If you are an investor, it is advisable to prepare well in advance for the completion and lodgement of your Tax Return. The ATO has sophisticated data-matching capabilities with a broad scope Data relating to investment properties, shares, crypto assets, etc., are now available to the ATO The ATO will likely know if you have received income or made gains on the sale of an investment asset The ATO will “pre-fill” the Tax Return and automatically include details they have...

Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return. Claimed Work Expenses - the ATO will be looking at: If the claimed expenses were incurred by the taxpayer or reimbursed by the employer If the expense is directly related to the earning of the taxpayers income If a receipt for the expense is available Rental Property Expenses - specifically, if the expense cl...

The employer superannuation contribution rate increases from 1 July 2024 to 11.50% The 2024 FY rate was 11.00% The contribution rate is calculated on an employee's Ordinary Time Earnings (basically all earned income and allowances but not Overtime) The contribution is payable on income up to the Maximum Super Contribution Base - ~$249,000 annually in the 2024 FY If you need assistance with your employer super contribution (employee or employer) contact us - your initial c...

The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024. There are restrictions related to superannuation contributions. Exceeding superannuation contribution limits may have significant tax implications. In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your r...

To claim the deduction the expense must be ‘substantiated’ – i.e., prove the expense was incurred Invoices and receipts are the best way to prove the expense Work-related expenses must be related to the ‘work’ – e.g., if the taxpayer’s job requires them to have a mobile phone Credit card and bank account statements may not provide sufficient ‘proof’, so don’t rely on them Tip: obtain invoices and receipts for all expenses that ...