Ph: 03 9873 1000
As in previous years we are providing a list of items
that you may find useful in order to complete your tax return:
· 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
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.