Wood Accounting

Property Depreciation is an important step to maximising the tax benefit of property investment.

Did you know you might be eligible to claim property depreciation in several scenarios? Check out the list below to see if you qualify!

If you are unsure whether you qualify, it is best to speak to one of our experts on 1300 185 498.

📢 Haven't filed your tax return yet?

The deadline to lodge your tax return for FY 2023 is May 15th.

Act NOW to ensure you meet the deadline. Schedule your appointment here for a CALL or Teams or Face to Face [email protected]/" rel="ugc" target="_blank">https://outlook.office365.com/book/[email protected]/

BUSINESS OWNERS: Get your FBT right to avoid ATO scrutiny. Personal use of business assets and cash can be a fringe benefit. We will be emailing all of our business clients shortly to discuss this before the 31 March FBT year end. 🚗🚙🍹🍽🍾🚤💸

Fringe benefits tax (FBT) time is fast approaching ⏰

The FBT year ends on 31 March 2024, so it’s important to make sure you’re on top of your FBT obligations.

Get your FBT right this year by:

✔️ Working out if you have an FBT liability
✔️ Lodging an FBT return
✔️ Letting us know if you don’t need to lodge an FBT return
✔️ Learning more about the new record keeping and electric vehicles measures

It’s time to lodge and pay your BAS.

Businesses: Your next quarterly BAS is due 28 October, but if you lodge online, you may receive an extra 2 weeks.

keep your sensitive data safe🔑🔒

Stay safe out there. We are seeing and hearing about lots of identity theft. 🔑🔒

Protecting your personal information doesn’t have to be rocket science 🚀

Here are our top tips for this tax time:

1. Store personal information such as your TFN and PIN codes securely, not on your mobile phone
2. Be aware of what you share, including your tax assessment amount, on social media
3. Protect your computer and phone by installing software updates
4. If you’re using a tax agent, check they’re registered.

🧨𝐖𝐀𝐑𝐍𝐈𝐍𝐆 🧨- ATO are on the hunt regarding Motor Vehicle Fringe Benefits.
FACTS:
- 𝐅𝐁𝐓 applies when employees use their business owned vehicle for personal purposes.
- Employees need a compliant log book to prove business use %
- No logbook means ATO deem their own Statutory Method applies
- Employee needs to make personal contributions to offset personal use.
- 𝐒𝐎𝐋𝐄 𝐓𝐑𝐀𝐃𝐄𝐑𝐒 𝐚𝐧𝐝 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬 using their own vehicle are not subject to FBT, but they still need a compliant logbook to claim MV expenses in their tax return.
- 𝐄𝐕𝐬 𝐚𝐫𝐞 𝐅𝐁𝐓 𝐞𝐱𝐞𝐦𝐩𝐭 - so can be 100% deductible regardless of personal use.

Got questions? Ask away

⏰SCAM ALERT⏰ Great post from McKillop Legal. We get these a lot too. Be sure to double check any bills you get, particularly those in the mail.

🧾DODGY INVOICES 🧾

Do you ever receive dodgy, fake or unnecessary invoices?

We do, and they are often from ‘legitimate’ businesses, but they are effectively scam-like, preying on the fact that business owners are busy and want to ensure they have up to date business names and trade mark registrations.

Remember that:

🏢Business name renewals come from ASIC; and

™️ Trade mark renewals come directly from IP Australia

and often they will be sent via your registered agent, not directly to you.

If you are in doubt, contact your lawyer, accountant or trade mark attorney.

Here are the highlights from the 2023 Federal Budget, handed down by Treasurer Jim Chalmers on 9 May 2023. https://public2.bomamarketing.com/cp/A0xL4utLt2ZRGJyHJ5oRQ?sa=on0fMFO

WFH deductions have changed. Check out the new rules here.

Claiming work from home expenses this tax time? 🏡 💻

There are two methods available to calculate your expenses, the:
✔️ revised fixed rate method
✔️ actual cost method

You can choose to use whichever method will give you the best outcome, as long as you meet the eligibility requirements and have the right records.

To learn more, see https://www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/

Employers: The April 28 (SG) due date is just around the corner – don't miss it! 🫣 Make sure you’re super prepared.

It’s important to pay:
✔️ your employees in full, on time and to the correct fund. Remember that the current SG rate of 10.5% will increase to 11% on 1 July.
✔️ all eligible employees, regardless how much their earnings are.

⚠️ Remember, contributions are only considered ‘paid’ on the date the fund receives them. This means you’ll need to make sure they’re received by the fund on or before the due date – otherwise they’re late.

If you do miss the due date, you’ll have to lodge an SG charge statement... and nobody likes extra paperwork! 🤦

For more info, visit www.ato.gov.au/PayingSuper

ATO are really Turing up the 🔥 on this. Data matching starts from FY22. ATO will have transaction level access to check your loan for deductibility. If you have any concerns contact us to discuss.

Don’t get caught out when claiming interest on your rental property ! 🏡

Reminder: If your loan covers both the rental property and something else, you can only claim the interest relating to the rental. 🚗🛥️

Stay ahead of the game! Learn more at www.ato.gov.au/Individuals/Investments-and-assets/Residential-rental-properties/Rental-expenses-to-claim/Rental-expenses-you-can-claim-now/

There are lots of misconceptions about CGT. Come and see us to ensure you get it right the 1st time.

Saying goodbye to investment assets, like crypto, shares, or a rental property? 👋

It’s not quite out of sight, out of mind when you dispose of them, it’s called a CGT event, and needs to be reported in your tax return.

The most common types of disposals include:
➡️ Selling
➡️ Transferring
➡️ Swapping
➡️ Buybacks.

Watch our handy video to find out about CGT events and disposals at www.ato.gov.au/Individuals/Capital-gains-tax/CGT-events/

Check down the back of the ATOs lounge for your lost super

Did you know we’re holding $5.6 billion dollars in unclaimed super? 🤯

If you’ve:
❓ changed jobs
❓ changed name
❓ relocated
❓ changed your address

There might be some super waiting for you!

🔍 To find your lost super, visit www.ato.gov.au/Forms/Searching-for-lost-super/

ATO have dropped the qualification age for downsizer super contributions to 55. Talk to us if you think you may qualify.

Thinking of selling your home? 🏡

If you’re aged 55 years or older, from 1 January 2023 you may be able to contribute up to $300,000 of the sale proceeds into your super without it affecting your contribution caps!

For more info and to see if you’re eligible, visit www.ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-your-super/Downsizing-contributions-into-superannuation

✅To all the educators out there preparing for the new school year. Here is a quick reminder about what you can claim. 👩‍🏫🧑‍🏫

Attention teachers 👋 Getting ready to head back to the classroom? 📚 ✏️

If you’re stocking up on supplies or buying new teaching resources, it’s good to know what you can and can’t claim so you get an A+ on your next tax return!

To ensure you’re hanging onto the right records, study up on our tailored occupation guide for teachers at www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Occupation-and-industry-specific-guides/Teacher-and-education-professionals---income-and-work-related-deductions/

Please dont leave this until the last minute.

Calling all directors: We’re 5 days out from the deadline to apply for director ID! ⏱️ If you haven’t applied yet, it’s important to get started now to allow yourself enough time to gather your documents and set up myGovID (if you haven’t already).

Join more than 1.4m directors already on board! For more info and to apply, visit www.abrs.gov.au/director-identification-number

FInding it hard to manage your cash flow AND pay your tax bills? ATO can be very helpful for those tht need help.

Lodged your return, but having trouble paying your tax bill? There’s help available 🤝

If you can’t pay in full, we have support options available to help you stay on track – such as a payment plan.

To find out the options that are available to you, visit www.ato.gov.au/General/Paying-the-ATO/Help-with-paying/

Be scam aware

Can you spot a scammer? 🕵️ Consider this scenario:

You receive an email that looks like it’s from us. It says that you have an outstanding tax debt. You notice:

🔍 it’s asking you to provide personal information including your tax file number, date of birth and bank account details

🔍 it asks you to click on a link to access an online login page to provide this personal information

🔍 when you hover over the email address it doesn’t look like it comes from a gov.au domain.

These are tell-tale signs of a scam. We’re asking you to be aware of the warning signs this Scams Awareness Week. To learn more about the types of tax and super scams we’ve seen recently and what to do if you encounter them, visit www.ato.gov.au/General/Online-services/Identity-security-and-scams/Verify-or-report-a-scam/

How to change your name with ATO. You may need this to set up your MyGovID and Director ID - https://woodaccounting.com.au/how-to-change-your-name-with-ato/

TIME IS RUNNING OUT! - Apply for your Director ID now before the due date. https://www.abrs.gov.au/director-identification-number

The latest tax news for our valued clients.

Tax News for Individuals - June 2022

Get your .au domain name before someone else claims it.

Why it's important — and safer — to make the change from .com.au or .net.au to .au New rules are being introduced to allow Australian businesses, organisations and individuals to shorten their web address to a simpler .au domain name instead of .com.au, .net.au or .org.au

Tax deductions are as easy as 1️⃣2️⃣3️⃣✅️

Are you across what you can and can’t claim on your tax return? Brushing up on the three golden rules can make tax time easier!

Before you make a claim for your work-related expenses, remember to double check that:
✔️ you spent the money yourself and weren’t reimbursed
✔️ they are directly related to earning your income (like your new compulsory uniform with the company logo on the front 👕)
✔️ you have a record to prove it.

Learn more about the deductions you can claim at www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/

Do your homework 😉

Teachers: The end of Term 2 is here, which means it’s almost tax time! 📅

Knowing which deductions to claim can be simple if you have the right resources.

Our tailored guide for teachers and education professionals will help you get your claims right this tax time. ✔️

For more info visit www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Occupation-and-industry-specific-guides/Teacher-and-education-professionals---income-and-work-related-deductions/