Q&A

Q&A: How Long Do I Keep Records?

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 ...

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Q&A: Allowances and Deductions

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 ...

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Q & A: Early Release of Superannuation

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 ...

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Q & A: Claiming Everyday Bank Fees

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 ...

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