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Tax Made Easy in Mitcham

Whether you’re a small business or an independent entity, taxes affect all of us. For tips and tricks in this regard, feel free to peruse some of our tax guidelines and tips. 
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2023 Individual Tax Checklist

As in previous years we are providing a list of items that you may find useful in order to complete your tax return:

  • Annual Payment Summaries (formerly known as Group Certificates), Pension Statements,  Centrelink Payment Summaries for pensions, youth allowance, newstart etc.;
  • Termination payments – If you have received a Lump Sum Payment (long service leave, superannuation etc.) on termination of employment, please ensure that you obtain a copy from your employer;
  • Interest Income from bank accounts such as term deposits / Dividends received for the financial year;
  • Details of any other income received, for example rental income, casual wages, business/ABN income, trust/partnership distributions; income from subcontracting, foreign income
  • Did you sell any shares/investments/ rental property during the year? We will need details of the purchase and sale price as well as cost of buying/selling for capital gains purposes
  • Details of work related expenses, for example motor vehicle log book, uniforms or protective clothing, tools, education, reference books, stationery etc.;
  • Union fees, Subscriptions to professional institutions;
  • Donations, Gifts to registered charitable institutions or school building funds;
  • Income Protection for the year;
  • Private health insurance statements (if provided) including membership number and rebate details, otherwise we can look this up for you;
  • Did you pay any PAYG instalments during the year? Please provide total paid for the year

·        New to 2022/2023:

-          Low income and middle income offset ends –the low income and middle income offset has ended which means lower refunds to a majority of clients of up to $1,500.

-          Home office rate changes– The fixed rate for claiming home office expenses increases from 52 cents per hour to 67 cents. It also covers energy costs, furniture depreciation, cleaning costs, among other expenses. The flat rate of 80 cents per hour no longer applies and there will be new substantiation requirements.

-          Self Education Expenses – Not all courses are claimable and the $250 add back has ended.

-          Travel expenses – Logbook detail will now have to include the purpose of the trip.

         ·         For Small Business

-          Temporary Full Expensing – Full expensing ceases on 30th June 2023.

-          Company Tax Rate – lowered to 25% for base rate entities.

-          Small Business Lodgment Amnesty – Small Business entity’s not subject to penalties for outstanding lodgments from December 2019.

        ·         ATO Audit Focus

-          ATO will focus on work related deductions, rental properties and undeclared capital gains.

-          Short term rentals and gig economy income (e.g. Air bnb,  Airtasker etc.)

-     Motor Vehicle Expenses

  SUBSTANTIATION

Generally deductions are only allowable for employment related expenses if documentary evidence is provided.  You need to keep your tax related receipts and statements for 5 years in the event of an audit.

PENALTIES

Penalties may be imposed on tax returns lodged after the lodgement due date.  Please ensure that you adhere to lodgement and payment dates to avoid unnecessary interest charges and late lodgement penalties

We look forward to hearing from you soon. Please call to arrange an appointment at our office located at               Building 1/ 18-20 Redland Drive Mitcham VIC 3132.  However if you usually mail in your documents please forward these to our post office box,  PO BOX 1038, Waverley Gardens VIC 3170.

Or for those of you who like to email your returns you can email us at  tax@bluestoneaccounting.com.au.

Starting A Small Business

Here at Bluestone Accounting we make starting a new business easy, and can advise you on:
  • The right Business Structure
  • Tax Returns
  • Applying for an ABN
  • Applying for GST
  • Registering a Business Name
  • Setting up Employees
  • Organizing your Workcover
  • Reporting your Superannuation
  • Advise you on what Tax Deductions you can claim
  • Any Tax Offsets you may be eligible for and 
  • All your Reporting and Compliance.
As Certified MYOB Consultants we can advise and help you set up bookkeeping software, instruct you on the more in depth areas of bookkeeping and lodge BAS and PAYG Statements. In addition we can help you understand profit and loss statements and balance sheets to analyze how your business is performing all at an affordable cost.
For more information please call us on 03 9873 1000 or email us at tax@bluestoneaccounting.com.au
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