It’s never too late to go to a tax agent and prepare all the necessary forecasts and start planning your finances effectively. The financial year end is a time period which scares every taxpayer, primarily because the time to file your income tax return is on the round. While you...

 I am not really a business Some Uber drivers are regarding driving as their hobby rather than their job. If you are making money from your commercial activity, it means that it is more likely to be treated as business. For Uber drivers, you are making commercial return from your...

1. Is Driving Uber a business? Making money from Driving is becoming more common nowadays. They prefer driving Uber rather than doing job somewhere. Driving services are provided to a variety of businesses, like Restaurants, bakery, etc. This is clearly a commercial activity generating money for an individual and hence...

The person that makes the gift can only claim deduction for gift. To claim a tax deduction for the gift, it must meet four conditions: The gift must be made to a deductible gift recipient The gift should be voluntary transfer of money or property where you receive no material...

You cannot include your preceding year deductions in current year tax return. Therefore, to claim these deductions, an amended tax return is required. When can I lodge an amended tax return? You can lodge an amended tax return anytime during the year. However, an amended tax return needs to be...

A deduction can be claimed if computer is being used to help you earn your income. Depending on whether the computer is used for private or work purposes the amount can be claimed. For example, if you use a computer half of the time, only 50% of deduction can be...

Most income your business receives is assessable income – which means you need to declare it and it's subject to tax. You can claim tax deductions for most costs you incur in running your business but there are exceptions. For example, you cannot claim deductions for private or domestic expenses....

You can only claim a tax deduction for gifts or donations to organizations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four...