Melbournetax Pty Ltd

18/04/2025

https://melbournetax zapier/

17/07/2023

WHAT’S NEW IN 2023
Low and middle income tax offset
The low and middle income tax offset (LMITO) ended on 30 June 2022. It is not available for the 2022–23 income year.

Removing the self-education expenses threshold
Before 1 July 2022, you were required to reduce your allowable work-related self-education expenses by $250 to calculate your deduction. The $250 non-deductible threshold has been removed from the 2022–23 income year. The changes will also apply to the fringe benefits tax (FBT) year starting on 1 April 2023.
These expenses are reported at question D4 of Individual Income Tax Return (IITR). You will no longer see a non-deductible category E for work-related self-education expenses in question D4. This applies to both myTax and myDeductions within the ATO app.
You must continue to maintain records of your deductible self-education expenses. However, you no longer need to keep records of any non-deductible self-education expenses for tax purposes that, prior to the change, were first offset against the $250 non-deductible self-education threshold.
Working from home
The fixed rate method for calculating your deduction for working from home expenses has been revised. The revised fixed rate method is $0.67 per work hour and available from 1 July 2022.
The fixed rate method has been revised to:
• increase the rate per work hour that you can claim when you work from home
• change the expenses the rate covers
• change the record keeping requirements
• remove the requirement to have a home office set aside for work.
You can also separately claim a deduction for the work-related use of depreciating assets such as office furniture and technology.
If you don't use the revised fixed rate method, you need to use the actual cost method. You can no longer use the shortcut method.
These expenses are reported at question D5 of Individual Income Tax Return (IITR).

Changes to Transfer Duty (previously known as Stamp Duty)
From July 1 the First Home Buyers Assistance Scheme has increased the Transfer Duty exemption amount from $650,000 to $800,000 with the concessions being increased from $800,001 up to $1,000,000. This means if you pay up to $800,000 for your first property and are an eligible First Home Buyer you will not be required to pay any Transfer Duty. If you purchase your first property between $800,001 to $1,000,000 you will receive a concession and will only be required to pay a portion of Transfer Duty.
These changes are now available to First Home Buyer

16/07/2023

Changes to Transfer Duty (previously known as Stamp Duty)
From July 1 the First Home Buyers Assistance Scheme has increased the Transfer Duty exemption amount from $650,000 to $800,000 with the concessions being increased from $800,001 up to $1,000,000. This means if you pay up to $800,000 for your first property and are an eligible First Home Buyer you will not be required to pay any Transfer Duty. If you purchase your first property between $800,001 to $1,000,000 you will receive a concession and will only be required to pay a portion of Transfer Duty.

These changes are now available to First Home Buyers.

04/06/2023

Latest from the Australian Taxation Office: The ‘Instant Asset Write-Off’ incentive was extended by the government, and is now set to expire at the end of the financial year - 30 June 2023. The incentive is an excellent opportunity to purchase new and used vehicles, equipment or machinery for your business and claim a deduction immediately. Small and medium-sized businesses (with an annual turnover of up to $50 million) are able to write-off the full value of assets up to there value of $150,000 (per asset) in the year they are purchased. This allows you to significantly reduce your tax bill while investing in your business' growth and productivity. From 1 July, the deduction available will be reduced to just $20,000 per asset, so now is the time to act! Latest from Australian Taxation Office

The ‘Instant Asset Write-Off’ incentive was extended by the government, and is now set to expire at the end of the financial year - 30 June 2023. The incentive is an excellent opportunity to purchase new and used vehicles, equipment or machinery for your business and claim a deduction immediately.

Small and medium-sized businesses (with an annual turnover of up to $50 million) are able to write-off the full value of assets up to the value of $150,000 (per asset) in the year they are purchased. This allows you to significantly reduce your tax bill while investing in your business' growth and productivity. From 1 July, the deduction available will be reduced to just $20,000 per asset, so now is the time to act! see more at www.melbournetax.com.au or www.melbournetax.net

What we do Provide friendly, courteous and efficient serviceAlways exceed your expectationsListen to what you are sayingCommunicate with you quickly and fullyNever surprise you with bills you're not expectingBe honest, truthful and upfront with you at all timesAim for you to pay the least amount of...

14/05/2023

The company is now called "Melbournetax Pty Ltd"