Johns Accounting & Advisory Pty Ltd

It's Tax Time!!

Before you lodge your tax return, wait for your income statement to be marked as ‘tax ready’.

You can find this in ATO online services through myGov or in the ATO app.

Tip: if your income statement information is incorrect, make sure to contact your employer first.

From 1 July 2024 there are changes to pay as you go withholding schedules and tax tables.

Start the new financial year off on the right foot. If you employ staff, make sure you’re withholding the right amount of tax from your employees, and pay and report the correct amounts to the ATO.

Wishing you all a very Blessed and Happy Easter !

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We’ll offer you:

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Tax time is right around the corner, and you're probably getting ready to lodge your return.

It’s important to wait for your income statement to be marked as ‘tax ready’. You can find this in ATO online services through myGov, or in the ATO app.

💡 Tip: If your income statement information is incorrect, make sure to contact your employer first.

While taxpayers can lodge their tax return from July 1, doing so could actually mean delays and follow-up questions from the ATO, it warns.

This is because pre-filled information from employers, banks, government agencies and health funds may not be loaded into your tax return yet.

Most of this information is expected to be automatically loaded from late July.

The countdown to has begun ⏰

If you run a , now is a great time to consider if there are any tax-deductible items your business may need.

Don’t forget to check out any concessions you can take advantage of before the end of the financial year ✔️

Don’t forget the super guarantee rate increases to 11% from 1 July 2023.

This means you need to calculate super contributions at 11% for your eligible workers for payments of salary and wages you make from this date.

Your super contributions for the current quarter (ending 30 June, due by 28 July 2023) are still calculated at the 10.5% rate for payments of salary and wages made prior to 1 July.

If you use software to help with your payroll, you should check that it has been updated to enable this change for payments of salary and wages you make from 1 July.

Happy Easter to You All !!
May this joyful season of Easter fill your heart with renewed hope, love and peace.😍

: Your employees can let us know if they haven’t been paid their super.

Don’t wait for them to come to us. Make sure you’re up to date with your super obligations. You can do this by paying:

✔️ in full and at the SG rate of 10.5%
✔️ on time, by the quarterly due date
✔️ to the right super fund.

🤝 Let us help you get it right.

Employers: Full speed ahead on fringe benefits tax (FBT) changes! From 1 July 2022, you will be exempt from paying for the private use of eligible electric cars. Registration, insurance, repairs, maintenance and fuel expenses provided for eligible electric cars are also exempt from FBT. The value of the exempt car benefits is still included in your employee’s reportable fringe benefits amount. For more information and to find out if you meet the eligibility criteria, visit https://www.ato.gov.au/Business/Fringe-benefits-tax/Types-of-fringe-benefits/FBT-on-cars,-other-vehicles,-parking-and-tolls/Electric-cars-exemption/

Company directors: Not sure if you need a director ID? Search ABN Lookup with your ABN or business name, or search the ASIC companies register for director details. For more info on details you need to check, visit
https://www.abrs.gov.au/director-identification-number/top-questions-when-applying-director-id

If your travel is related to your work and you stay away from your home overnight, you may be able to claim a deduction. Whether you’re flying to meet with a client, or attending a conference, just make sure you spent the money yourself (and weren’t reimbursed), the expenses are directly related to your work and that you’re keeping good records. For more high-flying information on what travel expenses you could claim, visit https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Transport-and-travel-expenses/

SCAM ALERT! Beware of scam text messages (SMS) about tax refunds. These fake messages claim to be from the ATO and ask you to open a hyperlink to fill out a form for your income tax return. The link takes you to a fake website designed to steal your personal information and credit card details. We’re seeing lots of variations of this scam, this image is just one example. If you receive an SMS like this, don’t click on any links. Instead, report the SMS to us and then delete it. Genuine ATO messages will never ask you to access online services via a link. To report an SMS that doesn’t seem right, go to https://www.ato.gov.au/General/Online-services/Identity-security-and-scams/Verify-or-report-a-scam/

Employers: It’s time to finalise your employees’ Single Touch Payroll data! Make sure you’ve finalised by 14 July. Find out more at
https://www.ato.gov.au/Business/Single-Touch-Payroll/Start-reporting/End-of-year-finalisation-through-STP/

It's Tax Time !!!

Jump-the-gun tax returns ‘at high risk of adjustment’

The ATO says failing to wait for prefill data doubles the chance of changes later.
https://www.accountantsdaily.com.au/tax-compliance/17236-jump-the-gun-tax-returns-at-high-risk-of-adjustment?

The low and middle income tax offset has been increased by $420. Remember, the offset is not a cash bonus, it reduces the amount of tax you need to pay. You don’t need to worry about claiming it! If you’re eligible, we will apply the offset automatically when you lodge.

Employers: Changes to super guarantee start from 1 July! These changes include the super guarantee rate increasing from 10% to 10.5% and the removal of the $450 eligibility threshold. This means employees may be eligible for super, regardless of how much they earn. To learn more about what these changes mean for you, visit
https://www.ato.gov.au/business/super-for-employers/work-out-if-you-have-to-pay-super/

Crypto asset investors: Are you ready for tax time? 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 your receipts, the dates of your transactions, their values in AUD and details of any other costs. To find out more, visit https://lnkd.in/gCbF4j-i

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 information on what you need to report, lodge and pay. Find out more at
https://www.ato.gov.au/Business/Engaging-a-worker/While-people-work-for-you/?=redirected_employers

Employers: Late paying your employees’ super? We know things don’t always go to plan. If you missed the due date or paid after 28 April, you’ll need to lodge a super guarantee charge statement by 30 May, as 28 May falls on a weekend. To learn more, visit https://lnkd.in/ghcEAaX

SCAM ALERT! Scammers are telling people they can get a TFN for a fee. But instead of giving you a TFN, they’re taking off with your money and personal information. Applying for a TFN (or ABN) is free and can be done online or by post. If you’re applying through a tax agent, make sure they’re registered with the Tax Practitioners Board. Visit our scam alerts page to learn more at https://lnkd.in/gECFuW5G

May you be blessed with health, wealth, and happiness this Easter Sunday. Have a blessed and peaceful Easter!

From 1 July 2022, the amount of eligible contributions that can count towards your maximum releasable amount across all years will increase from $30,000 to $50,000. The amount of eligible contributions that can count towards your FHSS maximum releasable amount for each financial year will remain at $15,000.

The first home super saver (FHSS) scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.

https://www.ato.gov.au/Tax-professionals/TP/Cryptocurrency---investment-or-personal-use-asset/

https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Working-from-home-expenses/?=Redirected_URL

Wishing you all a Merry Christmas! 🎄💐🎊🎅

STP Reporting for closely held payees (Directors)...
Amounts paid to closely held payees from 1 July 2021 need to be reported through STP. If you're a small employer (19 or fewer payees), you can report these amounts on or before each payday, or you can choose to report this information quarterly.
If you have any other payees (also known as arm's length employees) they must be reported on or before each payday.
Small employers were exempt from reporting amounts paid to closely held payees through STP until 30 June 2021. You do not need to report through STP as part of your end of year process for amounts that you paid in the 2020–21 financial year.