EJ Accounting Co.

If you are lodging your tax return, ensure you are aware of the changes made by the Australian Taxation Office in the 2023 financial year.

These include
: Working from home deduction changes,
: Cents per kilometre rate change and
: Self-education deduction change.

Find out what's new and any changes that may affect you below.

https://www.ato.gov.au/Individuals/Your-tax-return/Before-you-prepare-your-tax-return/What-s-new-for-individuals/?=redirected_whatsnew

If you are a Victorian affected by the liquidation of their home builder, the Victorian Government is extending the Customer Support Scheme to customers who made 3% tender stage deposits between 1 July 2022 and 30 June 2023.

If you are interested, you can register at:

https://www.vic.gov.au/liquidated-builders-customer-support?fbclid=IwAR3kzgPl82xmymJ521M-0Y0hN-HJpjR8aFiD9_keyzvNtkTyXeOMzes0SU8

'Domestic building insurance and insolvency' information is available below.

https://www.consumer.vic.gov.au/housing/building-and-renovating/defects-delays-and-insolvency/insurance-and-insolvency?fbclid=IwAR2JzWV67KNeu-FBlSOQcF0iNgd9ZWfru6IZ0z3fQpZMR0YiR5801yb-Hig

NAB have made scams that much easier to avoid.

They will no longer include links in their text messages to you.

If you see a text from NAB with a link, delete it immediately. ⚠️

https://news.nab.com.au/news/nab-removes-links-in-text-messages/

Pepper Money have published a 'Guide to Saving for A Home Deposit'. 🏡

Discussing the how, when and why, the information provided can "help you consider options to help you save for a home loan deposit."

https://www.peppermoney.com.au/resources/guide-to-saving-for-a-home-deposit?utm_source=facebook&utm_medium=social&utm_content=50723&utm_campaign=organicsocial23&fbclid=IwAR378-scOnbFnkNWCKXjssFUlFdGlWDaHu2CtMkVDLdW1oKWrCV4NMNrVuo

Supercharge your home deposit with these expert tips Need help supercharging your home loan deposit? Our tips will help boost your deposit and maximise your savings to get on the property ladder.

Happy Monday! 🌞

The Australian Competition & Consumer Commission have made their tool, 'Repair, replace, refund problem solver' accessible on their website. 🔍

If you have a problem with one of your goods, use the tool to assist you in understanding your consumer rights, whether it be a repair, replacement or refund!

https://www.accc.gov.au/consumers/problem-with-a-product-or-service-you-bought/repair-replace-refund-cancel/repair-replace-refund-problem-solver?utm_source=facebook_accc&utm_medium=social&utm_campaign=p_edu_g_act_c_consumers&utm_content=refund_problemsolver_&sf179254132=1&fbclid=IwAR12dR3zzdG9gGYCorCkHXSoUIb441Ev7K0Ptmn5yeLFzvj8gxTdt-3VGgM

Repair, replace, refund problem solver The repair, replace, refund problem solver helps you understand your consumer rights and the steps you can take to resolve a problem.

From July 2023, VicRoads and Service Victoria are rolling out Digital Driver Licences across Victoria, beginning in Ballarat.

If you hold a full licence and reside in Ballarat, you can register to join the pilot through your myVicRoads account or on the Service Victoria website.

Gone are the days questioning if you have your ID before heading out!

https://www.vicroads.vic.gov.au/licences/digital-driver-licence/register?utm_source=social&utm_medium=facebook&utm_campaign=DDL&fbclid=IwAR2GKHbEdXZyO7Xk2xiYACaDflLKR9vJIi8lbR66KeIPUUAjCAv_g4Fwhns

Happy World Chocolate Day! 🍫

It is a long-standing debate and courtesy of 10 News First, if you could only eat one, are you choosing chocolate or lollies?

Reported by ABC News, "the Reserve Bank has kept interest rates on hold this month at 4.1 per cent."

While the board says they will assess the state of the economy, we are warned further rate hikes are a possibility.

https://www.abc.net.au/news/2023-07-04/reserve-bank-keeps-interest-rates-on-hold-at-4-1-percent/102558524?utm_medium=social&utm_content=sf267714885&utm_campaign=abc_news&utm_source=m.facebook.com&sf267714885=1&fbclid=IwAR1OMysZ1ps2_DNUi63jVkRBTxvKs0wMEFNl8KG3pQuUTLKuvCXeCgtWQxo

Reserve Bank delivers a reprieve for mortgage holders, but more hikes could be coming The bank's board says the decision to keep the rate at 4.1 per cent will give it time to assess the state of the economy, but more hikes could be coming.

Pepper Money have provided useful tips to save money this financial year.

Among these include 'a secret saving stash', 'the five dollar challenge' and 'the trusty rule of three'. 💵

Real life money saving tips from the team at Pepper Money We asked the Pepper Money team to share their very own that help get that bit extra out of every dollar.

How are you planning on spending the first weekend in July? 🏙

https://whatson.melbourne.vic.gov.au/things-to-do/this-weekend?utm_source=facebook&utm_medium=social&utm_campaign=oitc-winter-23-1&utm_term=events&utm_content=organicpost&fbclid=IwAR3ZUN9KYYiIHYyrQxdCVe4-C_R-51_l-lMAf24nD-LGB7Se424vdFn2YR0

What's on this weekend in Melbourne - What's On Melbourne Discover things to do in Melbourne this weekend, from free events to exhibitions, attractions and places to visit.

Happy EOFY!

The June 2023 edition of our quarterly newsletter includes a 2022-23 tax return checklist to help prepare you. ✏️

Our checklist considers income, deductions, liabilities, assets and rebates for the best outcome.

For any accounting enquiries, please do not hesitate to contact us on (03) 9384 6666 or [email protected]. 📩

'Get set for a minimum wage increase', as announced by the Fair Work Commission.

"The National Minimum Wage will be increased to $882.80 per week or $23.23 per hour... [and] applies from the first full pay period starting on or after 1 July 2023."

Further information can be accessed below.

Get set for a minimum wage increase - Fair Work Ombudsman The Fair Work Commission has announced its Annual Wage Review 2023 decision. Learn more.

EOFY is here, cue the bargains as Money Magazine Australia prepare us with 'the ultimate guide to end of financial year sales' including items up to 70% off.

Be sure to take advantage of these deals and avoid paying full price across homewares, technology and fashion.

https://www.moneymag.com.au/ultimate-guide-end-of-financial-year-sales?fbclid=IwAR3Nj6F8xUTZbtUl_OLP63DEuH0DUV9aIilMgyo6dvQVjyY2EVcLiEm71ao

The ultimate guide to end of financial year sales The end of financial year sales are in full swing, and with discounts of up to 70%, we show you where to find red hot deals plus tips to maximise savings.

Digital and Email Marketing Platform, Constant Contact have published a useful guide exploring 'Email Marketing Best Practices'.

Discussing content, design and how to avoid being considered spam; it is all accessible below.

Email Marketing Best Practices: 125 Marketing Resources Time is precious but being efficient isn't enough. Follow these email marketing best practices and turn efficiency into effectiveness.

Reported by AccountantsDaily, the Australian Taxation Office are expected to widen its data matching capacity. 📊

Ensuring "taxpayers accurately report their income and deductions this tax time."

ATO widens its data matching capacity The expanded capabilities will now include information from property managers, landlord insurance and sharing economy providers.

Have you explored the ATO Community? 🖇

The Australian Taxation Office have created a space for tax and super enquiries, resources and tools.

This useful website also publishes community news to inform you on important events, accessible below.

ATO Community ATO Community is here to help make tax and super easier. Ask questions, share your knowledge and discuss your experiences with us and our Community

Domain have 'the ultimate guide to renting'. 🗝

"It’s important to understanding the process of finding and applying for a rental property, as well as your rights as a tenant."

The ultimate guide to renting Whether you’re renting for financial or lifestyle reasons, it’s important to understanding the process of finding and applying for a rental property, as well as your rights as a tenant.

Investing in cryptocurrency can be overwhelming, MLC Australia have published "pros and cons to help you make an informed decision on whether it’s right for you."

https://www.mlc.com.au/personal/insights/pros-and-cons-of-investing-in-cryptocurrency?fbclid=IwAR199zNnyAS24LDjII9FmNVJwTNZlJMz5mecqC56NSlnJetXnCmQ9Nxkk0Q

Pros and cons of investing in cryptocurrency: a simple guide Considering investing in cryptocurrency? We look at the pros and cons to help you make an informed decision on whether it’s right for you

Are your ABN details accurate? 🔍

It is required you update your details within 28 days of becoming aware of changes.

This is to ensure the right permissions are given and government agencies have access to a direct contact in case of an emergency.

Information and assistance can be reviewed below.

https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/update-your-abn-details?fbclid=IwAR0ppXdYuBW_dz5Hl-ZfHUubUj_Aexkjnkwmg-lUHlBGTZfsw7ANI_x7Jmg

Update your ABN details | ABR How to update your Australian business number (ABN) details. You must update information within 28 days of becoming aware of any changes to your ABN details.

The Australian Taxation Office have introduced a new amnesty as announced in the 2023-24 Budget, running from 1 June 2023 to 31 December 2023.

It applies to overdue tax obligations that were originally due between 1 December 2019 and 28 February 2022. 📆

Eligibility includes being a small business with an aggregated turnover of less than $10 million at the time the original lodgement was due.

Information can be accessed below.

https://www.ato.gov.au/Media-centre/Media-releases/Small-businesses-given-opportunity-to-get-back-on-track/?fbclid=IwAR0mwYcc1WPWneo5pLs1lZN5KrIpWL_-ClBWu5WK_rmcCtAbBnifP6sLgDc

Small businesses given opportunity to get back on track The ATO encourages small businesses to lodge overdue returns and take advantage of the new penalty amnesty.

'How long does it take to sell a home in your suburb?' 🏡

realestate.com.au have published an article discussing the success rate of Australian suburbs.

Their interactive article can be accessed below.

Where homes are selling fastest across Australia - realestate.com.au With property prices edging higher and buyer demand remaining resilient, new data has revealed homes are selling faster than they were pre-pandemic.

Consumer Affairs Victoria warns tenants of rental scams after Victoria Police received more than 61 rental scam reports, totalling a reported loss of over $125,000.

Red flags include
: the rental provider being overseas
: an inability to view the property in person and
: the advertisement including low quality images and poor wording.

Protect yourself by reading their guide below.

https://www.consumer.vic.gov.au/resources-and-tools/scams/consumer-scams/rental-scam?fbclid=IwAR29UdyD-wyPRoXfNtuRl_TUaomNbNS2WvlMLca_R4VLow2bX77fApdUO6Q

Rental scam Information for consumers on how they can protect themselves from online rental scams.

Given the cost of living, it can be difficult to consider saving money.

Moneysmart have published a guide to "make a big difference with small changes".

Discussing automated savings, reducing spending and including a 'savings goals calculator', this can be accessed below.

Simple ways to save money - Moneysmart.gov.au Find easy ways to save everyday. Look for quick ways to reduce your spending, and make a savings plan to stay on track

CPA Australia have published an 'Expenses and deductions quiz: ATO special' to challenge your knowledge closer to tax season.

Drink your coffee and give it a go!

Expenses and deductions quiz: ATO special | INTHEBLACK It's tax time 2023: how well do you know your expenses and deductions? Take this ATO quiz to find out.

"Use this checklist to prepare, get your business organised and work smarter in the year ahead," courtesy of business.gov.au.

This guide offers advice including business and marketing plans, structure, claimable tax deductions and concessions and resources.

https://business.gov.au/finance/yearly-financial-tasks/end-of-financial-year-checklist?fbclid=IwAR3jXvg4qMJGL-w4fpSEKRBy4xU9JSpxF0rEr039GReKBrpaotnwuw7iHBQ

OUT OF OFFICE

Our firm will be closed on Monday 12 June for the King's Birthday public holiday.

If you have urgent enquiries, please contact us on [email protected] or (03) 9384 6666 before close of business.

Enquiries received over the long weekend will be attended to when we return on Tuesday 13 June.

Happy Friday! 👑

Refer to the website attached for a public holiday overview in your state.

Public holidays Our National Public Holidays are New Year's Day, Australia Day, Good Friday, Easter Monday, Anzac Day, Christmas Day and Boxing Day.