Tag: tax 2014

Posts Tagged ‘tax 2014’

What are the Australian Financial Year Dates?

Mark your calendar. The Australian Financial Year Runs from 1 July to 30 June.

The Australian financial year dates can easily be confused with the Australian tax season dates. The financial year always ends on 30 June.

It’s good to keep in mind that during the Australian tax season, you’ll report the income you earned throughout the financial year.

Still confused? Unsure of the dates? We’re here to help.

Financial Year & Tax Season Dates

Here’s what you’ll need to know…

2013-2014 Financial Year: 1 July, 2013 – 30 June, 2014

2014-2015 Financial Year: 1 July, 2014 – 30 June, 2015

2015-2016 Financial Year: 1 July, 2015 – 30 June, 2016

2016-2017 Financial Year: 1 July, 2016 – 30 June, 2017

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Tips For Using Your Tax Refund 2014

The Australian Tax Return Deadline 2014 is 31 October. Lodge today to receive your tax refund 2014.

If you’ve already lodged your Australian tax return, you may have already received your tax refund or you’re waiting for the ATO to deposit it into your account.

If  you still need to lodge, you’ll want to do so as soon as possible. The deadline is 31 October. The sooner you lodge, the sooner you’ll be able to put your refund money to use.

Whether you’ve already lodged your 2013-2014 tax return or still need to do so, it’s best to use your refund wisely. After all, it’s money you’ve worked hard for throughout the financial year.

7 Different Ways To Use Your Refund

Don’t spend your refund money all in one place. Use a portion to invest, another portion to donate and remember to live a little and treat yourself along the way!

Here’s seven ways worth using your tax refund on;

1. Pay Off Debt

If you have credit card or loan debt (or both), then you know first hand that the longer you may off your balance, the more you’ll end up paying in interest. Using your tax refund money to pay off credit card or loan debt means you’ll reduce the total amount of interest incurred.

Even if you can’t pay the entire balance, using your refund money towards a large payment means your usual monthly payments will decrease.

2. Invest

Investing your refund money will benefit you in the long term. Sure, investing the money isn’t as “fun” as splurging on a shopping trip would be but it could be the start of your child’s education fund or a stock investment that could pay off later on.

3. Open a High Interest Savings Account

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How to Claim Home Office Expense Deduction

Having a home office is great, but the costs of computers, printers, phones, monthly bills, etc. can add up.

In a prior article, we listed all of the categories of tax deductions filers are entitled to claim. The list of work related deductions included vehicle & travel expenses, as well as work clothing and laundry, and tax deductible donations .

Another deduction that will save you money is the home office deduction. However, before claiming your home office expenses, you should first know what you can include.

According to the ATO, the work related running costs you can include as a home office deduction are as follows;

  • Heating, cooling and lighting expenses

  • Cleaning expenses

  • Repair costs of your home office furniture and fittings

  • Work related phone calls and phone rental if you can show you are on a call or have to phone your employer or clients often when away from your place of work

  • Home office equipment such as phones, computers, printers etc (items costing up to $300).

  • The costs associated with decline in value of home office equipment Read the rest of this entry »