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Thank you!

Not in an automatic way. You would need to manually add two lines in the data tab - one entry line to reduce the category in question and another line to increase it by the same amount to another category by the same amount. I don’t do this often as it is not time efficient, but it is good for large items bought at the same store.

@ ok thanks so much! Your video is very helpful and much appreciated! Thank you for posting it and for your response!!

Wow that’s huge. It’s worth seeing a registered tax agent for that kind of money.

Sorry to hear. Unfortunately it sounds like you need to ring ATO

Thanks for watching!

Hi PearlyGabe. Nice to hear from you in Tassie. I’m glad you are liking the content. Best wishes. Dan

I’ve never heard of those until now. Interesting question. These don’t appear to be common for Australians as ETFs in Australia must distribute or else there are significant Australian tax penalties. This one where you should seek tax advice.

@ I think for me, this is what makes US domiciled ETFs more appealing compared to Aus domiciled ones. The internal capital gains are allowed to continue to compound instead of being distributed, so effectively gives you a boost up 0.5% depending on your income tax bracket if you sell when your stop working.

Thanks so much

Thanks so much!

So glad it helps!

@@MoneywithDan Please do videos on investing, budgeting - anything related to money. Thank you kindly.

Sometimes you can.

Is it correct?

The ATO should prefill this where it needs to go. More info from ATO here www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/income-you-must-declare/government-payments-and-allowances

Thank you!

You likely have been asked to pay PAYG instalments quarterly on your activity statement on your ABN income? This is normal after first year of running a business as the ATO want the tax money before Yu lodge your next tax return using an estimate of the last tax return lodged. If your circumstances have changed you can look at varying the tax amount, but be wary as there are penalties if you get it wrong. More detail can be found at ATO link here www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/payg-instalments/how-to-vary-your-payg-instalments

Glad it helped! One day maybe 😀

Did you receive the NOA in your myGov inbox last year?

@@MoneywithDan si pero el problema es que no me reconocer la cuenta del banco. Por eso quiero usar la referencia del Noa y el PAYG pero no sé de dónde usar la referencia para el PAYG.

@@joseluismartinmendoza9690 ok if you can’t use the NOA reference then you may need to ring ATO for a linking number instead. This may take a long time waiting on hold. Best wishes!

@@MoneywithDan but what is the PAYG? Where can i find it?

Glad it helped!

Were you taxed under the Employee Share Schemes (ESS) rules at the time? More information can be found here community.ato.gov.au/s/question/a0J9s0000001JYG/p00051458

Sorry you need to contact ATO

Hi there. Yes heaters have 7 year life and not 20. Not sure where you are getting 20years. If you use the ATO tool you can search for the correct effective life of the asset you are looking for.

TH-cam seem to have lowered the standard resolution of videos to 720p. I created the video with 1080p. You can increase the video quality to 1080p to get the fully quality in the settings of your video.

Glad I could help!

Thanks for the question. It sounds like you pasted across the formulas instead of the values only. The formula would result in an error. Make sure you see which paste button I use at that step.

@@MoneywithDan Thanks Dan. I have looked into this. On video, it does not show which paste button you click as I believe you may have used keyboard shortcuts. I did manage to click on "Paste Special' and selected "Values" rather than all which seemed to have done the trick. Hopefully this method wont create any issues moving forward. I do have another query. I am tracking expenses on a credit card I use for a particular purpose. When it comes to repayments made on the credit card, DO I put this under an "Income" category since it is a credit on the account and not a deduction?

@@barung86 ok thanks for letting me know and glad you found the issue. In regards to transferring money between accounts including credit card payments I usually categorise them the same as “trf”. When I consolidate all my accounts together the credits and debits sum to zero and i only see true expenses of outgoings only. If you wanted to look at just one bank account or credit card in the pivot table, I would suggest that you isolate payments into a seperate standalone category and deselect that category so you can exclude the repayment so it doesn’t distort your review of genuine outgoing expenditure. This is what I do personally.

It sounds like it could be correct as it came from prefill, but is hard to say without looking at tax statement. Having a difference between taxable income and cash payments with ETFs is common. For example, if your ETF distributes a lot of franked income then it will mean taxable income is higher than cash received as the franking credit will gross up your taxable income while the franking credit will reduce tax owing, despite higher taxable income. Sometime it works the other way where your taxable income is less than cash distribution. For example Capital gain paid in cash is higher because taxable income is lower due to CGT discount. It depends on type of income the trust is distributing that year and its tax treatment and tax rules applicable to the owner. Best wishes.

​@MoneywithDan Thanks Dan for reply. I guess it is safe to assume that numbers that mytax has calculated are correct based on correctly generated pre filled data from annual statement.

Thanks so much!

Thanks for letting me know

Thanks

In limited circumstances you might be able to. The ATO provides more guidance on deductibility of occupancy expenses here: www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/occupancy-expenses

Hi there. That is strange Centrelink have asked for copies. Have you lodged those tax returns for the years requested? As Centrelink are a federal agency, they can usually obtain lodged tax returns from the ATO if you have already lodged them. Also, if you are registered with myGov they contact you over that portal for certain request as it is more secure. I suggest that you check you are not being scammed by contacting Centrelink on their main contact number first before sharing any details.

@@MoneywithDan Thanks Dan, I really appreciate your suggestion.

Thanks so much. Glad it helps

You might be better off watching the full tutorial and skip to the section where I show this. Watch here How to track expenses AUTOMATICALLY in Excel | BUDGET SPREADSHEET th-cam.com/video/sFZgraCGUSs/w-d-xo.html

@@MoneywithDan thanks for the response. yeah I’ve seen this but because I’m doing any exactly match with the VLOOKUP does that not mean the transaction will only be assigned a category for an identical transaction? Like each week I shop at different supermarkets etc? Like for yours you only needed to change a few columns whereas mine seems to be most of them

Why? What issues are you having?

This sounds more like a business expense tax deduction you want to claim rather than a self education expense which is what employees claim.

It sounds like your data source is not generating unique identifiers. Does your data have a date or some other number at the front that varies each transaction? If so then I recommend using a MID formula instead of LEFT as shown in video to skip that data in the unique identifiers tab. Hope this helps as it definitely should not be that hard as you describe else I wouldn’t have created it.

It’s possible depending on business usage and records kept. You would need to calculate the business portion and declare it as an other business expense.

@@MoneywithDan Thank you.

They used to be posted by the ATO but i understand they may have stopped. If may better to use another option.

Thanks for watching!

Thanks for watching

Thanks for watching. Part A should cover these for inclusion in tax return for individuals. Part B is more detail that is useful for accountants reconciling cash payments received to distribution statement.

Thanks for the question. Glad the video helped. AMIT cost base adjustments are something to keep record of each year and will not impact the tax return until you sell some units or if your cost base drops below zero (very rare). When that happens you will have a CGT event and the AMIT will either increase or decrease your cost base, impacting the amount of the net capital gain to include in your tax return. It’s easy to lose track of these AMIT cost base adjustments and I use Sharesight to help me do that each year since I usually hold for the long term personally. It is also good at calculating the tax return items too. Best wishes!

Thank you, Dan! Much appreciated! I have subscribed to your channel! Keep up the great work 💪🏼

Did you use the PSI test as shown in the video? That should answer your question

If you meet the eligibility criteria, the tuition should be 100%. If not eligible then obviously it’s 0%

If you entered all the other sections in correctly then you shouldn’t be adding this in as you would be double counting income.

@@MoneywithDan You're an absolute legend - ty for the reply. I called the ATO to ask and they had no idea!

This is a very complex topic and one worth paying a specialist with experience to answer for you. I have seen many tax professionals make mistakes on this topic and there are many variables specific to each individual and a one size fits all video would probably add to the confusion. Sorry I can’t help further.

Glad it helped!