Scams are so prevalent these days, that whenever your phone rings or an email hits your inbox, there is a very good chance someone is trying to fleece you of your hard earned cash. According to the ABS, in 2022, Australians lost $3.1 Billion to scams compared to $2 Billion in 2021. That is a 50% increase in 12 months. These numbers are frightening. In order to counteract this situation,…
Here are the questions for the 2023 Individual Income Tax return. Have you changed jobs since last year 30 June 2022? What is your job description? Do you have a daily record of hours worked from home? You do not need a dedicated work area, but you need to have kept a daily record of hours worked when nobody else was using the same area. Please supply the number…
What can you do before the 30th June to reduce your tax for 2023? Follow these steps and have more money in your pocket for you and your family to enjoy. Personal Tax Home Office Expenses If you have been working from home, you may have expenses you can claim a tax deduction for. The ATO allows you to claim using a “Revised Fixed Rate Method” an amount of $0.67…
Cash Flow, Small Business, Taxation
With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2023. This would mean more money in your pocket for you and your family to enjoy. Business Tax Temporary Full Expensing Purchase equipment before year end as businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of…
The budget has just been released and here are the key announcements that will impact most taxpayers. 1. Personal 1.1 There has been no change to the personal tax rates as previously legislated. 1.2 Removal of the low and middle income tax offset (‘LMITO’) with only the Low offset remaining. The Government has announced that the temporary LMIT has now ceased and been replaced by the low-income tax offset as…
As a result of the change caused by Covid of many more employees working from home, the ATO has revised the rules for the rate method, for working from home expenses that can be claimed on your tax return. From the 2023 tax year you can claim 67 cents per hour worked from home. (Previously it was 52 cents per hour) for 2025 it is 70 cents per hour. The…