MBV Taxation & Accounting

SUPER : as at 1 October 2024. The preservation age is now 60 (moved up from 55+)

Coolers, lunch boxes etc even if overnight travel is not an allowable deduction

Long Distance Truck Drivers. Keep all receipts/diary for the whole year for your overnight food/drinks, as the ATO may not accept your claim.

Needing answers on inflation - Clip explains how money works. Worth listening to this:

Lyn Alden: How Money & Banking Work (& why they're broken today) In this 30-minute explainer video, Lyn Alden takes a step back through history and looks into the intricacies of money and banking, offering an answer to an ...

ATO interest - 1 July 2025 not deductible

Renting a room in your house? Airbnb Accommodation? Read below:

SUPER CONTRIBUTIONS
Threshold increases to $30k from $27,500 incl Super Guarantee as at 1 July 2024 +

Tax cuts👇

New Tax Rates 2024

55 and older - Downsizing Home, and super contributions

ATO INTEREST CHARGES ON LATE LODGED RETURNS: No longer deductible 2025

Christmas Parties / Staff Gifts

If you lodged via a tax agent, generally you have until mid March to pay.

Christmas Parties for business owners

Can’t stress this enough. Keep fuel receipts, and advise if you have other items on your fuel costs, as your bank statements cost for fuel does not allow you an automatic full deduction. See below a tax agents response:

Do you have to pay Super to a ‘Contractor’ - be careful Tradies

Transferring super funds

TikTok · James Wrigley 35 likes, 6 comments. “Replying to here’s how to move super funds”

Only hurts when you get audited (comment from another tax agent): you must have written evidence

New Home Office rules 0.67 p/hr inc stationery and ink, mobile, power, internet. Full year diary...

Some thank you gifts from clients... for just being me. Thank you🥰

Passenger Movements and the ATO. This is interesting

Did you know that if you breed animals & you’re in business, you’re a ‘primary producer’? 🐩 If your pups are paying your way, you’ve come to the paw-fect place!

Your REFUND will be less this year. The Low and Middle Income Tax Offset up to $1,500 (I referred to it as the Scomo deal) has been removed by Albo this year and going forward. Your refunds will be reduced. See income scale below:

THE ATO HAVE ADVISED THEY WILL NOT BE RELEASING REFUNDS UNTIL JULY 16, 2023. If you wish to lodge early, you must have the interest earned for the year, HECS debt, Centrelink Payments, FINALISED Payment Summaries and your PRIVATE HEALTH STATEMENT. Probably best not to book in until mid-July if you can not produce all relevant information. See you soon 😀

Now looking after rentals, at a reasonable management fee. No admin fees, just one low fee. Call to find out if your being charged too much. Totally obligation free.

Tax Evasion and Tax Agents role

1 July 2023 $20k Instant Write-off

Business - lodgement amnesty

Small Business - Lodgment Penalty Amnesty Program The Australian government announced a lodgment penalty amnesty program for small businesses to encourage them to re- engage with the tax system and get their obligations up-to-date.

Claiming expenses not business related - Bank Feeds now accessed by ATO