Newcastle Tax Team(previously Tamworth Tax Team) in Broadmeadow, New South Wales, Australia | Notary public

Newcastle Tax Team(previously Tamworth Tax Team)

Locality: Broadmeadow, New South Wales, Australia

Phone: +61 409 968 268

Address: Hunter Stadium Broadmeadow, NSW, Australia

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22.01.2022 If you are looking to make a claim for work expenses in your tax return this year, here are some suggestions from the ATO: The expense must be incurred in the year you are claiming the expense (01/07/2015 to 30/06/2016) The expense must relate to your job and not be a private expense If you receive an allowance from your employer, it does not always mean you can claim a deduction related to that allowance If your total work expenses (travel, uniform, phone, home office, subscriptions etc) total more than $300 you will need to have written evidence such as receipts for these claims.

20.01.2022 This year (2016 tax return) there are only two ways to claim motor vehicle expenses: 1. Maximum 5000km (even if you do more). All vehicles irrespective of size, now use the 66 cents per km rate. This means the maximum claim is now $3300. 2. Logbook method where you must record all travel for both personal and business for a minimum of 12 weeks and apply the business or work use percentage to your all expenses for the full year (fuel, repairs, rego, insurance, interest on loan, lease payments, parking) If you haven't kept your logbook this year you will have no choice but to use the kilometre method. However, you can now get organised for your 2017 tax return by keeping a log book and all your expenses for the year.

12.01.2022 Work items that may be claimed as a tax deduction if they relate to your current job - briefcases, calculators and personal organisers, diaries and logbooks, income protection insurance (not life insurance), first aid courses, overtime meal expenses, postage, professional seminars and courses, conferences and workshops, reference books, stationery, sun protection, technical journals, periodicals and magazines, tools of trade, union fees. Receipts need to be maintained. Diary entries are suitable for small expenses ($10 or less) totaling no more than $200. If you don't have an itemised phone account to show actual phone calls, you can make a reasonable estimate of your business percentage.

02.01.2022 If you have ever considered putting investments in your children's name to reduce your tax? It might be a good idea to re think your strategy. Minors (anyone under the age of 18) can only earn $416 in investment income (shares, dividends etc) before their tax rate increases to 47%. Income from a part time job is taxed at normal rates and they can earn up to $18200 before paying tax. However, if their investment income exceeds the $416, they will pay the higher rate of tax on that income only, even if their total income is under the threshold. Seek expert advice on this matter for your individual situation.

02.01.2022 I spent yesterday at the 2016 Tax School in Sydney. Definitely lots to learn about changes for tax returns and business updates. Also covered the areas the ATO will be looking at this year in tax returns and how to avoid an audit on your return. Stay tuned during the next week as I post some tax information that will assist you with your 2016 return. Did I say how much fun the Tax Schools always are!!!!