How to Maximise Your Australian Tax Return 2024
ฝัง
- เผยแพร่เมื่อ 14 ก.ค. 2024
- 💰 Looking for a tax agent to help you with your return? My business would love to help! - rooshockaccounting.com.au/
--
It’s tax time again which means I am back to help you maximise your tax return! I am a tax agent who works with nearly 1000 taxpayers each year, so I want to pass on some of the tips and tricks I have for getting the most out of my client’s tax returns.
--
📺 Subscribe to this channel - th-cam.com/users/ethanroosho...
--
WANT MORE OR TO WORK WITH ME:
📧 Join my Email Newsletter for FREE Tax Tips - www.ethanrooshock.com/newsletter
🎓 My “How to Start a Business in Australia” Course - www.ethanrooshock.com/how-to-...
🖥️ My Reseller Tax Spreadsheet - reseller-spreadsheet.ck.page/...
--
MY FAVOURITE TOOLS
🤑 Sharesight - How I track my Share & ETF investments for tax - www.sharesight.com/au/ethanro...
🔐 Crypto Tax Calculator - My favourite detailed Crypto tax tracking tool - cryptotaxcalculator.io/au/?fp... (Get 20% Off using the code BFF2020)
🗒️ Koinly - The easiest to get started Crypto tax tracking tool - koinly.io/?via=9B29D87A (Get 25% Off using the code 9B29D87A)
--
⌚️Timestamps
0:00 How to Maximise Your 2024 Tax Return
0:19 Home Office Expenses
5:04 Motor Vehicle Expenses
8:03 Tax Agent Fees
8:37 Find Your Expenses
10:32 Getting Your Return Correct
--
CONNECT WITH ME HERE:
📷 Instagram - / ethanrooshock
🌏 My Website - ethanrooshock.com/
🐦 X (Twitter) - / ethanrooshock
🎵 Tik Tok - / ethanrooshock
💼 LinkedIn - / ethan-rucioch-037b44a3
👍 Facebook - / ethan-rooshock
✉ Email - ethan@rooshockaccounting.com.au
--
WHO AM I:
Hey there, I'm Ethan - an accountant turned TH-camr and business owner. My goal is to empower others to build businesses that not only maximise wealth but also optimise for taxes Join me on this channel as I delve into topics like business strategies, structuring, and tax minimisation.
--
Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this TH-cam channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
--
#tax
![[LIVE] : ONE ลุมพินี 70 วันนี้!! คู่เอก "โฟกัส vs สเตฟาน"](http://i.ytimg.com/vi/_fVieQ89DRQ/mqdefault.jpg)
If you're looking for a tax agent to help you with your tax return this year, my business Rooshock Accounting would love to help! You can find out more about our services on our website - rooshockaccounting.com.au/individual-tax-returns/
Thanks king, used your video last year and came back to watch it again for this year then saw you had this one. Love ya work
Glad I could help again!
Glad found this channel. Cheers mate
Thanks for watching!
THANKYOU agian Ethan. I'm wrapped you're my tax accountant!!
Thanks!
Very Informative video thanks Ethan. Just a quick question with Stock Market and Investment property owners can we claim expenses such as home internet, software, computer etc. 🙏
Thanks! It will depend on what type of investment activities you are doing. If you're using them, they would likely be claimable, however, there might be only a very small % that is being used for income generating activities.
Love ya brother
Cheers
😊
Thanks!
My return last year was negative $3800… hecs debt caught me badly, led to some really dark times but this year my tax was withheld correctly so it’s apparently an estimated $4-500 return👌👌
That’s a nice turnaround!
I cleared my hecs. My advice is if you can afford to don't notify the government when your hecs is cleared so you get a kick ass tax return
@@nickdavis6676 what's the point in doing that? wouldn't you rather have access to that extra money throughout the year instead of one lump sum at tax time
@@jdhshuajfjueudhbd6227 because sometimes you adapt your spending to your income.
@@nickdavis6676but then you’re letting that extra money sit with the government rather than in your own pocket which could go towards investments or savings immediately. It sounds great to get a bigger return but you’re better off always having that money with you rather than with the government
After paying my taxes in full these last 2 years something is insanely wrong. Owed 900 last year and 1800 this year. Definitely going to a professional.
Yeah might be worth finding out why that is happening
It’s the Medicare levy surcharge that kills me.
@@stuartwilko the surcharge/the removal of the 1500 we used to get/hex debt and now the cyclone "relief" money they now want back.. even though I was out of work for weeks. Gotta love our government 😅
@@stuartwilkoif you have private health you forfeit that fee.
As soon as I started making 200k a year I went into private health to counter the Medicare levy
Very informative video mate. One thing that you missed that you can include in future videos is claiming the medicare levy for non Australian citizens and permanent residents.
Yeah that is something that is quite specific but if it applies to you, definitely something you need to get right.
that's so right ! I had been paying the medicare levy for 2 years because of the H n R Block agency put me in while I was on student visa. It's a lot of money !
Stop complaining, You guys should pay more tax. Its massive privilege for you to live and work here
@@TopGWheelz if you work and pay tax, you can maximise your tax return regardless your background. If you dont like that, try rewrite the law then 😂
@@gilabola4642 yeah they can do what they want. They need to stop complaining
Good video.
I'm never sure about waiting because my share statements, super annuation statement and certain bills (to deduct for WFH) don't come until like October. This effects my payable child support so not sure if waiting is best for these jtems or not 🤔
You should wait until you can do your return accurately, or you would need to amend it.
Hey Ethan, love your work. If I live with my parents and don’t pay rent, can I claim working at home expenses?
Thanks! Have a read of the fixed rate method, you should be able to use that.
Cents km method is easy u dont keep records if you go kog book method u have to carry all recepits.
Cents Per KM requires less records but still need to have a clear reason on how you came out with the kilometres travelled.
My employer provides me with a pc and mobile phone plus all stationery, so I only incur internet and energy expenses as a result of working from home. Is it still okay to claim the fixed rate method? Thank you for the excellent advice Ethan!
Yep no issues.
After a workplace injury I had a number of payments/reimbursements for travel to and from doctors appointments totalling a few hundred dollars from the insurance company. They paid directly into my account based on kilometers driven. This is not considered income is it? Then, on the flip side, Are there any potential benefits to be had from these payments with tax?
You'd have to check on the individual terms. It doesn't sound like income off what you've said.
7:48 wouldnt complete logbook always be better? because it would track how many kilometers youve done, aswell as all expenses? does that include servicing/repairs and rego?
If you use the logbook method, you only have to do a logbook for a 12 week period. So some people might not want to do a logbook for the full year, but that is the ideal way to capture absolutely everything.
Everyone in the comments “I paid $7 million in tax and only got $5 back” Have a sook
Hahaha!
Mate, I work 87.5 hours a week, and I am almost always away from my family, but they tax me the same as a ponce in an air con office doing 6 hour days. Yeah, I have a sook.
@@RichardLeslieWhereatI'm sorry if you need to work that much. It aint right for you or your family.
I pay 18k tax, I get 300 back... almost not worth doing
@@jackduncan7214 Wow that's a really good result. Means you've had almost the perfect amount of tax withheld ongoing and must have barely any deductions which means your employer covers all of your costs.
Do one for support workers. We get screwed pay shit loads get nothing back so sad.
What in particular would you like to know
Can you make a video for international students?
What would you like to know?
Hi Ethan, can you do a tax return for a working holiday maker? thanks
Yeah we sure can.
Brother can you go over content creation ABN Tax please what can we claim
mate can I ask you a question, before I had balancing outcome status and now its back to processing..any reason why? and when can I expect tax return money in my account
Best to ask the ATO if you lodged yourself
As a sole trader my work from home (June month) is invoiced and paid in July. So do I count my June work from home hours for 2024 because the invoice will be in the 2025 profit /loss report. Or do I use my June hours in 2025 tax deductions
Hours would be based on the actual time they happened I would say.
Pay is based on when you are actual paid, and not the dates that you are being paid for, so I'm assuming you'd count the invoice in 2025.
Hi, I’m just wondering - did we only need to show the timesheet of our hours worked from home only when ATO ask? Asking because I didn’t really see an “upload” section when I was trying to lodge my return for this year. Thanks!
You don't upload any proof or documents with you tax return. You keep them in case of an audit.
Can these methods be utilise for part time/casual roles?
Yeah as long as you base everything based on your actual situation.
Hi Ethan, I just wanna understand. do you carry out the individual’s tax returns or is it a team of workers that you have, who will?
I have a team but you can definitely request for me to the be the one to do the return.
Thanks for your tips. Can you claim the voluntary work on the weekend which is not paid ? For example, due to my high workload, I voluntarily spent a few hours on the weekend to catch up. Can I claim this ? Thanks
What exactly are you wanting to claim?
@@EthanRooshock by using the fixed rate method ? Calculated the hours I worked. So I normally spend 3 hour on the weekend working from home to catch up with my high workload. This is my own choice and my boss didn’t ask me to work from home on the weekend. Thanks
@@HHH-nl2yd Yeah should be fine as long as you have a log of the hours.
@@EthanRooshock thank you.
I got audited by the ATO recently, and they said, "tax invoices are not sufficient to allow claims"
Sorry what?
@@EthanRooshock Exactly what I said 😅
Why did they say that?
Can I still claim motor vehicle expenses (KM or Logbook) if my company pays me non-taxable allowances but only for travel between clients. I carry supplies from home to my first client and vice versa. How does depreciation work?
A lot of questions there. Probably best to seek personal advice from your tax agent on them.
@@EthanRooshock If you can answer the first question what would your answer be?
@@Filo_Guy No where near enough information sorry. You need to speak to the ATO or your tax agent as it's too complex of a topic for me to answer based off that information and I don't want to give you the wrong answer.
Can you claim the KMs to and from your primary place of work, or is it only for secondary places that you're required to drive to for work i.e. customer sites, offsite meetings, etc
For a persoal vehicle, it's only work place to work place. To and from home is on you. And that's only if your employer isn't reimbursing you for KM's travelled, which they should be of work place to work place os a requirement for your employment. It's that or they lend you a company vehicle. I made my previous employer give me a yard ute anytime they wanted a trip like this to occur, because they wouldn't pay for my KM's.
Not from home to work unless other circumstances apply such as carrying bulky tools and differing places of work.
@@EthanRooshock yep thought this was it. Cheers legend.
Hi mate ,can you help a Gardner for my tax return 🎉
@@rudyboy2010 Sure, get in touch with Rooshock Accounting.
Fixed rate method - showing when I have worked from home 2/3 days a week. I don't have a timesheet or a diary really that shows this. If I was to use this method what is the best format to create a diary for this? How can I prove the days I worked from home?
Anything that shows your hours worked will be fine. I’d personally just use a basic spreadsheet
How do you claim remoter worker on your tax return
Do you mean the Zone offset?
As someone with 9 investment properties, I'm grateful for videos on maximising my return. Any tips on negative gearing?
Thanks. I've talked about negative gearing ages ago on my channel but haven't covered it for awhile. I will have to talk about it again soon!
I just started as a sole trader but have not made any income. Would I be able to claim my expenses in the financial year ending 2024? or would that be classified in 2024 tax return as a loss and carried forward to the financial ending in 2025?
Have a read of the Non Commercial Loss rules. I believe I have a video on my channel about claiming business losses.
are funko pops tax deductable? asking for a friend :D haha
How to claim overseas bank savings account earned interest?? Claim
Is there any deduction?? For local bank interest and overseas?
What do you mean sorry?
@@EthanRooshock I have earned interest overseas bank account as well Australian?? Is there any deduction for that?
@@jayloving2005deductions are for expenses you have relating to your work. You're describing income, not an expense so your question is very confusing.
Why doesn't the ATO go after Woodside. Surely they owe some hefty fines....
Go after them for what?
Do you know anything about lump sum E ? My company didn’t declare it in my tax return and because of that I end up getting a $2500 tax bill :(
What do you mean they didn’t declare it in your tax return?
Ethan your a good man can u do my tax
Hr block been previously not happy with them
Can u do my lodgement please 🙏
Thanks! Reach out to Rooshock Accounting via our website and we would be happy to help
My tax return on the ato website includes the medicare levy in te estimates even though im below the threshold to pay it, should i be worried?
Medicare Levy or the Medicare Levy Surcharge?
@EthanRooshock Medicare levy, I see now there is a difference and levy has to be paid no matter what I believe
Does commuting to and from work count as work travel? Thanks
In most cases no. There are a few exceptions such as carrying bulky tools or differing places of work. Check the ATO website.
You wish lol unless you're a sole trader
@@EthanRooshock I am the tool, does that count.
@@Comfarol Might be hard to argue that one with the ATO haha
Might have to give you a bell, paid 90k in tax 😂 good old paye I’m sure there’s nothing I can do.
Yeah there's limited options unless you have lots of deductions.
Hey Ethan, wondering if you can help me. From June 2023 to Feb 2024 I open a cafe. We opened it as a company, I was a director/partner of this business and also managed and ran day to day operations. Wondering how I add this in to my personal tax return as I didn’t make any personal money from the business and wondering if I claim things for it? Any advice would be appreciated.
Did you receive any wages or income from the company? If not, not sure what you're wanting to add in to your return?
@@EthanRooshock No I didn’t receive any wages but I did buy things out my personal pocket and did travel for the business using my personal car and used my personal phone for business contact can I claim these things?
how can you claim work from home when you have two full time jobs from home?
Same as if you had 1 job or 10 jobs. Just need to follow the fixed rate or actual cost methods.
I can't get a receipt from this one guy I did my training with for some reason...how do I go by claiming the training
Did you pay via a bank transfer?
@@EthanRooshock with my phone pay pass
Better you 5,000 kms it is good decdions in MV Expenses .
Not sure what you mean sorry.
Beeter you go Fixed rate .67 cents .
Depends on the situation.
A few months ago I got a bill from the ATO for the 2006-2007 tax year.
They wanted 3grand or a bit over. Said I didn’t lodge a tax return that year.
That’s great information almost 20 years later when I no longer have any records at all.
I had no way to verify their claims or submit a claim for that year.
What a fucking joke.
I thought the requirement was to keep records for 7 years. I probably kept them for 15 years before my filing cabinet was overflowing.
How can they do an audit almost 20 years in the past?
That is very odd, I'm surprised they would do that far back,
@@EthanRooshock You and me both. Pisses me off I kept my records for so long but even 15 or so years wasn't enough.
At first, I thought it was a scam, so I deleted the emails and messages I was getting but they kept at it.
Eventually I logged into the ATO website and sure enough I had this huge bill sitting there.
Hi Ethan - if my company reimbursed my km can I claim the km on tax return?
Not if they reimbursed you, however it will depend whether they reimbursed or whether you got an allowance.
@@EthanRooshock thanks 🙏 it’s paid as an allowance
@@mimicat11 That will normally be income and then you normally claim a deduction
Can you use occupancy method if the room / Garage is used for equipment / tool storage?
Depends on the type of business/personal use. Also whether it could be converted easily into other purposes.
where is super constriubution we can pay limit is $27,500 for 2024 year...we will get dedcuctions.
You can claim concessional contributions you have made in most cases. Best to get advice in this area.
@@EthanRooshock I am a tax consultant
You can't even spell, and you are a tax consultant, lol? @praveenv629
then also take printing and stationery $300 as per ato limit if you are getting salary.
There's no ATO $300 limit. You need to actually have spent the money.
Hi Ethan do you do tax returns for rideshare drivers?
Yep we sure do
I work as a chef and a supervisor in a restaurant, can i claim something from my mobile device and internet-use that I use for work-related emails/messages?
Yes.
Potentially. However, you'd need to work out what % or what cost is being used for work vs. personal.
can you do my tax im scared
Sure contact my business Rooshock Accounting.
🙏🙏🙏🙏🙏⭐️⭐️⭐️⭐️⭐️
Thanks!!
why do I gotta pay 700 tax ?
Your tax owing is more than your tax withheld. That's the simple answer in most cases. However, there are a range of factors beyond that.
Paid 19k in tax and the estimate said I was only going to get 350$ back. Absolute joke the ATO is
Sounds like you’ve been getting almost the perfect take him pay which is great!
@@EthanRooshock just worked lot's. Is this accurate for a return?
@@jonathonsteel2501 Depends on whether you had any deductions etc.
my tax agent f up my return tho she didn't put down all my lost and mess up my income.., now i lost 2.5k return and only getting $1,750,
plus charge me Medicare levy and i only made 70k
Have you spoke to them about it? Yes you do have to pay the Medicare Levy if you earned $70K. You wouldn't pay the Medicare Levy surcharge though.
@EthanRooshock uhhh yea i told them as i have 2 income my business sole trade and my day job so i did make about 73k, i did ask her about most stuff but she was saying im 45k in the lost and putting anymore expenses wont do anything so half of my expenses wasnt put down plus apparently i had a 30k capital gain from last year but i dont own any investments?
Sounds like you need to self educate mate
@liamwindsor5854 yea im not to tax savvy 🤣🤘
The biggest scam there is, is us being excited about getting SOME of OUR money back
What’s the biggest scam?
@EthanRooshock I'm assuming they are talking about the amount we get taxed.
It's shit how you work all year and tax return and all your money is gone
IVE PAYED 12K IN TAX WHY DOES IT SAY IM ONLY GETTING RETURNED 1K
How much did you earn though? Tax paid is irrelevant without knowing taxable income
@@EthanRooshock 58000
Can you help me to minimize my returns?
Minimise your return?
I’d suggest that’s a bad idea
Can I work for you please 🙏
Currently no job openings sorry but happy for you to send a resume to our email address.
I made a large donation to a business that helps unmarried mother help acheive financial freedom I went to a strip club can I claim this?
Hahaha!
Funny how the ATO cracks down on the middle class, yet lets billion dollar gas company not pay tax. Fucking bullshit .
Which company paid no tax?
Fixed rate method for WFH is a joke.
Yeah I’m not a big fan!