@bymichhuynh: More details below 👇 Follow @bymichhuynh for more money content & check out Part 1! 💗 🧾 A proposed $1,000 instant tax deduction: From 2026-27, workers may be able to claim a flat $1,000 deduction on work-related expenses without receipts. If it passes, it’s expected to benefit around 6.2 million workers, saving an average of $205. The catch: it’s one or the other — the flat $1,000, or itemised expenses with receipts. If you regularly spend more than $1,000 on professional development, equipment, or home office costs, the traditional method could still win. Still needs to pass legislation — check ato.gov.au. 📉 Capital losses carry forward indefinitely: No expiry date on a capital loss. Sell shares, ETFs, crypto, or property at a loss and you can offset capital gains now or in any future year. The ATO tracks it through your return, but keep your own records too — especially across multiple platforms. 💸 DRPs are taxable even without the cash: Reinvesting dividends through a DRP? The ATO still treats it as income. Those shares also carry a cost base equal to the dividend amount — which matters when you eventually sell. 👔 Two jobs means one tax-free threshold: The $18,200 threshold is nominated via your TFN declaration. If you’ve accidentally claimed it with both employers, your second employer withholds less tax all year — and you won’t notice until you file and owe money. Worth checking now. Just things worth knowing before next tax season in July. 🔖 #moneymindset #ausfinance #eofy2026 #taxes2026 #financememes General information only — not personal financial or tax advice. Speak to a registered tax agent or financial adviser before making decisions. The $1,000 deduction is a proposal subject to legislation.

Michelle | Money & AI ♡

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Saturday 27 June 2026 03:30:01 GMT