you help me file my return?

i wish i can see this video earlier (cry )

My hex debt caught up to me. I now how to pay the full amount 😢 I have so much debt this year 🥹😭

Hi mate good evening I have done 60,000km . I have maintained the log book. And 40,000km is work related km. How much should I be claiming on this? I drive outlander 4wd. Thank you

Are you looking for a new accountant for your business? Feel free to get in touch with my business Rooshock Accounting. We would love to help.

Excellent common sense advise, well said.

Thanks again Ethan great tips to help us small biz owners get and stay organised with the business numbers.

Great content as always man. Thank you.

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FANKz M8!?!

Thanks for this informative video. The actual cost method is a bit vague when it comes to the example the ATO have provided for aircon running costs as they don’t provide the EER of Ben’s aircon unit. Is their calculation assuming that the EER is 3.21 (ie 3.5kwh / 1.09kw ph)? Or is there a different calculation for the cost per hour? As an example if Ben had an aircon unit which is 15kwh with an EER of 3, is the cost to run per hour 5?

If I do split shit and drive to and from work 2 times a day and work from home in between can I claim the driving I do? 😊

I am working as an Uber driver and now staring a full time job can I select YES regarding the tax free threshold?

Can you take the money out before retirement?

I like the fact that you presented Al Tazaj restaurant (Saudi Arabia) when you mentioned hospitality. Informative video, thanks!

Hi Ethan, your videos are extremely helpful, thanks for that! Question, I don't own a car but longterm hire one at around 1000 AUD per month. Can I claim these monthly expenses somehow? Thanks!

Have you ever fallen into one of these mistakes?

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I am a registered nurse in AUS. My HECS debt was $50k in 2019 when I graduated as I had previous degrees. I started Salary packaging to 9k last year in April 23. I added an extra $100 a fortnight to my HECS debt to adjust for the tax repayments. After indentation and interest in my HECS debt, my HECS debt on the ATO site is currently at $57k. It is not in my best interest to pay any money on this debt as it grows faster than I can comfortably contribute to it. So this year my taxable income was $84k and around 66k take home. My total tax paid was 25k with my fringe benefit from salary packaging at -$11k. I have done a tax return this year and estimated return is $400. It just seems like something is off. Salary packaging has bumped my salary into a bracket where I am now paying more HECS which will evaporate due to the indentation on my debt. I also do not have heath insurance and I am 37 yrs old. I know this is negatively impacting my return too. Do you have any advice so I can increase my tax return but minimise what I pay off my HECS debt as I have realised that debt will be there still when I die unless I hit the jackpot. And any money paid towards it, is money down the drain… 😅

what about tolls? i drive to different sites and go through tolls.

I think pay your self - first just targets "Investments" or "Savings". So paycheck immediately save or invest 20% THEN expenses. Finally spending should be last because variable expenses or mostly wants are never a priority.

So it means if your capital gain is under 18k a year It is not taxable?

I was looking for a way to grow my portfolio and uSMART's Balance Interest Bonus program met my needs perfectly. My account balance is no longer idle and I enjoy a high yield, which makes my investments more efficient

Thanks brother! Great Video

I got almost $1500 back in 2022, I got $700 back in 2023 and now it says I owe the ATO money. My job hasn't changed and I am on pretty much the same wage. Year to year, nothing changed. Where there changes to student debt?

Hi Ethan Great channel and I have subscribed and liked!! My wife recently died and did all my tax with an accountant as I was self employed. I now work for wages and have a very simple tax process. I have the usual employer super contribution. Other than my employer contribution, I contribute myself an after tax payment of $1200 per year. I know I can claim this by issuing an intent to claim form to my qualifying super fund (CFS). My question is, after the super fund pay the 15% tax, what part of that $1200 per year contribution can I claim? $180 being the 15% tax, or $1020 being the amount after the 15% has been paid to the ATO? Thank You. 🙏

Another good travel deduction is traveling to share holder meetings (If you get dividends or cap gains) Especially since the government does not allow travel to investment properties

This is what we need brother thank you. ❤

Great video! I had a question re food - in the USA I see the cooking people say 'this is tax deductible' as I had to purchase stuff specifically to make this video especially if it's a 'how to' video but I'm told here in Australia it's not accepted as we are going to eat it anyway. Even if we gave it away it can't be claimed but if it's destroyed beyond repair eg a cake smash then we can - totally bizarre ....

Thank you for the great information. I also wanted to know how as a student I can maximise my tax return. Can I also claim return on sim plan bills? Thank you

Great content as always!❤ Can you talk about PSI and what makes it different from business income. Also about the unique deductions comes alongside it.

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What other business tax topics would you like to see me cover?

“Motclaims” 😅 typo aside, excellent video - thanks for putting this together!!

Excellent videos, far better than the ones done by H & R block & their news articles

I just want to know where I enter the $/km result in my tax return.