True Tally Bookkeeping

Author name: Raval Harshil

What Can Teachers Claim on Tax? Teacher Tax Deductions
GST

What Can Teachers Claim on Tax? Teacher Tax Deductions

When it comes to tax time, it’s important for teachers to know what they can claim. Many teachers spend their own money on work-related items, and these expenses can be claimed to reduce their taxable income and increase their refund. In Australia, teachers can claim a variety of deductions covering areas such as travel, classroom items and home office use. Knowing which expenses are allowed can make a big difference in getting the most out of your tax return. We focus on helping teachers and education professionals handle tax returns with ease. Our team understands the rules and works to ensure you don’t miss out on the deductions you’re entitled to. Whether you’re new to filing or have been teaching for years, our goal is to help you claim the right expenses and get the most out of your tax refund. What Can Teachers Claim on Tax? Many teachers and education professionals can claim special teacher tax deductions that are directly related to their jobs. If you want to make the most of this deduction, it’s important to know what common expenses you can claim. This teacher tax deduction can help reduce your tax bill and boost your return, so it’s wise to understand the rules shared by the ATO. So, how do you know if you’re eligible for the teacher tax deduction? What items are allowed, and what items can’t you include? We’ve created this handy guide to teacher tax deductions to help you get the best results on your annual return. With tax time fast approaching, this guide provides Australian teachers with practical tax tips to help you be prepared and maximise your deductions. Keeping receipts and filing your tax returns on time is key to a smooth end to the financial year. Check Also: What Is GST in Australia? A Complete Guide for Small Businesses Can Teachers Claim Taxes Without Receipts? Teachers can claim some work-related expenses on their tax return, even if they don’t have receipts, but certain rules and limitations apply. Laundry Expenses Teachers can claim laundry expenses of up to $150 per year without receipts when they relate to work clothing. This includes protective clothing, job-specific clothing, or items that are part of a registered uniform. They must show how they made the claim, as it is not an automatic deduction. Minor Expenses Teachers can claim minor expenses, up to a total of $200 for the year, without receipts. They need to keep records, such as diary notes, to show proof of these purchases. Overtime Meal Expenses Teachers can claim meal expenses without receipts if they receive an overtime meal allowance and the claim is within the ‘reasonable amount’ set by the ATO. For 2023-24, the limit per overtime meal is $35.65. Expenses up to this amount are allowable as a deduction if all ATO conditions are met. What Records Do I Need to Keep? Keeping clear and accurate records is very important at tax time, so if you want to claim the best tax refund, you should stay organized with your receipts. It’s a good idea to set up a simple and reliable system to manage this throughout the year. You don’t need to keep paper receipts, as digital copies (such as a photo or email receipt) are also accepted, as long as they show: Name of supplier Date of receipt Date of payment Total amount spent How much goods or services were purchased You don’t need to keep expenses for items under $10 (unless they total more than $200) or for which you don’t have a receipt. In such cases, you should keep an expense diary. FAQs: People Also Ask Q1. Can teachers claim tax on classroom supplies? Yes, teachers can claim money spent on pens, paper, books and other teaching supplies purchased for their students or the classroom. Q2. Are professional development expenses tax-deductible for teachers? Yes! Costs for training, workshops, and conferences related to your teaching work are generally considered tax-deductible. Q3. Can teachers claim work-related travel expenses? Teachers can claim travel expenses for work purposes, such as going to conferences or moving between schools. However, daily travel from home to school does not count. Q4. Is home office equipment tax-deductible for teachers? If teachers use part of their home for work, they can claim some expenses for internet, electricity, or office furniture used for lesson planning or grading. Q5. Can teachers claim uniform expenses? Yes, if the uniform is required, has a school logo, or provides protection such as lab coats. You can also claim laundry expenses for these uniforms. Also Read: What Is BAS & BAS Due Dates in Australia (2025 Guide)

Buying a Car Through Your Business Australia (A Complete Guide)
Managing a Business

Buying a Car Through Your Business Australia (A Complete Guide)

Maximising your business vehicle tax deduction is an effective way for small business owners in Australia to manage their finances. Many owners believe that buying a car for work can reduce their tax bill, but the rules are not always straightforward. There are often misconceptions about how much can be claimed, which makes it important to get the right guidance. The Australian Taxation Office (ATO) updates its rules regularly, so you should work closely with your accountant to stay on track. In this guide, we break down the process in simple terms, providing clear tips on how small business owners can claim tax benefits when buying a car for business use. What Is a Business Car Loan? A business car loan helps you buy a vehicle for your company by borrowing money from a lender. Like other loans, you have to repay a certain amount in regular instalments, usually monthly, over a set period of time (known as the loan term). You can choose from a variety of business vehicle loans, such as a chattel mortgage, finance lease, or hire purchase. In this article, when we talk about business car loans, we mean a chattel mortgage (also called a goods loan), as it is the most common option used by businesses. Types of Motor Vehicle Deductions The ATO allows small business owners to claim tax deductions for motor vehicles used in business. Below is a general list of expenses you can claim as part of motor vehicle expenses: Petrol, fuel and oil Motor vehicle insurance premiums Interest on a car loan or lease Vehicle registration Repairs and servicing costs Depreciation (reduction in value) Lease payments Vehicle Depreciation: What You Need toKnow If you want to get the most out of your car loan tax deduction, you need to know which vehicle expenses you can claim as a business expense. Fuel and oil: You can claim work-related travel expenses, such as fuel and oil. Keep records of the miles you drive for business so you can support your claim and enjoy the savings. Depreciation: You can claim the depreciation of your business car as a tax deduction. This can significantly reduce your taxable income. Make sure you follow the Australian Taxation Office (ATO) rules carefully so that depreciation is calculated correctly. Insurance: Paying for vehicle insurance is more than just protection—it also qualifies as a deductible expense. Having insurance reduces the overall cost of using a business car. Repairs and maintenance: You can claim the cost of keeping your business car in good condition. Expenses like servicing, changing tires, and repairs count as tax deductions. Registration: You can also write off your car registration fees as a business expense. This tax deduction gives you another opportunity to save money for your company. Continue Reading: How to Use a Weekly Tax Table for Your Business (2025 Guide) Personal Vehicles And Tax Deductions Even if you buy a car in your own name for your small business, you can still claim a tax deduction for the miles and expenses you incur when using the vehicle for work. The easiest way to track both personal and business travel is to keep a logbook, which you can purchase from most newsagents. How you claim car expenses will depend on whether you operate as a sole trader, limited company, trust or partnership. Actual Costs Method This option uses receipts for all car expenses related to business travel. At the end of the financial year, you can claim the business portion of that expense. If you use the car for both work and personal travel, keep proper records. In such cases, multiply the total expense by the percentage of business use. Logbook Method When you use a logbook, you must write down details of each trip, including dates, start and end points, total kilometres and the reason for the journey. To find the business percentage, divide the business kilometres by the total kilometres travelled, then multiply by 100. You should also calculate all your car expenses for the financial year and apply your business usage percentage. Cents Per Kilometre This option requires you to multiply your total business kilometres for the year by the ATO rate. For 2022-23, the rate is 78 cents per kilometre. You can claim a maximum of 5,000 business kilometres per year using this method. FAQs Q1. What expenses can I claim for a business car? You can claim the costs of running a business car, including fuel, servicing, insurance, registration and interest on the car loan. You can also claim lease payments and depreciation. However, you can only claim the portion of expenses related to business use. Any personal or private use must be excluded. Q2. How do I calculate the percentage of business use of my car? To find out your percentage of business use, keep a logbook for at least 12 weeks. Record your odometer readings at the beginning and end of each business trip. Then, calculate the total kilometers driven for business as a percentage of your total kilometers during the logbook period. This percentage is used to estimate your claimable car expenses. Q3. What methods can I use to claim my business car expenses? There are two main methods: the logbook method and the cents-per-kilometre method. The logbook method allows you to claim actual car expenses based on a percentage of your business use. The cents-per-kilometre method allows claims up to 5,000 business kilometres per year at a fixed ATO rate. Companies and trusts can only use the actual expenses method. Recommended to Read: GST Exemptions in Australia: Key Benefits, Rules & Tax-Free Goods Guide

What Is BAS & BAS Due Dates in Australia (2025 Guide)
GST

What Is BAS & BAS Due Dates in Australia (2025 Guide)

You can submit your Business Activity Statement (BAS) in several ways. Online submission is quick, convenient and secure. Most business owners who submit their BAS choose to submit it digitally. You can also use a registered tax or BAS agent to submit it on your behalf. Always pay your BAS on time and in full to avoid interest charges. For all payment options, see the “How to pay” section. GST Reporting Cycle Your GST reporting and payment schedule will fall under one of these options: Quarterly Reporting If your GST turnover is less than $20 million and we have not recommended monthly reporting, you will need to report quarterly. Monthly reporting If your GST turnover reaches $20 million or more, you will need to collect and pay GST every month and submit your BAS online. Even if your turnover is less than $20 million, you can still choose to report monthly. Benefits include: Smaller, more manageable payments that improve cash flow and keep payments on track. Better integration with other business processes, which helps you keep track of your records. The deadline for submitting and paying your monthly BAS is the 21st of the following month. For example, your July BAS is due on August 21st. Annual Reporting If you voluntarily register for GST and your turnover is less than $75,000 (or $150,000 for not-for-profit organisations), you can choose to submit and pay an annual GST return. The deadline for submitting and paying your annual GST return is October 31. If you are not required to submit a tax return, it is February 28 after the end of the tax period. When using a registered tax or BAS agent, you may have different submission dates. Due dates for submitting your Business Activity Statement (BAS) for 2025 in Australia In Australia, the due dates for submitting your 2025 Business Activity Statement (BAS) vary depending on your reporting cycle. The quarterly BAS deadlines are 28 October 2025, 28 February 2026, 28 April 2026 and 28 July 2026. Monthly BAS must be submitted by the 21st of the following month. The annual BAS for the 2025-26 financial year must be submitted by 31 October 2026 or, if applicable, with your tax return. If you submit through a registered BAS or tax agent, you may face additional deadlines. To operate a business in Australia, you must submit your Business Activity Statement on time and comply with all tax obligations. It is important to keep track of your BAS deadlines in 2025, as late submissions can result in hefty ATO penalties, disrupt cash flow and impact your compliance status. Failure to meet the deadlines can result in penalties that can reduce your income and damage your record with the Australian Taxation Office (ATO). What Is a Business Activity Statement (BAS)? The Business Activity Statement (BAS) is the ATO’s main reporting document for businesses. When you follow your BAS schedule, you must report and pay other taxes such as Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding and, in some cases, other taxes such as Wine Equalisation Tax, Fuel Tax Credits and Luxury Car Tax. By submitting your BAS correctly and on time, you keep your business tax-compliant. The ATO reviews the data in your BAS to calculate your liabilities and ensure that you meet your tax obligations. If you are unsure about filing, you can work with a registered BAS or tax agent who will handle compliance tasks and guide you through the complex tax requirements. Annual BAS submission dates 2025-2026 If you report annually, your BAS for 2025-2026 is due by 31 October 2026, unless you submit it with your tax return, in which case the due date for your return will apply. Filing an annual BAS is suitable for businesses with simple finances as it reduces reporting and compliance steps. Submitting And Paying Your BAS You can choose from a number of methods to submit your BAS: ATO Online Services – You can use the Business Portal, MyGov (for sole traders), or Standard Business Reporting (SBR) software for a quick, digital submission. Registered BAS or tax agent – Professionals can submit on your behalf, ensuring you remain accurate and compliant. Mail – This option is still available, but it is slower and can cause delays in the process. BAS Due Dates And Submission Guide Clients often ask us: When do I need to submit my BAS (Business Activity Statement)? To make it easier, we’ve created this guide. It explains not only the important due dates, but also your BAS obligations and how to submit them. By following these steps, you’ll comply with Australian Taxation Office rules, charge the correct GST on your services and avoid late submission penalties. If you choose to submit online, the process is quick and easy. If you don’t want to submit electronically, you can still use the post to send your form and payment. Choose the option that’s most convenient for you – the important thing is to keep the process stress-free and submit on time. There are many benefits to working with a registered tax agent. They help you complete your BAS correctly, and in many cases, you can get more due dates than if you submitted it yourself (subject to eligibility). Continue Reading: How Long to Keep Financial Records in Australia (A Complete Guide) BAS Reporting Options Annual BAS Reporting Some businesses can report annually. This applies to those who have voluntarily registered for the GST and whose income is less than $75,000 (or $150,000 for not-for-profit organisations). In this case, your BAS is due when you submit your tax return. If you are not required to file a tax return, the deadline after the end of the annual tax period is 28 February. Frequently Asked Questions Q1. What happens if I submit my BAS late? If you miss the BAS deadline, the ATO may charge late fees and interest. However, if you submit through a registered tax agent, you

GST Exemptions in Australia: Key Benefits, Rules & Tax-Free Goods Guide
GST

GST Exemptions in Australia: Key Benefits, Rules & Tax-Free Goods Guide

GST exemption makes essential products affordable and accessible. Businesses do not pay GST on exempt goods. They distinguish between taxable and non-taxable sales for proper reporting. Businesses can also claim GST credits when selling GST exempt goods. Export of Goods Goods exported from Australia are GST-exempt if they leave the country within 60 days, whichever comes first: The supplier issues an invoice for the goods. The supplier receives full or partial payment for the goods For instalment payments, the final payment or invoice confirms the 60-day rule. If necessary, suppliers can request an extension of this period. Selling a Business As a Going Concern A sale of a business is considered GST-exempt when all of the following conditions apply: The seller transfers everything necessary to continue the business. The seller continues to operate the business until the settlement date. The buyer and seller agree in writing that the sale is a going concern. The buyer registers for GST or is required to register. The buyer pays for the purchase. GST Exemption for Qualifying Veterans Disabled veterans can use a form approved by the Department of Veterans Affairs to claim an exemption on motorcycles and related parts. If you do not submit a declaration before you buy a car or car parts, the supplier may add GST to your purchase. You can apply for a GST refund after the purchase, but it is easier to submit a declaration in advance. The tax law does not allow us to refund GST directly on cars or parts you have already purchased. GST Exemption on Imported Goods You must pay GST on imported goods unless they fall under a specific customs duty exemption or GST exemption. When you import goods under an exemption, you can verify the exemption you are claiming by using the exemption code in the department’s system. The available exemptions and their corresponding codes are listed below. The following acts provide for GST exemption on imported goods: Diplomatic Privileges and Immunities Act 1967 Consular Privileges and Immunities Act 1972 International Organisations (Privileges and Immunities) Act 1967 New Taxation (Goods and Services Tax) Act 1999 GST-Exempt Supplies to NDIS Participants Subsections 38-38 – National Disability Insurance Scheme (NDIS) Scheme Supplies Sections 38-38 of the GST Act state that certain disability support provided to NDIS participants is GST-exempt if it meets certain requirements. These supplies include goods specified by the Minister for Disability Services under the New Taxation (Goods and Services Tax) (GST-Exempt Supplies—National Disability Insurance Scheme Support) Determination 2021. Supplies provided to NDIS participants are GST-free if they meet all of these conditions: The NDIS participant has an active NDIS plan. These supplies appear in the table in the 2021 GST-free supplies determination. You and the NDIS participant (or other person) sign a written agreement. These supplies include reasonable and necessary support listed in the participant’s NDIS plan. AB14 Sections 38-39 of the GST Act confirm that support provided under the NDIS remains GST-free if it meets the stated requirements. This includes supplies included in the 2021 determination issued by the Minister for Disability Services. Supplies provided to an NDIS participant will be considered GST-free if: The participant has an existing NDIS plan. These supplies appear in the tables of the GST-Exempt Supplies Determination 2021. A written agreement exists between you and the participant (or other person). The support is reasonable, necessary and set out in the NDIS plan. Explanation: Use the following explanation as a guide only. Always refer to the relevant legislation for full details. Sub-sections 38-45(1) – Medical aids and equipment Sub-sections 38-45(1) of the GST Act, supported by section 13-10(b), provide exemption for certain medical aids and equipment. This exemption applies to: Goods listed in Schedule 3 of the GST Act, and Goods included in Schedule 3 of the GST Regulations. How GST Affects Australian Businesses GST affects businesses by adding tax to most goods and services sold, making it mandatory for owners to manage tax collection and submit regular Business Activity Statements (BAS). Any Australian business with a turnover of $75,000 or more must register for GST and include it in its prices. This tax structure simplifies tax collection and ensures government compliance, creating a fair business environment. GST affects cash flow as owners have to pay tax on a quarterly basis, often submitting the collected amount to the Australian Taxation Office (ATO). This requires strong records and accurate financial reporting. Businesses benefit from GST by claiming credit for GST paid on supplies and purchases. However, errors or failure to comply can result in significant fines and penalties. Toowoomba business owners, as well as larger enterprises, should focus on strengthening tax strategies to understand these obligations and protect their financial position. For example, adopting accounting software makes GST tracking easier and ensures your business never misses important deadlines or tax credit opportunities. Compliance And Accurate Record Keeping The Importance of Record Keeping To ensure GST compliance, businesses must keep detailed records of sales, purchases and the GST involved in each transaction. Maintaining this level of detail ensures smooth operations during audits by the Australian Taxation Office (ATO) and provides protection. Owners are legally required to keep these records for at least five years, which also protects them in the event of disputes or reviews. Efficient record keeping helps to file accurate Business Activity Statements (BAS) to reduce the risk of penalties and errors. For businesses in Toowoomba and across Australia, adopting a structured approach has streamlined the process. Compliance now goes beyond regulatory rules; It strengthens financial stability and protects a company’s reputation. Conclusion: Strengthening GST Practices Strong GST practices in Australia depend on understanding how this tax affects pricing models, cash flow and compliance requirements. For entrepreneurs and high-income earners, particularly in Toowoomba, incorporating this knowledge into daily operations ensures financial security and increases the potential for long-term growth. Ultimately, compliance demands full attention. Adhering to GST reporting and payment deadlines can help you avoid unnecessary penalties. Set up automatic reminders for BAS submissions and

How Long to Keep Financial Records in Australia (A Complete Guide)
Managing a Business

How Long to Keep Financial Records in Australia (A Complete Guide)

Records reflect the tax and super transactions made by your business. Your business records should have clear details so that we can see the purpose of each transaction and how it relates to your business income or expenses. Date, amount, description (for example: sale, purchase, salary, rent), and any Goods and Services Tax (GST) details for the transaction. 5 Essential Rules for Keeping Records 1. Keep all business-related records You must keep all records relating to every tax and super tax, including all records relating to the start, operation, change, sale or closure of your business. 2. Make records available on request You must be able to show us your records at any time. Keep details of your record-keeping system so that we can confirm that it meets legal requirements. 3. Maintain the accuracy of your records Do not alter your records with devices such as electronic sales suppression systems. Store them securely so that they cannot be altered or damaged. 4. Follow the 5-year retention period Keep most records for 5 years. This period starts from the date you created or acquired the record, or when the related transaction or action was completed – whichever is later. In some cases, the law sets a different starting point. 5. Keep records in English Your records should be in English or easily translated into English. Why Record Keeping Is Important Keeping proper records helps you: Monitor the health of your business and know whether you are making a profit or a loss. Avoid penalties for record-keeping errors. Make informed business decisions. Monitor cash flow so you can pay bills on time. Report tax, retirement and employer-related obligations, such as compensation, allowances or reports. Pay attention to your balances and outstanding balances. Show your financial status to lenders, buyers, tax agents or partners. If your business is audited, provide accurate information immediately. Income And Sales Transaction Records Bank statements and transaction records Business expense statements, including cash purchases Records of expenses related to assets or inventory Fuel tax credit documents if you claim the credit Employee and contractor information End-of-year documents, such as lists of creditors (those who owe you money) and debtors (those who owe you money) GST-related documents if you are registered for GST Use Digital Record Keeping You can store records digitally or on paper. The Australian Taxation Office (ATO) advises businesses to adopt digital recordkeeping where possible, as tax and superannuation reporting is increasingly moving online. Digital records streamline processes and save time once set up. If you choose digital records, you don’t need paper versions unless a regulation specifically requires them. Store Records Securely Protect both digital and paper records from alteration or loss. Always back up your digital files and, whenever possible, use secure off-site storage such as a cloud solution. Keep Financial Records Keeping clear and up-to-date financial records plays a vital role in the success of your business. Good record-keeping habits help you reduce losses, manage cash flow, meet tax, legal and regulatory obligations and improve financial understanding. An accountant can guide you in creating a reliable record-keeping system. Records Include: Keeping documents, whether digital or paper, that reflect the dates and amounts of transactions. Contracts, agreements and legal documents. Confidential customer and business data. You may need to obtain records during tax season, at the end of the financial year, or through authorities such as the Australian Taxation Office. Benefits of Effective Record Keeping When you keep accurate financial records, you can: Protect your business Organize and manage more effectively Monitor performance Increase profitability Manage risks with confidence Protect your business rights Back up business records Create valuable reports Comply with tax and legal standards Create a secure digital backup process to keep records safe and constantly updated. Back up important records daily for optimal protection. Read Also: What Is BAS & BAS Due Dates in Australia (2025 Guide) FAQs: Frequently Asked Questions Q1. How long do I have to keep customer identity records in Australia? Under the AML/CTF Act, you must keep customer identity records for seven years after you stop providing certain services to a customer. These requirements apply in addition to privacy laws and do not replace credit reporting obligations. Q2. Do I have to keep my bank statements for seven years? Yes, it is recommended. The ATO can request supporting records anytime between three and seven years after you file your tax return. For security reasons, store supporting documents for your return for at least seven years or longer. Q3. Can I safely dispose of old credit card statements? Yes, but destroy them safely. If possible, shred them. If you don’t trust them, tear them up by hand or cut them into small pieces. To prevent identity theft, make sure no one can get hold of them before you throw them away. Q4. How long should you keep financial records? If you request a credit or refund after filing a return, keep your records for 3 years from the date the original return was filed, plus the tax payment date, whichever is later.