Quick Tips

Individual tax payers

• Bring your Health cover tax statement with you the next time you come to have your tax return prepared. It will show the type of cover, the number of days you were covered a The law has changed you will only be exempt from the Medicare Levy Surcharge if you earn below a certain amount this coming year.
• Many employees are required to use their own car to do work related activities, such as collect the mail, travel to another work site. Keep a record, a log book of these journeys so we can claim them as an expense
• Some occupations like teachers, architects, tradesmen need to have a home office to complete their work duties. Keep a record of how many hours you work in this office for a period of 10 weeks, so we have a sample we can use to estimate the rest of the years use. A percentage of your electricity bill can be claimed as a work related deduction
• For those with a rental property, items like dishwashers, heaters, stoves, fridges and washing machines can be deprecated .Depreciation is a tax deduction.

Business

• New laws extend directors personal liability for any unpaid company taxes and superannuation. Make sure PAYG withholding and superannuation are paid each quarter.
• The construction industry must now supply a list of all contractors they use and the amounts paid to them to the ATO
• If the business owner uses one room as an office some of the items are tax deductible.