SmartFinance Compass

Tax Deductions You’re Probably Missing as an Aussie Tax time in Australia can feel overwhelming, but it’s also a golden opportunity to legally claim back money you're entitled to. Many Aussies miss out on deductions every year simply because they don’t know they exist. 💼 Commonly Missed Tax Deductions in 2025 Working From Home Expenses: Claim electricity, internet, and a portion of your rent or mortgage (if applicable). Union Fees and Subscriptions: Professional memberships related to your job are deductible. Tools & Equipment: If you use them for work, you can claim depreciation or outright cost. Self-Education: Courses that directly relate to your income can be claimed. Mobile Phone Use: Partial deduction based on work-related usage. 🔍 How to Track These Deductions Use tools like MYOB or Hnry to automatically track eligible deductions and generate reports for your accountant or the ATO. 🧾 Claiming Tips Keep digital receipts and log usa...

Is Salary Sacrifice Worth It in 2025? A Simple Guide Salary sacrifice is a powerful but often misunderstood financial strategy. In 2025, more Australians are exploring how to legally reduce their taxable income and grow their retirement savings. But is it the right move for you? What Is Salary Sacrifice? Salary sacrifice (also called salary packaging) is when you agree to forgo part of your before-tax salary in exchange for benefits like extra super contributions, car leasing, or even work-related expenses. This reduces your taxable income, which may mean you pay less tax. Top Benefits Lower Tax: You reduce your taxable income, potentially saving thousands each year Boost Super: Extra contributions can compound over time for a better retirement Flexible Options: Packages can include electronics, novated leases, and more Drawbacks to Consider Reduced Take-Home Pay: You’ll have less money in your pocket now Limits Apply: Concessional super contributions a...