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Tax Less Accounting

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22.01.2022 MYTH: Completing your own tax return is easy as you have be doing it in the past without any issues . FACT: Did you know that preparing your own tax return through Mytax could increase your chance of getting audited by the ATO compared to going through a Registered Tax Agent FACT: The tax system is self assessed therefore the mistake will only be picked up when the ATO audits you. This could lead to potential penalties for incorrect claims so it’s just not worth the Risk !

20.01.2022 Paying too much tax? Want a second opinion? Contact us for a free assessment. Sometimes it’s worth a second look

18.01.2022 Don't jump the gun and lodge too early Tax time 2020 is here. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO has issued a warning against lodging too early, before all your income information becomes available. It’s important to remember:... Employers have until the end of July to electronically finalise your income statement The same timeframe applies for other information from banks, health funds and government agencies. For most people, income statements have replaced payment summaries. Your income statements will be finalised electronically and are provided directly to the ATO. You can access your income statements through myGov. TIP: Tax agents like ourselves can access this information, and we are here to help you get your return right this year.

06.01.2022 JobKeeper Changes Coming in September This week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. This comes as businesses continue to struggle and as an increase in infections has been reported in the southeast. The JobKeeper subsidy has been extended to 28th March 2021. However, there are some changes that you should know about. Please be aware there are still plenty of unknowns surrounding th...e next steps but we will update you as we get more details. JobKeeper 2.0 The next phase of JobKeeper will start at the end of September at a reduced rate of $1200 per fortnight for full-time workers and those working for more than 20 hours per week, from $1500 per fortnight previously. Meanwhile, those working for less than 20 hours a week will receive $750 per fortnight. JobKeeper 3.0 From 4th January 2021 the payments will further decrease to $1000 per fortnight for full-time workers, and to $650 per fortnight for those working less than 20 hours per week. New Eligibility Test From October, the payment will be subject to a new eligibility test which assesses whether the business recovered in the last 6 months. Reassessments in October and January In early October, businesses will need to prove they’re in financial distress (showing a decline of at least 30%) in the June 2020 quarter in order to be eligible for the October December scheme. This will need to be proven again in early January based on September quarter figures. It is important to note that these changes are yet to be legislated, which means that they are subject to change. As the finer details become available, we will pass them on. If you need help in evaluating the impact of these changes to your current situation, feel free to contact us for guidance.

05.01.2022 INDIVIDUAL TAX RETURN KEY POINTS - COVID 19 Work from Home deductions from March 1st 2020 to June 30th 2020 at a rate of $.80 Cents per hour is available. Please complete a diary record of all hours worked at home. Item purchased under $300 for use in employment with or without COVID-19 reasons...Continue reading