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Home Insurance

Renting out a room in your home: Are you insured?

Renting out a room in your home can be beneficial in a number of ways - it can help you earn extra income to put towards household bills or mortgage payments, and it can even be a way to make use of a space that’s sitting dormant. That said, if you are considering becoming a landlord, even on a small scale, then it’s important to understand the legal requirements and the workings of the rental market, as well as how renting out a room could potentially affect your home and contents insurance. 

Mark Bristow

Mark Bristow -

09 Feb, 2024 -

5 min read

Home Insurance

Can you claim home insurance on taxes?

In most instances, you cannot claim home insurance as an expense on your taxes, because homes are used for personal purposes. However, according to the Australian Taxation Office (ATO), you may claim some portion of the home insurance expense if you use your residence to run your home-based business.

Mark Bristow

Mark Bristow -

16 Dec, 2022 -

4 min read

Home Insurance

Do you live in an apartment? Here's what's covered under strata insurance

Homeowners and would-be buyers should familiarise themselves with what exactly is covered under strata insurance to mitigate the risk of gaps in your personal insurance coverage.

Alex Ritchie

Alex Ritchie -

25 Oct, 2023 -

3 min read

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Credit Score

How good debts and bad debts can affect your credit score

Is there such a thing as 'good debt' and what could it mean for your financial future?

Mark Bristow

Mark Bristow -

16 Feb, 2024 -

4 min read

Credit Score

Does your credit score directly relate to how much money you can take out?

If you’re applying for credit products you may be wondering how much your credit score comes into play. But did you know your credit score may impact the amount of money you’re approved for?

Alex Ritchie

Alex Ritchie -

19 Jan, 2024 -

4 min read

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Home Loans

How much does a house depreciate in value?

You may not think of houses as depreciating in value – after all, don’t house prices keep going up and up? But property investors know that houses and apartments also experience wear and tear over time, which requires upkeep and maintenance. While this depreciation can eat into the rental yield from an investment property, the costs can often be claimed as an expense on your taxes.

Mark Bristow

Mark Bristow -

07 Nov, 2023 -

3 min read

Home Loans

Tax deductions for your investment property

One of the biggest benefits of investing in property, as opposed to living in the property, are the potential tax benefits. Understanding the potential tax deductions available for your investment property may help you to maximise your returns.

Alex Ritchie

Alex Ritchie -

01 Nov, 2023 -

4 min read

Home Loans

What is negative gearing?

Negative gearing refers to when investors can claim a tax deduction when their investments make a loss. While negative gearing offers several potential benefits, there are also risks involved.

Vidhu Bajaj

Vidhu Bajaj -

24 May, 2023 -

6 min read

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Personal Loans

Can you use a personal loan for tax debt?

Many banks won’t allow borrowers to use a personal loan to pay tax debts. However, it may be possible to get a loan to help cover your other expenses while you concentrate on repaying what you owe to the Australian Taxation Office (ATO).

Mark Bristow

Mark Bristow -

21 Dec, 2023 -

3 min read

Personal Loans

Can a personal loan be used for tax exemption?

The interest you pay on personal loans are usually not tax-deductible, but they may be in some cases. It’s important to look at how the loan is spent.

Jodie Humphries

Jodie Humphries -

27 Dec, 2020 -

3 min read

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Superannuation

Can you use super to pay your mortgage?

It is possible to use the money in your superannuation fund to help cover the cost of your mortgage in certain circumstances, such as if you’re retiring or are in financial hardship. However, accessing your super fund early can make a big difference to your retirement lifestyle. 

Mark Bristow

Mark Bristow -

21 Jul, 2023 -

4 min read

Superannuation

How much tax do I have to pay on superannuation contributions?

The tax due on your super depends on factors like how much you earn and whether the money has already been taxed. This explainer may help clarify the rules.

Jodie Humphries

Jodie Humphries -

11 Jul, 2022 -

3 min read

Superannuation

When should I rollover my super balance?

By rolling over super spread over several funds and consolidating them into a single account, you may save on fees and taxes.

Alex Ritchie

Alex Ritchie -

15 Mar, 2021 -

4 min read

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Car Loans

Are salary sacrifice car schemes worth it?

A salary sacrifice car loan is simply another term for a novated lease, in which you purchase a vehicle using your pre-tax salary. Car salary sacrifice loans are essentially three-way contracts.

Alex Ritchie

Alex Ritchie -

20 Nov, 2023 -

5 min read

Car Loans

What is a novated lease’s balloon payment?

When the term of a novated lease ends, you can choose to own the car by making a balloon payment. You can also refinance the novated lease and potentially save on taxes.

Jodie Humphries

Jodie Humphries -

23 Jul, 2021 -

3 min read

Car Loans

What's the most tax effective way to buy a car?

Buying a car can be a major financial commitment, so it makes sense to check how this purchase could influence the tax you pay. Depending on your financial situation and how you plan to use the car, there may be several strategies available to claim tax deductions on your car purchase. It’s important to compare the available options to work out which one may be the most tax-effective choice for you.

Mark Bristow

Mark Bristow -

05 Oct, 2022 -

4 min read

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Savings Accounts

Taxes paid on savings

In 2010 the Federal Budget announced that from July 1, 2011 new tax breaks for savers would be introduced. But it was never rolled out and in 2012 the government did a backflip, much to the ire of the banks, and withdrew the tax break.

RateCity

RateCity -

07 Jul, 2010 -

1 min read

Savings Accounts

Do I have to pay taxes on the interest earned in my savings account?

You need to add the interest earned from your savings account to the income you declare on your tax return and pay tax on the total.

Jodie Humphries

Jodie Humphries -

16 Feb, 2021 -

4 min read

Savings Accounts

Tax breaks for savers

In 2010 the Federal Budget announced that from July 1, 2011 new tax breaks for savers would be introduced. But it was never rolled out and in 2012 the government did a backflip, much to the ire of the banks, and withdrew the tax break which was said to be worth $923.5 million.

RateCity

RateCity -

06 Jul, 2010 -

1 min read

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Cryptocurrency

How are NFTs taxed in Australia?

If you’ve transacted with NFTs in any way - bought, sold, gifted, traded, exchanged for cryptocurrency - you must declare all transactions and any capital gains or losses as part of your income tax return.

Peter Terlato

Peter Terlato -

17 Jan, 2023 -

5 min read

Cryptocurrency

A guide to cryptocurrency and tax in Australia

It’s legal to buy, sell and hold cryptocurrency in Australia. Coins are treated as taxable assets. You'll need to keep transaction records and declare your capital gains and losses. It's helpful to understand how and when crypto is taxed and this guide will explain everything you need to know.

Peter Terlato

Peter Terlato -

07 Oct, 2022 -

7 min read

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Credit Cards

Can you pay your taxes with a credit card?

If you owe money to the Australian Tax Office, or if you’re a sole trader or self-employed, you may be wondering if you can pay your taxes with your credit card.

Alex Ritchie

Alex Ritchie -

30 Jul, 2020 -

5 min read

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Investment Funds

What are franking credits?

Franking credits, also known as imputation credits, are a tax credit for investors in shares. Franking credits stop company profits being taxed twice.

Nick Bendel

Nick Bendel -

23 Aug, 2017 -

2 min read

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Term Deposits

Is a term deposit an asset?

A term deposit falls under the category of a financial asset, specifically a cash and cash equivalent asset. It's a form of investment that you own, and it holds monetary value.

Peter Terlato

Peter Terlato -

02 Nov, 2023 -

4 min read

Term Deposits

How do you pay tax on term deposits?

Just like your regular income, the interest you earn on term deposits is taxable. You should pay tax on any interest that you have received within the current financial year. For example, if you receive monthly interest payments, these payments should be claimed on your tax return. However, if your term deposit is longer than one year and you will only receive interest at maturity, then you will pay tax on your interest in the year that you receive it. 

Mark Bristow

Mark Bristow -

14 Oct, 2022 -

3 min read

Term Deposits

Are term deposit accounts subject to capital gains tax?

The tax you pay on a profit generated by a term deposit is not classified as capital gains tax. Interest earned on a term deposit is considered income though and would need to be included in your annual income tax return.

Alex Ritchie

Alex Ritchie -

09 Nov, 2022 -

3 min read

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Energy

How much gas and electricity can I claim on tax?

If you work from home, you could claim deductions against gas and electricity used for heating, cooling and lighting. But how much gas and electricity can you claim on tax?

Jodie Humphries

Jodie Humphries -

13 May, 2021 -

4 min read

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Home Loans

Offset accounts, the great hack?

Australians love a good life hack and offset accounts are no exception, but as with all good hacks, it’s worth double checking the details to make sure there's no catch.

Eden Radford

Eden Radford -

06 Mar, 2024 -

4 min read

Home Loans

Cash rate on hold: how to keep your budget in the black until rate cuts eventuate

The RBA has kept the cash rate on hold for the third consecutive meeting, as Australia’s monetary policy settings work to rein in inflation.

Eden Radford

Eden Radford -

19 Mar, 2024 -

5 min read

Home Loans

What to expect from the RBA meeting in March 2024

According to many economists, the Reserve Bank of Australia (RBA) is unlikely to change the national cash rate at its upcoming meeting on 18 and 19 March 2024. The real question is whether recent economic updates could affect when the RBA is likely to announce its first rate cut.

Mark Bristow

Mark Bristow -

12 Mar, 2024 -

5 min read

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Term Deposits

How far can your savings take you? Some of the top-rated term deposits in February 2024

Has your term deposit been effectively losing you money in the past? With Australia’s inflation falling faster than expected, it may be getting easier to find term deposits that can keep your money from going backwards. But it’s important to compare the available options and choose a term deposit that will suit your needs and help you reach your savings goals.

Mark Bristow

Mark Bristow -

12 Feb, 2024 -

3 min read

Term Deposits

Maximise your savings: top terms deposits for May 2023

Now may be an opportune time to compare a range of term deposit accounts and the different options that are available.

Peter Terlato

Peter Terlato -

12 May, 2023 -

3 min read

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Credit Cards

Credit card debt creeps up as Australians pare back December spending

Australia’s total credit card bill attracting interest charges crept up in the month of December, hitting a total of $17.31 billion, an increase of almost $21 million.

Eden Radford

Eden Radford -

07 Feb, 2024 -

4 min read

Credit Cards

ATO sets the record straight for working deductions

Running up the credit card for things you think you can claim on tax? Depending on your job, you might want to check what�۪s allowed, says the ATO.

Nick Bendel

Nick Bendel -

03 Sep, 2018 -

3 min read

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Superannuation

Are retiring Boomers paying too much super tax?

More and more Australians are approaching retirement age, when it’s time to start accessing their superannuation savings. But many of these older Australians could be paying too much tax on their super investment earnings, which could be fixed by making one change.

Mark Bristow

Mark Bristow -

24 Aug, 2023 -

3 min read

Superannuation

The Super Guarantee is rising to 11%: What this means for your salary and retirement

Employees don’t need to do anything with regards to the increase in super contributions. Your employer has the responsibility of making the necessary adjustments. However, it's sensible to regularly review your super payments.

Peter Terlato

Peter Terlato -

30 Jun, 2023 -

5 min read

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Savings Accounts

Get your taxes right, or else: ATO

The Australian Taxation Office has warned it will use data analysis to catch out people who file incorrect claims for work-related expenses at tax time.

Nick Bendel

Nick Bendel -

22 Jun, 2017 -

3 min read

Savings Accounts

SA to face High Court if bank tax goes ahead

The major Australian banks will take the South Australian Government to the High Court if it introduce their proposed bank tax.

Alex Ritchie

Alex Ritchie -

23 Aug, 2017 -

2 min read

Savings Accounts

Tax time: How to secure an extension and get COVID-19 help

The deadline for people preparing their own taxes is October 31, but there’s plenty of options available if you haven’t had the chance to take care of the paperwork.

Tony Ibrahim

Tony Ibrahim -

30 Oct, 2020 -

4 min read

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Car Insurance

Are you paying an insurance loyalty tax?

ASIC commenced civil penalty proceedings in the Federal Court last week, claiming some insurers used an algorithm to determine whether or not a customer might renew their policy at different premium levels.

Peter Terlato

Peter Terlato -

05 Sep, 2023 -

4 min read

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Car Loans

Could removing taxes on new cars make our roads safer?

The Australian Automobile Association (AAA) has welcomed a proposed removal of tariffs on safer new vehicles, as expressed by Deputy Prime Minister and Minister for Infrastructure and Transport, Barnaby Joyce.

Alex Ritchie

Alex Ritchie -

05 Jan, 2018 -

3 min read

Car Loans

State Governments plan electric vehicle road tax

Two major states are working on introducing a tax on electric and other zero emission vehicles to subsidise road infrastructure, but industry groups warn it might affect the uptake of the nascent ‘green’ category.

Tony Ibrahim

Tony Ibrahim -

13 Nov, 2020 -

5 min read

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Bank Accounts

Tax deadline looms tomorrow

Haven�۪t filed your tax yet? You have a day to make it happen, or get yourself as a client of a registered tax agent to escape potential penalties.

Nick Bendel

Nick Bendel -

30 Oct, 2018 -

3 min read

Bank Accounts

SA scraps bank tax

South Australia��_s proposed bank tax has been shelved by the state government, before the bill could be knocked back in the state's upper house for a second time.

Mark Bristow

Mark Bristow -

16 Nov, 2017 -

2 min read

Bank Accounts

How Aussies are spending their tax refund

Frivolous tax refund spending is the last thing on the mind for a majority of Aussies, according to the recent ME Tax Back Survey.

Alex Ritchie

Alex Ritchie -

18 Jul, 2018 -

3 min read

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Nonspecific

RateCity Awards Licence Terms and Conditions

RateCity awards licence terms and conditions

Mahendra Duddempudi -

23 Jan, 2024 -

19 min read

Nonspecific

Expert tax tips for the end of financial year

The end of financial year (EOFY) means more than just sales down at the shopping centre. It’s also the last chance for Australians to make any decisions regarding changes to their finances that could affect their next tax return.

Mark Bristow

Mark Bristow -

22 Jun, 2020 -

8 min read

Superannuation

Find superannuation funds for investment property

Find investment property super funds at RateCity. View all product details, interest rates and fees to find the Superannuation that suits your needs at RateCity

Nick Bendel

Nick Bendel -

22 Nov, 2017 -

5 min read

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Home Loans

Home loans in NT

Find Home loans in NT at RateCity and compare over 6674 home loans. View all product details, interest rates and fees to find the home loan that suits your needs at RateCity

Mark Bristow

Mark Bristow -

19 Oct, 2016 -

3 min read

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