Overlooked Tax Deductions: Don't Leave Money on the Table

Season 8! And you thought Season 7 was the top of the mountain. Get ready to level-up with your favourite account Pete Burrows and his sidekick Ben, as they continue to help our finances from a faith-filled perspective.

Just in time for Tax Returns 2025, Pete gets stuck into what we need to know this year, how to work out what to claim, and why no-one should be "lax with tax".

Key Takeaways:

• Avoid filing taxes too early before receiving finalised financial documents.

• Understand what is tax-deductible and what isn’t; use resources or consult an accountant to clarify doubts.

• Be aware of proposed changes to superannuation tax policies and how they might affect balances over $3 million.

• Consider the implications of potential HECS reductions and plan accordingly.

• Engage thoughtfully with your financial decisions, whether it be tax, savings, or tithing, ensuring they align with your broader spiritual and personal goals.

Notable Quotes:

1. "Don't be lax with your tax." – Pete Burrows

2. "Tax happens every year; it's refreshingly familiar, like Christmas." – Pete Burrows

3. "If the information is incorrect, you might need to lodge an amendment later." – Pete Burrows

4. "Most people can always find something they've spent for their job." – Pete Burrows

5. "Think of tax as the price we pay for the society that we want." – Pete Burrows

Resources:

https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/occupation-and-industry-specific-guides

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

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