News, Tips & Info from the Professionals

Like many industries, hospitality too can invite many ‘iffy’ scenarios where you could easily overclaim or simply forget what is a deduction and what is not. The ATO’s definitions constantly evolve and simply applying what worked last year is not a prudent nor pragmatic approach to your back pocket or your legal responsibilities when submitting your tax.

Did you know that each year over two million Australians get audited by the Australian Taxation Office? ITP Qld works hard to ensure our clients are not one of them. Our returns are legitimately maximised, prudently prepared, and layered with the latest tax knowledge for every industry and circumstance you can think of.

We are the original tax professionals, but what does that really mean? To the industry it means experience, knowledge and respect, but to our clients, it means mouth-watering benefits, year after year.

This week the Federal Government delivered their 2022-2023 budget with many changes that might get lost in the shuffle of the soon-to-be-called election noise. Luckily, we’ve taken the hard work out for you and combed through the weighty document to find key information you need to know for your tax.

We get it. Life happens. Sometimes doing your tax returns is not your number one priority. But if you have not lodged a tax return for a few years, or you have an overdue return looming above your head - no matter the reason, we are here to help you with the best outcome possible.

We know tax is a complicated subject and trying to understand it can feel like trying to learn a new language. Our tax professionals have tackled some of the most common tax-related questions with easy-to-understand answers.

Like clockwork, and as the tax season rolls around, scammers once again set their sights on the vulnerable who are busily preparing to lodge their tax return. The ATO warns that these scams are becoming more complicated and harder to spot each year. Thankfully, our tax professionals know exactly what to look out for and break down the top 3 tell-tale signs that you could have a tax scammer on your hands.

Let's face it, for those of us who aren't a professional, preparing your tax return can feel like a guessing game. Aside from the stress of making sure you don't make any mistakes, there is the added challenge of trying to claim everything you're entitled to without the risk of being audited.

For many Queenslanders, having a second job is a necessity. While this can be a good strategy for boosting your bottom line, if you don't properly understand how the Tax Free Threshold works, that second job could end up costing you more than you bargained for.

JobKeeper has been an invaluable safety net for many throughout the pandemic. However, those who received JobKeeper payments this financial year may experience more complications than they're used to when preparing their annual tax return.

With the Federal Government recently announcing their 2021-22 budget many Australians are scrambling to figure out the potential impact to their back pocket. Luckily, our tax professionals are here to make sense of it all and have broken down the major tax related changes and what they could mean for you.

Are you seeking a stable and rewarding career in tax? ITP Qld's Tax Training School is now taking enrollments for the class of 2021 with job opportunities available to graduates.