Wealon Tax & Accounting

Individual Tax Return 2023/24 - Key points to Note.
Check below

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It's that time of the year again – time to start preparing your tax return for 2024. Whether you're an individual or a business owner, early preparation can save you a lot of stress and ensure you take advantage of all possible deductions and credits.

✅ Get organized: Gather all necessary documents.
✅ Review last year’s return: Check for any changes.
✅ Consult with a professional: Make sure you’re maximizing your return.

Feel free to reach out if you need any assistance or have questions. Let’s make this tax season smooth and hassle-free!

📞 Contact us today to schedule an appointment.

On behalf of WEALON, I extend our deepest gratitude to Guthi SA for the incredibly thoughtful token of love that was presented to our organization. Your generosity and support have touched our hearts, and we are truly honored to receive such a meaningful gesture.

The 2023-24 Federal Budget, handed down on 9 May 2023 by Treasurer Jim Chalmers, has a modest surplus of $4.2 billion, the first in 15 years. The improvement in the fiscal position is largely due to additional company tax collections, but business didn’t get much in return.

Our 2023 Budget Revenue is 680.4 Bn, Individual Income tax provides 48% of total revenue while Company Resource rent tax provides 20%. Sales, Fuels excise, Custom duty, Fringe benefit, superannuation etc are other contributors for remaining 32%.

Send a message to learn more

Enjoy your Easter, and may you be blessed with joy this year. Wishing you a season filled with peace, joy, and beautiful weather.

We are one, but we are many And from all the lands on earth we come We'll share a dream and sing with one voice I am, you are, we are Australian

Dear Valued Clients and Friends,
We at Wealon wish you a wonderful Happy New Year, hope it brings you lot of blessings.

Merry Christmas and a Happy New Year !!

We are closed from 24th until new year, we are back from Monday the 2nd of Jan 2023.

Haven’t lodged Directors ID yet and meet following conditions :

1)
became a director on or before 31 October 2021 and

2)
had until 30 November 2022 to apply for a director ID and

3)
have been unable to apply due to system unavailability or you have been unable to contact us by phone.

Apply for extension from the provided links underneath:

Request an extension of time to apply for a director ID | Australian Business Registry Services (ABRS) The fastest way to apply for a director ID is online. If you’re unable to apply online or have been unable to contact us by phone when our contact centres are open, you can request an extension to allow you time to apply.

Are you Registered for GST ?
Did you lodge your BAS for JULY-SEPTEMBER Quarter ?

JULY-SEPTEMBER BAS lodgment deadline was 25 November 2022, if you still falling behind - ACT NOW.

Don't be a SERIAL LATE LODGER

Heavy Penalties might hit your way.

Planning for holidays and Parties ?

October - December BAS is not far away, get organized be proactive.

Time's running out to apply for a director ID
Directors need to apply for a director ID by 30 November. The fastest way to apply is online. Directors can streamline their online application by setting up their myGovID with a Strong identity strength.

Did you know what tax bracket you fall onto:

Australia's individuals income tax schedule is progressive , with a high tax-free threshold followed by increasing tax rates at subsequent thresholds. This means that the largest amounts of income tax are paid by high income individuals.


Know your tax bracket:

Income Tax Payable

0 – $18,200 0

$18,201 – $45,000 19 Percent

$45,001 – $120,000 5,092 + 32.5 % on income above 45000

$120,001 – $180,000 29,467 + 37 % on income above120,000

$180,001 and over 51,667 + 45 % on income above 180,000

Should you have any queries regarding your personal and your business tax planning, we are here to help.

Wealon Tax and Accounting
[email protected]
0414 002 008

Send a message to learn more

Did you know

From 1 July 2022, there were 2 changes to Super Guarantee:

1) The rate increased from 10% to 10.5%

2) Your employees no longer need to earn $450 per month to be eligible for super, however, employees who are under 18 still need to work more than 30 hours in a week to be eligible.

Source: ATO Website.

ATO reveals the amount of tax paid by large corporates in 2020-21 is the highest since reporting started. The ATO said that despite the pandemic, Australia's large corporate taxpayers generally performed well in 2020-21 and that this year's report represents 2,468 corporate entities, who paid a combined $68.6bn in income tax, $11.4bn or 19.8% more than the previous year and the highest since reporting began. The ATO also said that high commodity prices were again the key driver of the increase in corporate tax payments. The ATO also emphasised that Australia has some of the highest levels of tax compliance of large business in the world with 93% of tax paid voluntarily, and 96% after the ATO's compliance activities.
Source:

Corporate Tax Transparency report reveals large corporates paid over $68 billion in income tax in 2020-21 The Australian Taxation Office has released the eight annual report on corporate tax transparency, revealing the amount of tax paid by large corporates in 2020–21 is the highest since reporting started.

The RBA lifted rates by 25 basis points to 2.85% today at its November meeting, marking the highest level since April 2013.

"Dashain" is the biggest festival celebrated in Nepal and all over the world by Hindu people with utmost significance. The festival is a symbolic representation of dynamic energy (shakti) of female and "Victory of good over the evil".

बडा दशैंको शुभ-उपलक्ष्यमा सु-स्वास्थ,शान्ति र समृद्धिको हार्दिक मंगलमय शुभकामना।

Buckingham Palace announced the death of Queen Elizabeth II. She died at her Balmoral estate in Scotland at age 96. She was the longest-serving monarch in British history, reigning for 70 years and a rock of stability across much of a turbulent century.

Tax Time 2022
Myth or Fact

One of the query I have received repeatedly this tax time 2022 is that your tax is fully refunded when you are doing your first tax return in Australia. This is a myth and not fact.

You do qualify as an Australian Resident for tax purposes if you intent to stay in Australia for more than 183 days and thus eligible for Tax free threshold amount, however, you might not get full 18200.00 tax exemption in your first tax return because you were not in Australia for the whole year. Your tax free threshold will be calculated by ATO based on the no.s of month you were in Australia during the tax year.

Why the myth ?
Possibly because during your first year you struggle finding work and made less income therefore many of you didn’t had to pay any tax.

Instead of full threshold of 18200.00 you will atleast get 13464.00 of tax free threshold plus the prorata amount based on no.s of month you were in Australia during that fiscal year.

Consult your tax agent how much tax free threshold you are entitled to if you arrived in Australia during 2022 tax year.

For those working as a Carer and studying Registered Nurse course, it might look like you are eligible for Self Education Expenses deductions, but don't be confused. Self Education expenses are only allowed when you are in the same industry and your current employment is directly related to your study.
Eg.
Carer work is considered different industry to Registered Nurse, however, if you are working as Enrolled Nurse and studying to become Registered Nurse you are eligible for Self Education Expenses.
In few cases even though you are working as a carer and studying to become a registered nurse you might be eligible for a partial self education deductions. Consult your Tax Agent for more information.

Get Started for your Tax Return by simple filling up this quick form.
https://www.wealon.com.au/form

Wealon Tax & Accounting now takes appointments on their Page.

What is LITO - Low Income Tax Offset
If your income falls under $66667.00 then you fall under this bracket.
Your taxable payment will be reduced from anywhere under 700.00 depending on your income. If your income is less than 37000.00 you will get full 700.00 non refundable offset on your tax return.

What is LMITO - Low and Middle Income Tax Offset
If your income is less than 126000.00 then you fall under this bracket.
Your taxable payment will be reduced by amount anywhere under 1500.00 depending on your income. If your income is between 48000.00 to 90000.00, you will get full 1500.00 non refundable offset on your tax return.

Bonus : Depending on your income you can also be eligible for both offset. Eg. If your taxable income is 48000.00 You will get

LITO of 280.00
LMITO of 1500.00
Giving you total offset of 1780.00

Note :This will be automatically calculated by your Tax Agents Tax Return Software, but always better if you understand how it works.

https://atotaxrates.info/tax-offset/low-income-tax-offset/lito-and-lmito-calculator/
Use the Calculator from link provided to find out how much offset you will be getting this year tax return.

Get Started for your Tax Return by simple filling up this quick form.
https://www.wealon.com.au/form

Are you missing important letters/Text messages and emails from ATO ?

Dear Tax Payers, When you go to lodge tax return Please check and update your current contact details. This is Tax Agent job to check but make sure you remind him as well.

Get Started for your Tax Return by simple filling up this quick form.
https://www.wealon.com.au/form

Tax Time 2022
Welcome to Wealon for your Tax Return this year, Please fill this form to fast track your tax return.

Form | wealon.com

🧑‍💼👷 Whether it’s a plain white shirt or a high vis vest, not all clothes that you wear for work are tax deductible.

You can’t claim the cost of your everyday clothes, even if you’re required to wear them to work. However, you may be able to claim a deduction for clothing if it’s either:
✔️ a compulsory uniform
✔️ protective clothing
✔️ specific to your job.

To find out if the clothing you bought for work fits the bill, visit www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/clothing,-laundry-and-dry-cleaning-expenses/

The Reserve Bank has increased interest rates, with a 50-basis-point hike taking the cash rate target to 0.85 per cent — well ahead of most economists' expectations.

If passed on in full by the banks, the rate rise will add $133 a month on a loan worth $500,000 over 25 years, and $265 a month on a loan worth $1 million.

In early May, the RBA lifted Australia's official cash rate by 25 basis points to 0.35 per cent from 0.1 per cent.

It marked the first rate rise in 11 years – since November 2010 – and forecasts are that the cash rate could hit 2.5 per cent by the end of next year.

If this happens, a borrower with a $500,000 loan balance could see their monthly repayments rise by $652 a month by Christmas next year.

Employers: Working out whether you provided fringe benefits to your employees? Paying for your employee’s private use of a car is an example! 🚗

If you’re providing your employees with some extra benefits on top of their salary, we’ve got info on what you need to report, lodge and pay.

Find out more at www.ato.gov.au/Business/Engaging-a-worker/While-people-work-for-you/

💻📈 Do you invest in crypto assets?

If you’ve sold, transferred or swapped crypto assets this income year, you’ll need to work out if you’ve made a capital gain or loss.

You can make it easier by keeping track of:
📅 the dates of your transactions
💰 their values in AUD
🧾 receipts
🗒️ details of any other costs.

To find out more, visit www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/?page=4

The ATO has launched an investigation into $850 million of potentially fraudulent GST payments involving thousands of individuals.

Operation Protego was set up after a spike in false refunds involving fake businesses, with the ATO suspecting as many as 40,000 people are involved with an average claim of $20,000 apiece.

The ATO is warning the community not to engage with this fraud and for participants to come forward before tougher actions are taken against them.