Welcome to a New Financial Year!
Tax Time is here and with a new financial year it brings a number of changes and focus areas for the ATO in 2023.
Working from home deductions is an area that the ATO is continuing to prioritise. Taxpayers can no longer claim the shortcut method of 80 cents per hour that has been applied in prior years. There are two claim methods available which include a revised fixed-rate or the actual cost with documentation to back up claims.
Rental property deductions is again in the spotlight with particular focus on interest-expense claims.
Capital Gains Tax from cryptocurrency, managed investments and property sales. As with last year, the ATO is working with improved data and sources so it is important to ensure assets sold for gain are declared.
Additional Income earners. This year there is a warning from the ATO for Australians working in a “side hustle” to declare this additional income. If you are earning money through repeated activities and making a profit, then you have a business! You must meet the obligations of running a small business including keeping income record and lodging the right type of tax return.
Tax Preparation Resources
To help you prepare and gather all the documentation required to complete this years tax return with a maximum refund, we have a series of Tax Preparation Checklists and Tax Tips available for all AGS Clients. Using this information will help you to navigate tax time with ease and allow us to assess and best advise on your overall financial situation.
Our accountants are ready to start processing your returns. Continue reading to access Tax Tips and Checklists for Individuals, Business Owners, SMSF Owners and Property Investors.
Self Managed Super Fund Owners
Please be in touch to schedule your 2022/23 Personal, Business, Rental or Investment Tax Returns.