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Tax Tips and Tricks

Giving you the most up to date tax tips and tricks to ensure you are minimising your tax and maximising your deductions.

Person at coffee shop on iphone using tax app for crypto trades
Irene Watt

The 5 Best Tax Apps in Australia

Every end of financial year, Australians eagerly await a potential tax refund, yet billions of dollars in unclaimed expenses remain on the table. A tax app could be the key to ensuring you claim the right amount and maximise your refund.

Gone are the days of drowning in paperwork and battling confusing tax forms. With the magical powers of the tax app, managing your finances becomes a breeze. Picture this: no more late-night stress sessions, no more headache-inducing calculations, just pure, unadulterated financial joy!

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Capital Gains tax in words next to pen, calculator and magnifying glass
Irene Watt

10 Common Myths About Capital Gains Tax

Capital Gains Tax (CGT) can often be a source of confusion for many taxpayers. With various misconceptions surrounding CGT, it’s important to separate fact from fiction. In this blog, we debunk 10 common myths about Capital Gains Tax and provide clarity on this crucial aspect of taxation.

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Irene Watt

5 Things You Didn’t Know About Capital Gains Tax and Divorce

Navigating a divorce can be a challenging experience, especially when it comes to understanding the financial implications. Among these, the impact of Capital Gains Tax (CGT) is often overlooked or misunderstood. In this blog, we uncover five lesser-known aspects of how CGT applies in the context of divorce.

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Irene Watt

How to organise your financial records and receipts for tax time

Managing your financial records and receipts is an important aspect of running a business or personal finances. It is essential to have an organised record-keeping system to avoid any complications or a knock on the door from the ATO. In this article, we will guide you on how to organise your financial records and receipts so you can start the year off on the right foot and be ready well ahead of tax time this June.

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Irene Watt

The Tax Implications of Cryptocurrency Mining and Staking in Australia

As cryptocurrencies gain popularity, so does the practice of cryptocurrency mining and staking to earn additional income from investments. While these activities can be lucrative, it’s crucial to understand the tax implications they carry in Australia, especially as the ATO moves to tighten the rules and reporting obligations of platforms.

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Irene Watt

Tips for Keeping Accurate Records to Manage Your Shares and Crypto Tax in Australia

Shares and cryptocurrency investments can be a rewarding endeavour, however it’s important to stay on top of your tax obligations. In Australia, accurate record-keeping is crucial to ensure you comply with ever evolving tax regulations and avoid unnecessary headaches down the line. In this blog we will provide you with essential tips for maintaining accurate records to effectively manage your shares and crypto tax in Australia.

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Irene Watt

How to Prepare Early for the End of Financial Year

As the end of the financial year (EOFY) approaches, it’s crucial to embark on early preparations to ensure a seamless and stress-free process. Many individuals in Australia tend to leave their tax return until the last minute, resulting in a rush and unnecessary stress. In this article, we will delve into the top ways you can prepare early for the end of the financial year.

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Irene Watt

Tax-Time Focus for Australian Taxpayers: What You Need to Know

At TaxTank, we are committed to providing the most up-to-date and accurate tax information to help individuals, property investors and sole traders make informed decisions about their tax. The ATO announced yesterday a number of key areas that they will be focusing on this tax time, including rental income, capital gains tax and work-related expenses.

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Irene Watt

Your guide to Capital Gains Tax and Crypto in Australia

Cryptocurrency, or more commonly known as Crypto, has become a buzzword in recent years, with more and more people investing in it as an alternative asset. However, with this new type of asset comes tax regulations that need to be followed. The Australian Taxation Office (ATO) has established a set of rules and regulations for Crypto taxation. In this blog post, we will explore the key aspects of Crypto tax in Australia.

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Irene Watt

Top tips to seamlessly manage your sole trader business

As a sole trader, you are the boss of your own business. While this can be highly profitable, it also comes with a unique set of challenges, such as managing your own taxes and determining what business expenses you can claim. In this article, we look at some simple ways to overcome these challenges so that you can focus on doing what you do best – being a successful sole trader!

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Irene Watt

PAYG tax for sole traders explained

If you’re a sole trader in Australia, who is making pay as you go (PAYG) instalments for the first time, you probably have a lot of questions. Luckily, in this blog post, we’re going to be explaining everything you need to know about PAYG for sole traders.

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Woman sitting at home working on her small business
Irene Watt

Do you have a side hustle? The top 5 deductions sole traders need to know!

Working for yourself isn’t always as easy and glamorous as it seems. Unlike being an employee of a company, you are solely responsible for securing contracts and making sure your clients get what they need on time. That means you take 100% of the risk, but also get to reap 100% of the rewards.

To help you maximise your business success, here are the top 5 tax deductions for sole traders.

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Irene Watt

The top 5 reasons you should start a side hustle

These days it seems like every person and their animal is working on a side hustle. Some are successful, some aren’t – but what exactly is a side hustle? Well, it’s just an additional income stream that complements your full-time day job or isn’t necessarily related to it at all. These extra funds can help pay off debt quicker or save up for vacation faster.

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Irene Watt

To GST or not to GST: What every sole trader should know!

Many people running their own Sole Trader businesses in Australia are still unsure about whether or not to register for GST. You may be worried that by adding 10% to your prices as a GST-registered business, you will turn off some potential customers. And then there is also the quarterly Business Activity Statement (BAS) to worry about, not to mention the potential for penalties if you fail to get it right. If this sounds like you, then read on for some advice about when to register for GST and some tips on how to make the process simple.

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Image of paperwork with tax spelt out on gold coins
Irene Watt

5 Ways Tax Software Helps Maximise Tax Deductions

The best tax software can help you keep track of your deductions and make sure you’re taking advantage of all the deductions you’re entitled to. This can save you a lot of money come tax time. It can also help you keep track of your tax records so you don’t miss any important deadlines.

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