Tax Tips

Tax time is now here and reports we are receiving suggest that the ATO are focusing their attention on taxpayers are tardy in lodging their tax returns. To assist us in processing and lodging your tax returns quickly and efficiently we have attached a checklist of items to provide to us to prevent delays.

The ATO have also issued a reminder that the Taxable Payments Annual Reports (amounts paid to subcontractors through the year) must be submitted by the 28th August each year. The ATO is monitoring this very closely to ensure that all taxpayers are being assessed on the accurate amount of income earned.

Telephone and Internet Claims

In recent years the ATO have also released information on telephone and internet claims. Should any taxpayer wish to claim a tax deduction of more than $50 per annul, diary records need to be maintained for a 4 week period – in order to substantiate claims. There are specific guide lines to follow irrespective of whether you are on a capped plan or receive a bill from your internet/phone provider detailing phone/internet usage. Please note that now travel claims to investment properties are no longer allowed.

These guidelines can be downloaded as follows: https://www.ato.gov.au Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Claiming-mobile-phone,-internet-and-home-phone-expenses

If you have any questions, don’t hesitate to get in touch.

Speak soon,

Harry Cooper & Team