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ATO warns on ‘copy/pasting’ claims

Posted by Team AVS on 28 May, 2021  0 Comments

The Australian Taxation Office (ATO) is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

Overall, around 8.5 million Australians claimed nearly $19.4 billion in work-related expenses in their 2020 tax returns.

Assistant Commissioner Tim Loh noted that COVID-19 has changed up people’s work habits, so we expect their work-related exp

Federal Budget 2021-22 : What it means for you

Posted by Team AVS on 12 May, 2021  0 Comments

The Government has decided not to go down the austerity path. The amount of net debt as a share of GDP is predicted to peak at around 40% by about 2025 when it was only at about 18% in 2017. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt that has been central to the Government’s response to COVID-19.

Key tax and supe

EOFY tips for your tax plan

Posted by Team AVS on 7 May, 2021  0 Comments

The financial year is almost over, but there are still effective strategies you may be able to put in place.

The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.

While the best strategies are adopted as early as possible in a financial year and not at the end, it’s worth remembering pr

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