We’re half way through 2024 & it’s the perfect time to do a mid-year money reset! We chat how to readjust your money goals, tax time tips & hacks to get the most out of EOFY sales.
Disclaimer for claiming your handbag as a tax deduction
This applies to eligible bags and cases used for work including a briefcase, laptop bag, satchel, luggage & a handbag in some circumstances.
You can claim an immediate deduction for items that cost $300 or less, if you use them more than 50% of the time for a work purpose. If your work handbag is worth $300 or more, you can claim a deduction for the decline in value over the effective life of the item. Please see the ATO website for further information.
Disclaimer: Fines for late penalty fees
According to the ATO, please note that penalty fees for late tax lodgements will increase from $313 to $330 from 1 July 2024.
Reminder: This is NOT financial advice. Please reach out to a tax agent or financial advice for any tips specific to your situation. Please note that terms and conditions and eligibility requirements apply to tax deductions.
LINKS & RECEIPTS
The average tax refund - H&R Block
Deductions you can claim - ATO
How to claim a bag/handbag as a tax deduction - ATO
Understanding tax deductions - MYOB
12 Commonly Overlooked Tax Deductions - H&R Block
Due dates to lodge your tax - ATO
What’s the fine if I don’t lodge my tax on time?
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🎙️CREDITS
Hosts: Sally McMullen & Alex Hourigan
Studio, editing & production: MIK Made
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