Henderson & Co

Individual work related tax deductions are on the ATO radar. Keeping receipts has always been an issue, this article explains what you can claim without receipts.

Didn't keep the receipt? Here's what expenses you can claim without one this tax time Taxpayers can claim up to $300 for work-related expenses without a receipt as income tax deductions.

In this quarter's edition of 'On the Money June 2024,' Henderson & Co focuses on the 2024-2025 Federal Budget and Year-End Tax Planning.

Our analysis of the 2024-2025 Federal Budget covers key areas including:

* Income tax
* Social security
* Superannuation
* Tax administration
* GST
* Excise and customs duty

With the end of the financial year fast approaching, it’s essential to be proactive. Our guide includes:

* Key tax minimisation strategies
* A round-up of year-end tax issues
* Tax-effective strategies for businesses
* Superannuation tax planning opportunities
* Immediate write-off and temporary full expensing for small business assets

To help you prepare for the 2023-24 tax period, we've included a comprehensive client checklist for individuals, companies, partnerships, trusts, and businesses.

Stay informed and ensure you're ready for the upcoming tax season with Henderson & Co.

For a full comprehensive breakdown of the above points, please click below:

On The Money June 2024 - Henderson & Co In this month's 'On the Money June 2024', Henderson & Co focuses on the 2024 - 2025 Federal Budget and year end tax preparation.

In ‘On the Money March 2024’ we break down the changes to the Labor Government’s tax cuts including the income brackets affected and how this relates to cost of living pressures.

We also examine the following key topics related to tax and businesses:

- Updated guidance on ‘research & development’ claims
- Five steps for recovering debts.
- What is the Spam Act and is your organisation exempt?
- What drives your business growth & profits.
- Key drivers of business growth and profitability, including;
* Planning
* Technology
* Marketing
* Team

All of this information can be found in our full report in ‘On The Money March 2024’. Click below to read more.

On The Money March 2024 - Henderson & Co In 'On the Money March 2024' Henderson & Co focuses on several issues related to tax cuts and the running of your business.

In 'On the Money December 2023' we focus on the following key issues in regards to day to day business operation, including:

* The difficulty with fighting inflation
* Big stamp duty and tax changes for Victorian investors and businesses
* What is the right structure for your business?
- Types of different business structures
- Deciding on a business structure
- Ownership vs control
* I am making a profit but where does all the cash go?
- Profit versus cash flow
- Excessive debtors
* Scams by numbers – 2022-23 shows that we are improving
* Festive work parties must dance through an FBT ‘minefield’
* Directors on the hook for cyber security, ASIC warns.

For more information on the above, click below:

On The Money December 2023 - Henderson & Co In 'On the Money December 2023' Henderson & Co focuses on several issues related to the running of your business.

In ‘On the Money September 2023’ we focus on the following key issues in regards to contractor payments, trade marks, selling businesses and business start ups, including:

* Contractor Payments (TPAR)

* How and why contractor payments are on the ATO’s radar

* Steps to work out if you need to lodge a TPAR

* How a registered trade mark can grow your sales and your business

* What is a trade mark

* Case Studies

* How you can check & register a trade mark

* When to sell your business

* Financial Performance

* How to conduct market research

* Drafting an exit plan

* Completing the sale of a business

* Marketing trends

* Conditions precedent

* Completion day

* Post-completion obligations

* Key takeaways

* Business start up corner – funding your new business

For a full summary of the above, click on the link below:

On The Money September - Henderson & Co In 'On the Money September 2023' we focus on key issues in regards to contractor payments, trade marks, selling businesses and business start ups, including

With the new financial year just around the corner, Henderson & Co have put together the following checklists to help you navigate the preparation of your tax information:

2023 Tax Return Preparation Checklist Questionnaire
2023 Rental Property Checklist Questionnaire

If you would like to book in an appointment to get your 2023 tax return completed, submit your details via contact form on our website.

Resources - Henderson & Co About Henderson & Co. Our aim at Henderson & Co is to be approachable, responsive and proactive at all times.

For the 2023 Tax year and onwards the ATO has changed the way individuals will be allowed to claim Working from home deductions.

If you are intending to claim a deduction for working from home against your Salary and Wage income, please click below to read our summary and to view the 'Tax Time' brochure.

Working from home deduction - Henderson & Co Working from home deduction. For the 2023 Tax year and onwards the ATO has changed the way individuals will be allowed to claim deductions.

New work from home rules come in to play for the 2023 Tax year.

From 1st March 2023 you will be required to record actual hours worked from home in a logbook.

Contact me if you want to discuss your record-keeping requirements.

ATO announces changes to WFH deductions Many Australians who work from home will lose up to $1,300 a year in tax benefits following a review from the Australian Taxation Office (ATO).

Employers: The holiday season is here! 🎁✨

Whether you’re celebrating the past year, or welcoming the new one with your employees, make sure you consider the fringe benefits tax (FBT) implications of your party.

For more info, visit www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/In-detail/FBT-and-Christmas-parties/

Changes have been made to claiming Work from Home expenses from 1st July 2022 for individual taxpayers. The 80 cents/hr COVID rate has been scrapped and there are stricter record keeping requirements for hours claimed for working from home effective 1st January 2023. All the details are covered in the article below:

Revised work-from-home regime ‘bad news for taxpayers’ Fixed rate of 67c an hour will typically leave people out of pocket compared with previous methods, says H&R Block. mtc

If you have an existing website domain that ends with '.com.au', '.net.au', '.org.au', etc you may be eligible to apply for your .au domain.

The .au Domain Administration (auDA), was launched earlier this year creating Australia’s newest domain namespace – .au direct.

The new namespace provides eligible registrants the option to register an equivalent .au direct domain name for the first time.

FOR EXAMPLE:
If you hold ‘hendersonaccounting.com.au’, you can apply for Priority Status to register the domain ‘hendersonaccounting.au’.

I have put together a comprehensive guide to applying for you .au domain.

Click on the link below:

.au Domain - Henderson & Co If you have an existing website domain that ends with ‘.com.au, .net.au’ etc you may be eligible to apply for your new .au domain.

Welcome to Henderson & Co. Your local tax specialist!

At Henderson & Co we take the stress out of meeting your taxation obligations, while keeping on top of the ever changing landscape of business and taxation.

Be sure to check out the full list of services on our website.

Get in touch via our contact page.

About - Henderson & Co About Henderson & Co. Our aim at Henderson & Co is to be approachable, responsive and proactive at all times.

An important reminder this tax time, be vigilant with your Tax File Number security. You should only ever provide your TFN to your Tax Agent, your employer and your bank and never via email.

Josh's tax file number was stolen. Now his personal data is at risk — and his money Now that tax time has rolled around, people are being warned to keep their tax file numbers secured.