Southern Cross Accounting

Ok, so these emails are getting better, no major grammatical errors and they’ve even included the “Don’t get scammed” information.

But, it’s still a scam.

On a slightly ironic note, I forwarded the email to the ATO’s report a scam email (as per ATO website), only to have it returned as undeliverable- “rejected as SPAM”

https://www.auditcover.com/resources/ato-to-crack-down-on-amazon-ebay-sellers-tax-affairs/

Has your hobby become a small business?

Call me to discuss where you stand and what actions need to be taken moving forward.

AuditCover Online sellers under the ATO magnifying glass this tax time

It’s a new financial year, which means time to think about lodgment of your tax return.

While the ATO recommend holding off lodgment for a couple of weeks, there is plenty which can be achieved before then.

Reach out to start the year right.

Appointments available.

In the lead-up to the end of financial year, the ATO announce the areas they will be focusing on in this year's tax returns. This does not mean that all other areas are a free-for-all though.

Rental properties, including AirBNBs are one area for additional caution, along with claiming working-from-home expenses.

Keeping full documentation of your deductions is recommended to avoid an amendment being issued by the ATO.

ATO to crack down on rental income, WFH deductions this tax time Taxpayers who “copy and paste” work-related claims each year or try to offset their rental income by inflating deductions will be in the Tax Office’s sights.

Melissa and I have registered for a Clean Up Australia day event in Dunsborough.

While there is no requirement to fundraise, there is an option for donations to be made to cover the costs for Clean Up Australia Limited. This is a registered charity, so any donation over $2 will be tax deductible.

Your support would be appreciated.

The link below is to Melissa's page.

https://register.cleanup.org.au/s/79618/92979

From Clean Up Australia: "Australia's waste challenges can't be solved in just one day. Did you know you can make a donation to help us continue to work year-round? We’re reliant on the generous support from people like you to fund our work. We pledge all donations received go directly to empowering Australians to take action for the environment."

Sculptures by the Bay Clean Up Day Help support our Clean Up Australia Day event!

Good luck to Lisa in the Busselton Jetty Swim today.

A reduction in the tax rates from 1st July is one step closer to being legislated.

The changes currently proposed will reduce the tax rates for any Australian residents earning over $18,200.

The "right to disconnect" is another positive change for employees, while not tax related it's still worth having a read over.

Stage 3 cuts to pass House, Senate green lights ‘right to disconnect’ Revised tax cuts will pass the House of Representatives while the Senate has passed IR reforms including the right to disconnect and casual conversion rights.

It's always so important to ensure that investment loans are kept separate from personal borrowings.

The interest can be apportioned between the mixed uses, however this becomes quite complex with each new transaction requiring a new calculation of deductibility.

Whenever you are considering re-financing, make sure to discuss the implications with your accountant, it will save you money in the long run.

Tax issues with mixed purpose loans tipped to rise this year: Hayes Knight A recent spike in property transactions and refinancing deals is seeing taxpayers increasingly fall into tax traps with mixed purpose loans, warns Hayes Knight. A higher volume of property transact

Merry Christmas