Hey there, tax aficionados! Brace yourselves, for the time has come to embrace the annual dance with everyone's favourite partner: the 2023 Income Tax Return! Yep it’s almost time to prepare your 2023 Tax Returns. As usual we’ve got a few options this year for Growthwise to prepare your return. We’ve also summarised the ATO hit list areas for this year as well as the changes to what you can claim.
If you would like Growthwise to prepare your return this year we have 3 options :
Option one - Online checklist: Picture yourself cozied up with your computer, leisurely completing an online checklist while we diligently keep an eye out for any questions you submit. You can sip on your favourite beverage and bask in the comfort of your own home while completing your checklist. We will then send an email for any additional questions we have with your return.
Option two - Online checklist + Phone appt: Feeling chatty? Have a tonne of questions about your return this year? We’ve got phone appts available on selected Saturdays. No need to put on pants or leave the house - you can simply sit back, relax, and let the tax magic happen.
Option three - Online checklist + Face to Face appt: For those of you with complex returns and a tonne of questions we have a few Saturdays reserved for face to face appt.
Now, before you get too carried away with the excitement, mark your calendars! We kick off the tax season on July 15th and wrap it up on the usual date of October 31st.
Ready to kick off this tax year?
Step 1: Complete the checklist
Picture this: you, lounging on your comfiest sofa, surrounded by all your tax documents. Simply click that magical link we've conjured up for you. Our clever checklist has been designed to ask you only the relevant questions based on your answers. It's like having a personal tax genie guiding you through the process. We'll make sure to cover everything from your income sources (how many employers did you juggle this year?) to your investments, work-related expenses, charitable donations, health insurance, and even those adorable little dependents. Easy peasy, lemon squeezy!
Note: Only embark on this checklist adventure when you have everything at your fingertips. Get those copies of receipts, details of interest earned, and any other relevant documents. Remember, you can't save this fabulous questionnaire, so wait until you're fully armed and ready.
Step 2: Provide your receipts (cue dramatic deductions music)
You can either list out what you've spent money on throughout the year directly in the questionnaire or send us an itemised list via email at [email protected]. Oh, and if you've gone all digital with your receipts, feel free to upload copies while you're breezing through the questionnaire. But wait, there's more! You can also opt for the snail mail experience by sending copies to PO Box 2283 DANGAR, NSW 2309. Or, for those seeking adventure, drop them off at our office on 59 Parry Street in NEWCASTLE WEST (just slide them under the door if our tax warriors are out battling numbers). Don't forget to scribble your name and phone number on the envelope for identification purposes!"
Step 3 (optional) : Book an appt
If you've got burning questions and need some personalised guidance, Alan and Steph are ready to don their tax capes and come to your rescue! Simply click that delightful link and pick a time slot that suits you or a face to face appt. On the chosen day, keep an eye out for the mighty number 0249278982 gracing your phone screen—it'll be us, ready to chat, or we look forward to seeing you in the office.
So, dear taxpayers, choose your preferred tax adventure and let's dive into the exhilarating world of numbers, deductions, and all things tax-related. Don't forget to check out our pricing details—your financial journey awaits!
Disclaimer: Remember, humour is subjective, and tax returns are serious business. But hey, a little laughter never hurt anyone, right?
We’ve updated our FAQ page on the website again this year so you can check that out here. For some quick answers…..
When will you do my return?
If you complete the checklist by midnight Thursday, we will prepare your return on the Saturday. Reminder we don’t start returns until the 15th July.
How much are returns this year?
A full list of our services and pricing can be found here.
How do I pay?
We will send you an Invoice once your return is completed. You can pay via Credit Card, Debit Card or Direct into our bank account by simply clicking the link in the Invoice.
When does my return get lodged?
We are using the same Taxation Software as we normally do, which means your Income Tax Return will be emailed to you for approval. You simply need to click the button to follow the prompts and put your electronic signature on the return and finalise. Once you have paid your invoice your return is then lodged directly with the ATO.
What’s changing this year?
Tax Offset Ceasing
In case you missed it in the news the tax offset most people have enjoyed over the last few years ceased on the 30th June 2022. That means no more offset in your tax refund this year. This ranged from $675-$1,500 depending on your taxable income so will be a significant difference to some of you.
Work from Home Deductions changing
This one is super important as it requires you to have a lot more in terms of documentation than you needed to previously. We’ve written a how to guide for claiming these deductions this year. The rate you can claim has decreased from 80 cents to 67 cents per hour.
Car Expenses
For those of you who use your own vehicle for work the new rate you can claim per km is 78 cents. NOTE, you still need to have written evidence of the km’s you have travelled.
What’s on the ATO hit list this year?
The ATO as usual gets a tonne of information about you from a variety or sources. They have a few target areas this year:
Claiming too much in work related expenses
The ATO data match what you claim in comparison to what everyone else with the same occupation code and similar income claims. If you claim a significant amount higher than the average expect the ATO to ask more questions
Holiday Homes
Another big area of focus is on holiday homes and getting the apportionment of expense claims correct. If you use the holiday home for personal use you need to ensure you aren’t claiming 100% of the costs. You can only claim for the time the property is rented or available for rent.
CGT, do you know the ATO get info from…..
Basically everywhere! They know when you sell a property as well as sell shares and Crypto. So it’s important that you are reporting to the ATO the correct info for any asset sales during the year. For Crypto this includes where you have swapped currencies during the year as well.
Uber driving + other gig economy income
The ATO are also cracking down on people who are earning other income and not declaring it. The sharing economy will be reporting to the ATO from next year what you are earning similar to how your employer reports. So word of warning, if you earn other income and haven’t reported it the ATO will soon know about that as well.
Record Keeping
This is a BIG area the ATO are focusing on. You MUST have receipts and appropriate records for ALL expenses you want to claim.
More Info
We’ve also put together some handy info on what you can claim, what records you need to keep and what’s new. Just click on the blog posts below for more detail.