I have worked in Finance for decades and I have learned many lessons from working with very wealthy and successful people by seeing how they manage their own money. I enjoy teaching what I have learnt and seeing it empower people to make a positive change in their own lives.
This is fantastic thank you so much! I will say as someone who literally works with Excel for a living, this can be made much simpler by using a Table in your Data tab. It will automatically copy all your formulas down, and you can make your PivotTable based on the Table rather than a selection of data, which means if you add or delete columns (among other things), you won't have to reset/redefine your data source. Just a lil tip from my experience making my sheet from this tutorial!
Thanks for watching. I agree about comments about tables and encourage their use. However for my audience, I want them to understand the basic concepts first. Many viewers of my channel have never used a spreadsheet before for instance and I don’t recommend tables for them.
hi, ive been doing uber eats for afew months now and i am curious what im supposed to do for the "tax withheld" section. I obviously havent had any tax withheld, and when i put 0 it gives me an error, any help would be awesome.
Not sure but I created another video that goes into more detail that you can watch here: MyTax Tutorial: Personal Service Income for Sole Traders ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-OLRaVgEtPmM.html
Good question. For a complete answer the ATO guides taxable transaction here www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments/transactions-acquiring-and-disposing-of-crypto-assets/crypto-asset-transactions
@@MoneywithDan Ok i suck at this but long story short bought and lost 1600 dollars (classic rugpulls got me)worth so all at a loss would i still get a amount owing from them you think?..Im not an accountant i dunno this tax crap
Hey Dan, thanks for these awesome videos. Should I take my credit card info and combine it with checking? I do want the complete picture, but I would still like to differentiate the two. Thanks!
Thank you. I usually update the pivot table to put the dates data field into the column section of the Pivot table which appears in the field list button is selected. You can then filter on just utilities and expand the field to show the supplier costs on seperate rows. Hope that makes sense.
If I'm a sole trader registered for GST, do I exclude the GST from all the values here? Or do I enter the full amount I was paid and add the GST to deductions?
@@MoneywithDan Also can you please share the vlookup code? For some reason, im unable to reproduce what you are performing. After entering the comma, nothing shows up in the data cell because of which im getting the error (probably something to do with mac). Advance thanks. Really appreciate the support.
According to the ATO, To claim your working from home deduction using this method, you must keep: a record of the number of actual hours you work from home during the entire income year - for example, a timesheet, roster, diary or other similar document PLUS at least one record for each of the additional running expenses you incur that the rate per work hour includes - for example, if you incurred electricity and stationery expenses keep one quarterly bill for your electricity expenses and one receipt for your stationery expenses. More information here www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/fixed-rate-method-67-cents#ato-Recordkeepingforthefixedratemethod
Hi! i'm getting lost here, I did ubereat by bike for like 2 months and earned $2000 last year, but how do I report my income as a abn? I only found many videos about tax return. I'm worried if I haven't report any abn income before end of financial year, thank you
From 1 July you will need to lodge you individual tax return where you will need to report this income less expenses in. I created a step by step video tutorial that goes deeper into this here Sole Trader Tax Return: Step-by-Step Guide using MyGov ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-hpEG058bt4I.html
That’s a tough one. I think you may need to consider using a tax agent. The alternative would be paper tax return as I don’t recall MyTax going back that far. Best of luck
@@MoneywithDan Thank you for the kind reply. May I ask if you have any recommendations for the best tax agent to use? Your advice is greatly appreciated.
An ETF, or exchange traded fund (not electronic traded funds) , is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund.
These are a lifesaver, Dan! I stumbled through this on my own last year, but having this for reference will make things so much smoother, and I’ll have peace of mind I’m filling everything out correctly! I’m not sure if you mentioned this already and I just missed it in the video, but does the 50% discount applied to holdings over a year old start from the day I initially bought stock, or does it reset every time I buy more of the same stock? (Do I need to reset the 1 year timer every time I auto-invest dividends)
Thanks for watching. I’m glad it helps. According to the ATO, discount for distribution relates to how long the ETF held the investment and not how long you owned it - see here community.ato.gov.au/s/question/a0J9s000000OAfT/p00198452
@@MoneywithDan in the case of holding stock in a company directly, though, not through an etf, I assume those two would mean the same thing. I’m just not sure if the 1 year timer resets every time you buy more of the same stock
@@justsnowy2413 oh I see sorry I thought it was an ETF given the video topic. Each parcel of share will have their own 12 month CGT timer discount. This can get difficult to track and I use a paid online service called Sharesight to track this and optimise my CGT for me. I also created another CGT video that covers this issue more in depth which you can watch here How Capital Gains Tax is Calculated in Australia ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-speLrYoEsew.html I hope this answers your question.
does not work at all for the first timer. we need to get the linking code but spent million years to just get it. only by call, nothing else, waiting for hours and still not able to get it. any other way to get the code?
Thanks for watching. No potential capital gains tax until you sell your interest in asset or otherwise dispose of them (transfer to someone else) in Australia. However ETFs can distribute capital gain to you that it incurs on your behalf which you would see in the Tax Distribution statement sent from the ETF around August each year.
Thanks for watching. You can use a MID formula instead of the left formula to skip the starting number of characters that cover the date. Try googling MID formula.
I am a foreigner who owns a property in Aust, and I do not have any of those Aussie identity documents including passport/ driving licence/ Medicare etc , so how do a I register to the "Standard Identity Strength" ? The app system only allows me to go as far as the Basic identity strength which does not allow me to get access to the myGov to lodge in tax return and Vacancy Fee Return. Is there any other way to lodge these forms as foreigner ? Thanks! I called up the hotline and the officer couldn't help much at all.
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to paid plan and I may get a small my commission at no extra cost to you, so we both win!)
Brilliant! After YEARS of manually inputting my expenses data, this is the solution I’ve been looking for. Thank you for sharing this, you have saved me hours of work and improved my excel skills!
Thanks so much for your kind comment. It’s for people like you that I make content like this for. Please share with anyone you think could benefit. Thanks again. Dan
Thanks for watching. If you have lodged a tax return in Australia through a tax agent in the past year, then you may have received a notice of assessment letter in paper confirming your tax return was accepted. Notice of assessments are sent electronically once you have linked the ATO to your MyGov account.
Hey mate ! Great video and great channel, if i was employed for the first half of the 2023 financial year and become a sole trader half way through, would i have to submit two tax returns?
Thanks for watching. In short no, only one tax return. You would have income in two sections that addd to one. Also, You will likely have a big tax bill in your first year as a sole trader if you have other income. So keep some money aside to pay it. Also the ATO will want you to start paying PAYG tax instalment each quarter for the new tax year soon after you lodge your tax return so it is a double hit of tax in a short period of time. Best of luck!
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to a paid plan and I may get a small commission at no extra cost to you, so we both win!)
I love your video, but am having trouble using the LEFT formula. It doesn't return any result, and just shows the formula in the cell instead of the result. If anyone knows why that might be, let me know. Otherwise, thank you so much for walking us through your process. It's really well done.
Hi. Thanks for watching. Did you put the = sign at the beginning? The other issue may be because automatic formulas option may be turned off. It’s easy to turn on and you can find the steps using google. Hope this helps.
@@MoneywithDan Thanks for your help! I'll try that. And yes, I was using the = sign at the beginning. Edit: I had the "Show Formulas" button on, so switched it off and now have no issues with the LEFT function. Thank you for showing the way!
Hi Dan, great video and very clear explanations. Instead of having an exact match for the 20 first characters of the transaction description in your ref table can you lookup for a series of words? For example on line 25 instead of "Transfer to CBA A/c Mthly" we could lookup for matches to "Transfer to CBA" directly into the transaction description and another one could be just "BIG W".
Thanks for watching. The vlookup can be changed to not look for exact matches by changed the last part of the formula from false to true . I don’t usually do this as I have found it can be unreliable but maybe you can test to see if it works for you.
Love these videos, so helpful! I'd love one explaining the difference between buying foreign vs Australian domiciled ETFs from a tax point of view. As an Australian, I've bought into VOO thus far, but am wondering whether I should've bought aus domiciled instead I. E. IVV. Would love your analysis as my own research has just confused me 😭
Thanks for watching and I also appreciate the suggestion. I was considering what other tax comparisons I could do next and this could be it. Cheers, Dan
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
Unfortunately, the data is not legible until you zoom in. Suggest using a much larger font and fewer rows/columns in your examples to make it easier to follow along. Also Excel has some very clever auto extraction facility that might make the creation step easier.
Thanks for watching. You can change the RU-vid video to a higher resolution in the video settings. RU-vid defaults to low resolution now so you can’t make out the detail as well as you could when I first uploaded the video 3 years ago when RU-vid defaulted to high resolution.
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
@moneywithdan the problem I am having is when I COPY THE REFERENCE ITEMS AND GO TO PAST THEM THEY WON'T PAST. What is pasting is the word REF all the way down? I have tried this so many times and I can't figure it out!! Can you please help I love this concept!!!!
Thanks for watching. You need to press the right type of “paste” function for “values” only. What you are doing is pasting everything including the formula which gets an error as the formulas does not work in that new tab. I suggest that you watch that part of the video again where I show you which paste button to press. Best of luck!
Thanks for your video Dan! Just wondering whether I can claim for tuition for my bachelor of nursing degree. I have graduated 3yrs ago and have been working as a nurse since. Can I still claim it, and if so, can I claim full amount of my tuition fee?
