What’s the difference between the Medicare levy and the Medicare levy surcharge? Many people getting their tax notice of assessment wonder why they see amounts for the Medicare levy and Medicare levy surcharge. Here’s how it works. Medicare levy The Medicare levy’s a compulsory charge that helps fund Australia’s public healthcare system. Almost all Australians […]
Make managing your tax less intimidating with the ATO’s free tools and services If you’ve ever felt unsure about doing your tax online – or you’re helping someone who is – there are safe, simple ways to learn how it all works. The ATO offers practical tools to help you explore myTax and ATO online […]
Understanding the new 20% student loan reduction The Australian government’s promise to cut student loan debts by 20% has now become law. If you’re one of more than three million Australians who have a student loan, you’re probably wondering what this means for you and when you’ll see the benefits. The change applies to all […]
HECS/HELP debt reduction Bill introduced On 23 July, the Labor government introduced legislation aimed at enacting its election promise to reduce student debt by 20%. The Bill proposes to: provide a one-off 20% reduction to Higher Education Loan Program (HELP) debts and certain other student loans that are incurred on or before 1 June 2025; increase […]
Get it right this tax time: don’t lodge your return too early It might seem like a good idea to lodge your tax return as soon as the financial year ends – with costs of living rising you might be hoping for a refund, or you might just want to tick it off your to-do […]
Tax and your child’s money: what parents need to know As a parent or guardian, it’s essential to understand how tax applies to your child’s money. If your child has a savings account or receives other income, you need to know how to help them manage their finances and meet their tax obligations. Tax can […]
Upskilling? You may be able to claim your self-education expenses If you’ve thought about upskilling or undertaking professional development this year, you may be able to claim some of your self-education expenses in your 2024–2025 income tax return. You incur self-education expenses when you: take courses at an educational institution (even if you don’t gain […]
ASIC warns of scammers impersonating Bunnings with fake investment bonds If you’ve spotted what looks like an amazing investment opportunity from Bunnings recently, beware! The Australian Securities and Investments Commission (ASIC) has issued an urgent warning about scammers impersonating the retailer to promote fake “sustainability investment bonds”. These scammers claim that the investments will have […]
Recovering from a natural disaster: what you need to know about tax As Australia experiences another summer of unpredictable weather patterns, it’s essential to be prepared for the unexpected – natural disasters like fires, floods, earthquakes and cyclones can turn your world upside down. While you’re focused on rebuilding and recovery, tax may be the […]
Understanding the Australian Government’s plan for cash and cheques As digital payments become increasingly prevalent, the Federal Government has announced it’s taking significant steps to modernise the nation’s payment system while working to ensure that no one’s left behind. This involves maintaining the use of cash for essential transactions and phasing out cheques in a […]
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