Wagga Accounting | Accountant

Wagga Accounting

Phone: +61 428 856 081

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21.01.2022 Tax Tips Things to do before 30th of June Hi Small Business Owner,... Make sure you tick off all these items if they apply to your business! Trusts: Trustee resolutions need to be in place to be able to distribute trust income for the 2021 financial year to beneficiaries. Companies: Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends). Pay superannuation by 26 June 2021 to deduct contributions in the current financial year. Complete a stocktake where required. Write off bad debts and scrap any obsolete stock or plant and equipment. Ensure any inter-entity management fees have been invoiced in your accounting system with proper Agreements in place. #Small business #Tax Tips #EOFY steps

15.01.2022 THE TAX TRAP YOU NEED TO AVOID Everyone wants to increase their tax refund (or reduce their tax payable). We’re here to help you to do this! Tax saving strategies generally involve you spending money on something which creates for you a tax deduction. The something you spend your money on could be an expense, an asset, or an investment related payment (like superannuation or prepaid interest on an investment loan).... However please don’t fall into a common trap of spending money just to get a tax deduction. You only save tax based on the marginal tax rate proportion on the amount you spend, NOT the full amount you spend. For example, if you earn say $85,000 a year, your marginal tax rate (including Medicare levy) is 34.5%. This means any extra dollar you earn will be taxed at 34.5%, and any extra dollar you claim as a deduction will save you 34.5%. So, if you spend $100 on something that you can claim a deduction for, you will get back $34.50 from the ATO. But it will still cost you $65.50. So only spend money on what you NEED, not just to create extra tax deductions for yourself. #Tax Tips #Tax deductions for employees # Tax return #Tax deductions

14.01.2022 Tax deduction for laundry and dry-cleaning expenses To claim a tax deduction for clothing and laundry, 1. you must have spent the money yourself and were not reimbursed 2. It must directly relate to earning your income... 3. You must have a record to prove it. Use ATO's free myDeductionsApp to record your expenses throughout the year! Laundry and repairs You can claim the cost of cleaning and repairing occupation-specific clothing, protective clothing, compulsory uniforms and non-compulsory uniforms. You can’t claim if your employer launders your clothing or reimburses you for these expenses. A reasonable basis for calculating your laundry claim is: $1 per load if the load is just made up of only work-related clothing, or 50c per load if other laundry items are included. Repair and dry-cleaning expenses are based on the actual cost you incurred for those services. If your laundry claim is $150 or less (not including dry-cleaning expenses), you don’t need receipts, but you need to be able to explain how you calculated your claim. You can do this by using the laundry rates and keeping a record of the number of times you washed your deductible clothing in a week, including if they were washed separately or with other clothing.

08.01.2022 Work related tax deductions According to the Australian Taxation Office (ATO) website, there are 4 things you need to claim a work-related deduction: 1. You must have spent the money yourself and weren’t reimbursed;... 2. It must be directly related to earning your income; and 3. You must have a record to prove it. 4. From 1 July 2017 employees are now entitled to claim contributions to superannuation against their salary income. The ATO allows you to claim up to $300 for work related expenses without having kept any receipts but you must have spent the money and it must be related to your employment. If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion. If the cost of any item is over $300, it will have to be depreciated (a portion of the cost claimed each year over its effective life). #tax tips #work related deductions #tax deduction for employees

03.01.2022 What does the Budget mean for you? Key initiatives include: New and extended home ownership programs for first home owners and single parents Extension of the low and middle income tax offset... Child care subsidy increase for families with multiple children $17.7 billion over 5 years to reform aged care $2.3 billion on mental health infrastructure and programs Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of a ‘patent box’ offering tax concessions on income derived from medical and biotech patents Tax and investment incentives for the digital economy See more