Given the ever-changing landscape of taxes, it’s always best to get your return prepared by a professional.
Tax Guru Chartered Accountants are experts in tax law and have provided us with a list of changes and focuses the ATO have in the forefront for last financial year.
Focus on rental property owners to continue
ATO started focusing on rental property tax deductions after a report in 2022 found that 9 out of 10 tax returns having rental properties had at least one mistake even if prepared by registered agents. As such ATO will continue to check tax returns having exorbitant expenses, especially repairs that are incorrectly claimed instead as renovation which is not fully claimable in one year.
Removing $250 reduction for self-education expenses
Earlier, eligible expenses for self-education used to be reduced by $250. The reduction has been done away meaning it will benefit students.
Working from home
Under revised fixed rate method, taxpayers can now claim 67C per hour to do work from home. On top of this, taxpayer can also claim tax deduction for depreciating assets such as office furniture.
Crypto and other financial transactions
Over the past few years, many taxpayers have invested in Crypto currencies and also other types of financial asset transactions like CFD. Often, people forget to keep proper record and advise their accountant. It is taxpayers’ duty to declare these transactions.
Small business training boost deduction
Small businesses having turnover of less than 50 million can claim an additional 20% tax deduction known as boost deduction if they spend money on staff training provided the training is organized with registered training providers.
To ensure you get the best possible return and to avoid any errors, the team at Tax Guru Chartered Accountants are located at Suite 3/164 Welsford Street, Shepparton and can be reached on 5822 1900 or their website at www.taxguru.net.au.
