The end of the financial year is here and that means it's time to do your taxes.
It's not a task that everyone enjoys, but if you're well informed it could result in tremendous rewards. Cash money rewards, that is.
Lucky for you Yahoo Finance has dug up all the basic and even the obscure info you need to know. Here they are:
If you're doing your own taxes, you might be interested in what you can claim as a tax deduction and even the most surprising expenses you can claim. But no matter what, make sure you follow these 7 rules to maximise your tax refund.
Using an app or a tax agent
If you're offloading the grunt work to an app, we've picked the best five for Australian taxpayers here. And if you're paying a tax agent or an accountant to submit your return, you might be interested that not enough people take advantage of this loophole.
If you have kids
The Family Tax Benefit deadline is June 30 – check out how to submit your claim here.
If you're an Airbnb landlord
The tax office has warned that sophisticated data-matching algorithms will look to catch out a certain type of Airbnb landlord. Check out whether you need to be careful about the costs you claim as a deduction.
If you have superannuation
Expenses are all the focus at tax time, but there are some super hacks you can pull off to spruce up your return.
If you run a small business
You already know there's a lot to think about when you run your own show. So we've put together a handy checklist of things you should tick off for tax time. Avoid these pitfalls and follow these tips to streamline your business for 2020.
If you want to shop
You might want to shop for work-related items to claim on your tax return, but otherwise it's just fun to look for bargains at the mid-year sales. Here are the best discounts that we've spotted on cars, clothes, shoes, electronics and homewares.
If you don't want to go to jail
The tax office warned this week that anyone caught deliberately cheating on their returns will face massive consequences. The agency showed off four cases in which taxpayers were convicted for dodgy tax returns, including five employees from the same Queensland company that double-dipped on their work expenses.
If you want to party
…don't go overboard. A lot of companies will blow off a bit of steam after year end, but take the lessons from these people who landed themselves in massive trouble at their office party.
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