Hopefully not many. If you do find yourself in that position, I would suggest looking back at your work calendar. In the worst case you can estimate by taking 8 hours per number of days you are required to work from home under your normal work arrangement or routine. This approach may miss some overtime or extra days working from home, but it would be easy to prove to the ATO in the event of an audit.
Bringing expenses forward is a great way of increasing a tax rebate. It is LMITO that has been taken out. LITO still remains: incorrect acronym in the bracket.
I still don’t get the utility bit so do we calculate gas,eletric internet all at the same time? So 0.67 X 8 hours per day till we get to the whole year
Thanks for watching. If you use fixed rate method then the 67 cents cover running costs like utilities and internet but not cost of equipment or furniture. I cover this in more detail in this video here Higher WORK FROM HOME deduction in your 2023 Australian Tax Return th-cam.com/video/xWtv0-9DLIE/w-d-xo.html
Hi. Thanks for watching. Yes the cents per kilometre includes and average fuel and all other vehicle costs. If you spend more then the Actual method is available but it is more complex to claim and most people don’t have all the documents to claim it (e.g receipts and log book).
Hey mate, I pay for a private company insurance - NIB as I’m not a permanent resident. I used the calculator and it said i’m entitled to claim 24% so can i claim? how? i pay 266 dollars every month for myself and my wife. thanks
Thanks for watching. Just to be clear the 24% rebate is not a tax deduction and is usually treated as a reduction in your premium unless it wasn’t applied. So you may already received the benefit. If you wait to lodge your tax return on MyGov towards end of July then the ATO prefill will automatically populate your private health insurance details for you in the right sections ensuring you pay the right amount of tax and will refund you any overpayments of insurance if required.
It could be a number of things. The ATO does a number of data matching activities and could be checking a few things. They will let you know soon if there are any issues.
Could I claim travelling to and from work by doing cents per kilometre and not need to have a record of kms travelled. Is there a way for them to audit us on this or can we get away with an appropriate amount of km travelled without needing proof to show
Thanks for watching. In very limited circumstance you may claim travel between home and work, such as carrying heavily or bulky tools of trade used in employment of that job, but generally no you can’t claim them. The ATO uses sophisticated electronic data match techniques for your claims and will compare to similar people like you or against your claim history and can spot most anomalies reliably and then ask for you to prove your claim. It can take a year or more to do this and your wrong there are tough penalties and fines. Approach this very cautiously.
@@rjsingh5744 you may get some of it back after you lodge a tax return. It depends how much tax was deducted, how much tax deductions you claim and how much you earned.
Hi Marko. Normally there are no limits to donations for charities. There are for limits for donations political organisations that you need to check the organisation for. Also deductible donations can only be made to organisations listed as ATO Deductible Gift Recipients which you can check with the organisation if not sure… this is key or else there are no tax deduction at all. Oh and pay before 30 Jun. Best to check with your accountant with such a large amount.
Here is a link to all the guidelines from the ATO www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/gifts-and-donations/#:~:text=You%20must%20have%20made%20the,more%20before%20making%20the%20donation.
My partner just found out she now owes the tax office $3000.... We are both battlers.... I am on an invalid pension and she not only works - she is also my carer. $3000 is a bill for us.
Ok... as best as I can figure out..... My partner left her job after 12 years.... She received her payout from the company... The tax threshold was in place then.. Now that the Taxation dept has dropped the threshold, they calculated that my partner now owes them, $3000.
how many people have watched this video now then realised they didnt keep track of their time working from home
Hopefully not many. If you do find yourself in that position, I would suggest looking back at your work calendar. In the worst case you can estimate by taking 8 hours per number of days you are required to work from home under your normal work arrangement or routine. This approach may miss some overtime or extra days working from home, but it would be easy to prove to the ATO in the event of an audit.
Bringing expenses forward is a great way of increasing a tax rebate. It is LMITO that has been taken out. LITO still remains: incorrect acronym in the bracket.
Thanks for watching! Yes thanks for pointing out that typo.
Great summary. I can’t wait to lodge my tax return too!
Thanks so much for watching 😁
HI Dan, have the rules changed this for year I regards to claiming the tax paid on a financial hardship payment from my super?
Thanks for watching. I recommend speaking with a financial councillor about the hardship payment treatment as it is can get tricky.
I still don’t get the utility bit so do we calculate gas,eletric internet all at the same time? So 0.67 X 8 hours per day till we get to the whole year
Thanks for watching. If you use fixed rate method then the 67 cents cover running costs like utilities and internet but not cost of equipment or furniture. I cover this in more detail in this video here Higher WORK FROM HOME deduction in your 2023 Australian Tax Return
th-cam.com/video/xWtv0-9DLIE/w-d-xo.html
Exciting stuff Daniel.
thanks for watching!
@@MoneywithDan Thanks for the help :)
It does not cover the fuel cost that private vehicle used for commute is it?
Hi. Thanks for watching. Yes the cents per kilometre includes and average fuel and all other vehicle costs. If you spend more then the Actual method is available but it is more complex to claim and most people don’t have all the documents to claim it (e.g receipts and log book).
Hey mate, I pay for a private company insurance - NIB as I’m not a permanent resident. I used the calculator and it said i’m entitled to claim 24% so can i claim? how? i pay 266 dollars every month for myself and my wife.
thanks
Thanks for watching. Just to be clear the 24% rebate is not a tax deduction and is usually treated as a reduction in your premium unless it wasn’t applied. So you may already received the benefit.
If you wait to lodge your tax return on MyGov towards end of July then the ATO prefill will automatically populate your private health insurance details for you in the right sections ensuring you pay the right amount of tax and will refund you any overpayments of insurance if required.
I hope they cut those stage 3 cuts.
Thanks for watching!
Why is my return status changed from processing to balancing account back to processing again any idea ??
It could be a number of things. The ATO does a number of data matching activities and could be checking a few things. They will let you know soon if there are any issues.
Could I claim travelling to and from work by doing cents per kilometre and not need to have a record of kms travelled. Is there a way for them to audit us on this or can we get away with an appropriate amount of km travelled without needing proof to show
Thanks for watching. In very limited circumstance you may claim travel between home and work, such as carrying heavily or bulky tools of trade used in employment of that job, but generally no you can’t claim them.
The ATO uses sophisticated electronic data match techniques for your claims and will compare to similar people like you or against your claim history and can spot most anomalies reliably and then ask for you to prove your claim. It can take a year or more to do this and your wrong there are tough penalties and fines. Approach this very cautiously.
Thank you!!
Thanks for watching!
How to link my gov to ato as its my first year in Australia
Did you watch my video on how to link to the ATO?
Did you try doing the cash hack platform yet I did cash hack just a couple of days ago and I got paid $20,000 in just a few hours
Nice one 😊
Thanks a lot
Can refund income tax or not
Sorry not sure what you mean?
@@MoneywithDan the tax which is deduct from our sallery can i take it back so there is any process to claim that tax
@@rjsingh5744 you may get some of it back after you lodge a tax return. It depends how much tax was deducted, how much tax deductions you claim and how much you earned.
Hi mate. Can I donate 20000$ and if so how much could I get tax refund if 180k aud year salary and donated 20k aud this year before 30June? Cheers.
Hi Marko. Normally there are no limits to donations for charities. There are for limits for donations political organisations that you need to check the organisation for. Also deductible donations can only be made to organisations listed as ATO Deductible Gift Recipients which you can check with the organisation if not sure… this is key or else there are no tax deduction at all. Oh and pay before 30 Jun. Best to check with your accountant with such a large amount.
Here is a link to all the guidelines from the ATO www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/gifts-and-donations/#:~:text=You%20must%20have%20made%20the,more%20before%20making%20the%20donation.
Tax deduction amount would be 39% of 20k which is your marginal tax rate less any other tax that you owe.
My partner just found out she now owes the tax office $3000.... We are both battlers.... I am on an invalid pension and she not only works - she is also my carer. $3000 is a bill for us.
That is terrible! Are you sure it is correct? Where did the taxable income come from?
Ok... as best as I can figure out.....
My partner left her job after 12 years....
She received her payout from the company...
The tax threshold was in place then..
Now that the Taxation dept has dropped the threshold, they calculated that my partner now owes them, $3000.
gee that must be nice for you ..most of us are getting screwed this refund
Thanks for watching. I’m sorry that is the case and the tips didn’t identify a refund for you. It’s not a great year for many. best wishes