Into Tomorrow in Canberra, Australian Capital Territory | Business service

Into Tomorrow

Locality: Canberra, Australian Capital Territory

Phone: +61 418 458 457

Address: PO Box 374 2606 Canberra, ACT, Australia

Website: http://www.intotomorrow.com.au/#!contact/c14cz

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21.01.2022 It's Tax time. First stats out show a HUGE increase in early lodgements - day 1 the ATO had almost 750,000 lodgements including income tax returns, early release super and jobkeeper applications. This is up from a (mere) 100,000 on 1 July 2019!!!!!!!!!! And some early trends (and dangers for early lodgers of income tax returns) appearing - see below Early mistakes... However, the ATO has urged early lodgers to take care in preparing their returns, with early analysis revealing three trending mistakes. The first issue includes claiming multiple working-from-home methods for the same period, with some taxpayers accidentally or deliberately confusing between the ATO’s recently introduced 80 cents shortcut method and its standard 52 cents fixed-rate and actual cost method. It’s important to remember that if you’re claiming under the working-from-home shortcut method for 1 March to 30 June 2020, you can’t claim any other expenses for working from home for that period, Ms Foat said. If you want to specifically claim the depreciation of big-ticket items like laptops or desks, you can use one of the existing methods, but you can’t double-dip and claim under the shortcut method as well. We’ve already seen a number of people calling to advise that they have made a mistake in their working-from-home claims and seeking to amend their returns. The second issue the ATO has noticed so far is where taxpayers simply copy and paste their deductions from the year before, failing to account for a reduction in claims due to COVID-19. One concerning trend we’re seeing is people increasing deductions where they’ve spent more, like working from home, but forgetting to reduce claims in areas they have cut spending, Ms Foat said. We know that more people have been working from home, working reduced hours or, unfortunately, not working at all. So, if you aren’t travelling for work, you can’t claim travel expenses. If you aren’t wearing your work uniform, you can’t claim laundry expenses. The final issue that the ATO has noticed with early lodgements is the failure to report all income, with prefill information unlikely to be ready so early into the new financial year. Unfortunately, we can confirm that approximately one in five people who lodged early won’t be getting their refunds in the first batches out because they didn’t take the time to include this income, Ms Foat said. While we try to include as much as possible, we are asking taxpayers to add any amounts that aren’t automatically included to your return. This includes cash wages, foreign-sourced income, or even gains from cryptocurrency. If you’re lodging early, it’s crucial you check this information is there and manually add it if it’s not.

17.01.2022 Congratulations to our clients Caligula's Horse and an artist on our client Rice Is Nice's label roster. Privileged to have such talented people as clients - we are in constant awe and appreciation. Also congrats to our old friend Dave McCormack and his posse - great band, great album, great people, well deserved.... Peter #caligulashorse #donnybenet #riceisnicerecords #custard #music #accounting #clients

11.01.2022 Excited to welcome Chloe to our awesome group of clients #theoxytocinproject #clients #greatclients #accounting #tax #thearts #intotomorrow http://www.theoxytocinproject.com/

03.01.2022 A good summary of Jobseeker Govt payments https://www.artshub.com.au//jobkeeper-payment-for-sole-tra