From the category archives:

Q&A

Q&A: How Long Do I Keep Records?

February 12, 2008

Question: How long should I keep my tax records and receipts?
Response: From 2004/05 the majority of individual taxpayers are required to keep their records for a period of five years from the time of lodgement.
Some exclusions may apply, such as in the case of a tax dispute with the Commissioner or capital gains tax (in [...]

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Q&A: Allowances and Deductions

September 3, 2007

Question: I received a laundry allowance from my employer. Does this mean I have been reimbursed and can’t claim a tax deduction for laundry?
Answer: Receiving an allowance from your employer (as shown on your payment summary) is not the same as being reimbursed. The allowance is taxable income and included on your tax return along [...]

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Q & A: Early Release of Superannuation

July 1, 2007

This weeks question is another common query; can you withdraw the money in your superannuation early?
This seems to be one of the first ’solutions’ to pop into the mind of a lot of people when really it should be considered only as a last resort.
By law, you generally get your super only when you:
- permanently [...]

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Q & A: Claiming Everyday Bank Fees

June 13, 2007

Question: If my pay is made directly by my employer into an everday bank account, can I claim the bank fees and charges associated with that account?
Answer: In most cases, the answer will be no. Banks rarely charge for deposits into everday accounts and this would be the only portion you may have a claim [...]

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