No-one likes keeping receipts, so we often throw them away. But this can be an issue when tax time arrives. That raises the question, can you still claim tax deductions without a receipt? Here are the expenses you can claim without a receipt and the maximum allowable amount. What is the most you can claim...
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Tag: tax
If smoking rates have ‘flatlined’ why are tobacconists ‘popping up everywhere’? The maths, it seems, is up in smoke
In a small town deep in a verdant valley, something doesn’t quite add up. The shops have been popping up along the main street in the past 12 months, nestled among the Victorian-era buildings, bakeries and pubs. Locals have noticed them but few are willing to talk about them publicly. “Most people don’t want to...
How the ATO went from good cop to bad cop to claw back more than $50 billion in debt
The tax office is once again perceived as the ‘bad cop’ on the beat and it’s the Albanese government that’s given it a mandate to go hard and recoup more than $50 billion in debt owed, most of it by small business. The message is clear: the honeymoon period — extended during the COVID-19 pandemic...
The highest paying jobs that don’t require a degree
Behind the eye-watering salaries of surgeons, judges and engineers, are years of university education and sky-high HECS debts. But for people looking to secure a six-figure salary without the enormous student debt, the Australian Taxation Office (ATO) tax data has revealed the most lucrative professions that do not require a degree. Jobs in aviation and...
Abusive partners using tax system as ‘weapon’
In short: Family violence perpetrators are burdening their partners with tax debts they cannot shake, sometimes leading to bankruptcy. A change in the federal budget means the tax office can defer chasing debts in certain circumstances. What’s next? Advocates want the ATO to adopt a model used overseas, in which debts are reassigned to perpetrators....
After working all her life and still not having enough super, this 60-year-old nurse decided to chuck it in and hit the road
In short: Australia’s wealth inequality will be made worse by the government’s super tax concessions, according to research by The Australia Institute. Debra Moxon does not have enough to retire on but has walked away from nursing anyway to travel and live in a van. What’s next? The public policy think tank says the current...
Are the big four accounting firms about to get a visit from the tax man?
After a year of scandals, bad publicity and a carousel of parliamentary inquiries shining a light on the shadowy world of the big four global accounting firms, it’s time for reform. State and federal governments fork out more than $1 billion a year on auditing and consulting services delivered by the big four — EY,...
‘It’s too late for me’: Millions of Australians in limbo as $20,000 tax break bill stalls
In short: A bill for a key 2023 federal budget policy measure for small businesses remains stuck in parliament. Economists say both major parties are playing “dumb” political games. What’s next? A June 30 deadline looms for the bill to pass the Senate with just one week remaining where both houses will sit. Both major parties have been...
What’s in the budget? Here’s every announcement that you’ll hear about later today
Treasurer Jim Chalmers will hand down his third budget on Tuesday night, but has been tempering expectations for weeks in the lead-up, warning Australians not to expect a “cash splash”. Inflation remains a key challenge for the government, and we already have a pretty good idea of how Mr Chalmers plans to use his budget to...