Want some tax tips from the ATO?
In today’s episode, Kate Campbell and Owen Rask chat with ATO Assistant Commissioner Tim Loh in the studio about everything you need to know to maximise your tax return in 2023.
This includes some of the most common deductions individuals claim on their tax returns, what investors need to declare, what sort of records we should keep for tax time, and much more.
Some of the questions we discuss include:
- Overview of the Australian tax system and key things individuals should know about
- What are some of the most common deductions individuals claim on their tax returns?
- WFH – fixed rate or other? If other, what do you need to track?
- Can I earn income as an employee and an ABN holder simultaneously? I contract and also work part-time.
- What should I be keeping in mind and declaring at tax time as an individual investor?
- What sort of records should I be keeping for tax time?
- If I do my own tax return and get it wrong, what should I do?
- What are some of the most helpful resources to use for those new to the tax system?
