Tax myths busted: What you can really claim with the ATO

Tax myths busted: What you can really claim with the ATO

Author: Rask July 13, 2026 Duration: 39:29
In this Australian Finance Podcast episode, your host Gemma Mitchell is joined by Anita Challen, Assistant Commissioner at the Australian Taxation Office (ATO), to bust some of the biggest tax myths Australians still believe. They cover: – What makes an expense genuinely tax deductible – Common mistakes people make with work-related claims – Car expenses and the records you need to keep – When a side hustle becomes income the ATO cares about – Rental property deductions and renovation traps – Why gifts, freebies and endorsements may need to be declared as income – The latest tax scams and how to protect yourself this tax time Topics Covered – What makes something tax deductible? – Common tax myths around clothing and meals – Car expense claims: what you can and can't claim – Record keeping requirements for tax deductions – Business expenses versus personal expenses – Side hustles, hobbies and taxable income – When does a hobby become a business? – Declaring gifts, freebies and endorsements as income – Rental property deductions and record keeping – Repairs versus improvements: what's deductible? – Renovating investment properties before tenants move in – Tax scams and staying safe online – How the ATO communicates with taxpayers – The biggest scam red flags to watch for – Where to go for trusted tax information Resources for this episode – Tax Time Toolkits – Download the ATO app – Verify or report an ATO scam – Buy Gemma’s book “The Money Reset” – Speak with the Rask Advice team – Ask a question (select the Finance podcast) Show partner resources – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Get 50% off your first two months using PocketSmith – Whatever comes next for your business, power it with Stripe EOFY deals to know about - ending June/July 2026 – 1 free trade per month, for 12 months, for new Pearler customers Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg Learn more about your ad choices. Visit megaphone.fm/adchoices

Navigating the financial landscape can feel overwhelming, but Australian Finance Podcast cuts through the noise with grounded, practical advice tailored for life in Australia. Hosted by Owen Rask, the Chief Investment Officer, and Gemma Mitchell, a Senior Financial Adviser, conversations on this podcast feel less like a lecture and more like a direct chat with experts who genuinely want you to succeed. Each episode is built around actionable strategies-whether it's about restructuring debt, understanding investment vehicles, or tax efficiency-that you can apply immediately, not just abstract theories. The focus is on building the confidence to make informed decisions with your money, aiming for a future where your finances support the life you want to live, rather than dictating it. For those just beginning their journey, the hosts suggest diving into their foundational "Starter Pack" series to build a solid base of knowledge. This isn't about get-rich-quick schemes; it's a steady, educational companion for developing lasting financial health. Tune in for a straightforward blend of market insights, personal finance management, and long-term wealth-building principles, all delivered with a clear Australian context. The Australian Finance Podcast from Rask is that reliable resource for turning financial complexity into manageable, actionable steps.
Author: Language: English Episodes: 50

Australian Finance Podcast
Podcast Episodes
Rewind: should you boost super, pay off debt or save for a home? [not-audio_url] [/not-audio_url]

Duration: 35:13
This is a special rewind episode of the Australian Finance Podcast, bringing back one of our favourite Q&A conversations because the questions are still incredibly relevant today. In this episode, Owen Rask and Gemma Mit…
How to build money goals that actually stick, with Hayden Smith [not-audio_url] [/not-audio_url]

Duration: 33:30
In this Australian Finance Podcast episode, Owen Rask sits down with Hayden Smith from Pearler to unpack why so many money goals fall over before they ever become real habits. Rather than setting huge targets that feel i…
How to buy your first property in Australia, with Glen James [not-audio_url] [/not-audio_url]

Duration: 53:36
In this Australian Finance Podcast episode, Owen Rask sits down with Glen James to talk about buying your first property in Australia when the market feels tougher than ever. Glen explains why so many buyers feel stuck,…
VanEck’s GOAT ETF: how AI is changing ETF investing, with James Gil [not-audio_url] [/not-audio_url]

Duration: 36:40
In this Australian Finance Podcast episode, Owen Rask sits down with James Gil, Head of Product at VanEck, to unpack the relaunch of GOAT and why it matters for ETF investors. Rather than simply buying “AI stocks”, GOAT…
Six things we've learnt about money with Pearler's Hayden Smith [not-audio_url] [/not-audio_url]

Duration: 45:16
In this episode of Australian Finance Podcast, Owen Rask sits down with Hayden Smith from Pearler to compare the money lessons they wish they had understood much earlier. What starts as a conversation about investing qui…
Div 293, first-home rules and the SMSF property crackdown [not-audio_url] [/not-audio_url]

Duration: 50:23
In this episode of Australian Finance Podcast, Owen Rask and Gemma Mitchell unpack a grab bag of money questions that hit a lot of Australians at exactly the wrong time: when tax, super and property rules all seem to be…
Should you DIY your super? Hayden Smith answers the big questions [not-audio_url] [/not-audio_url]

Duration: 47:42
Australian Finance Podcast host Owen Rask sits down with Hayden Smith from Pearler to answer one of the biggest questions investors ask once they get serious about money: should you take more control of your super, or le…
An AI masterclass with Hayden Smith from Pearler [not-audio_url] [/not-audio_url]

Duration: 52:29
In this Australian Investors Podcast episode, Owen Rask sits down with Hayden Smith, CTO at Pearler, for a practical masterclass on what AI actually is, why it matters for investors, and where the real money may be made…