Tax Time 2024

By Steph Hinds on Saturday June 8th, 2024

Personal

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!

It's important to note, only start this checklist when you have everything ready. That's copies of your receipts, details of interest earned on your bank accounts for the year, your rental statements. You CAN NOT SAVE this simple questionnaire so it's important you don't start it till you are ready with your documents. It also means you can’t complete this checklist until after 30th June.

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. 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 no one answers). 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, Steph and Chris are available to assist. Simply click the link to schedule a time slot that suits you. On the scheduled day, keep an eye out for the 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: While we strive to provide a light-hearted approach, please remember that tax returns are a serious matter. A touch of humour can make the process more enjoyable, but our commitment to accuracy and professionalism remains unwavering.

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 20th 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 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 Home Office Costs

Over 4 million taxpayers claimed working from home last year. There were a lot of changes to home office costs starting last year and the ATO will be cracking down in this area. You MUST have detailed records of each hour you worked at home, you can’t estimate that you worked 4 hours per week, your records need to be the date, the time and the hours you worked before you can make a claim, so please ensure if you are completing that area of our checklist that you have the required records.

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. This has been a focus area for the ATO over the last few years and they will continue to crack down on claims where people don’t have receipts and the expense isn’t required for work.

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 this 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 know about that as well. This isn’t just Uber but also includes YouTube, OnlyFans and any other Social Media income 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.