The Lowdown on the LMITO

In treasurer Josh Frydenberg’s 2021 Federal Budget, it was announced that the Low and Middle Income Tax Offset (LMITO) is being extended for another financial year. The LMITO was meant to be replaced in 2022. However, the Morrison Government has decided to chart its...

Low and middle-income earner tax offsets

If you are an Australian resident for income tax purposes and you pay tax on your taxable income, you may be eligible for the low and middle-income tax offset if your taxable income is below certain thresholds. You don’t need to complete a section in your tax...
2021 – 2022 Australian Tax Budget Summary

2021 – 2022 Australian Tax Budget Summary

The 2021 Federal Budget charts the path for Australia’s plans of further economic recovery as vaccines roll out throughout the country. Despite dealing with the COVID-19 pandemic, our economy seems to be in good shape. While it is assumed that international borders...

Tax Deductions as an Uber Driver

A taxpayer who carries on a business is entitled to a deduction for a gift made to a former or current client if the gift has been made for the purpose of producing future assessable income i.e. gaining client referrals, generating additional sales, etc. Real estate...