by Camden Professionals | Sep 25, 2023 | ATO, Tax & Accounting, Tax Deductions
You must have come across the term tax offset being used in conversations regarding taxes, especially around tax time. As per the Australian Taxation Office (ATO), a tax offset will directly reduce or offset the amount of tax payable on a person’s taxable income in a...
by Camden Professionals | Aug 15, 2023 | ATO, Tax & Accounting, Tax Deductions
If you get a big lump sum payment that’s related to an earlier year’s income, you may be able to get some tax relief on it. This is called the Lump Sum Payment (LSPIA) in Arrears tax offset. Basically, if you get a lump sum payment that’s more than $1,000 and it’s for...
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