If you receive any foreign income in the current tax time, take note, you need to report it! Whether it be from family members or working overseas, new international data sharing agreements allow the ATO to track money across borders. This will allow the ATO to identify taxpayers who are not reporting the additional income.
The ATO is letting us know some of the ridiculous claims they received last financial year. Nearly 700 000 tax payers tried to claim almost $2 billion in “other” expenses. Of course, these claims were disallowed, however it didn’t stop the ATO from highlighting some of them.
F.I.R.E: Millennials may just have the secret to early retirement!!
Millennials over recent years have become increasingly obsessed with the idea of saving, with books such as the Barefoot Investor adding fuel to the fire (pun intended). The motivation behind this movement is not to purchase a home or invest but, early retirement from their corporate jobs.
The drive towards early retirement has the youth of today budgeting strictly and living sparingly. Research has found they are even working multiple jobs to put at least 50 percent of their earnings into savings.
How much super do you need to retire comfortably? Australians are beginning to question the amount of income and super they need to earn to achieve a comfortable retirement.
It has been estimated that an average of $1.6 million will be a goal target for those wanting to retire comfortably. Although this figure is commonly cited, it may be more than what is needed.
The professor of finance at Griffith Centre for Personal Finance and Superannuation; Robert Bianchi noted there is no correct or final figure when heading into retirement.
The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion.