Total Tax Solutions

Wishing one and all a Merry Christmas and a wonderful New Year.
Office will be closed from Midday 23rd Dec and open Monday 5th Jan.

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According to Scamwatch, last year investment scams were responsible for $292 million in losses with people aged 55 and over impacted the most. Talk to your clients about the common investment scams, what the warning signs are and steps they can take to protect themselves. Find out more: https://ow.ly/E20P50T4G3p

So many scams about. DO NOT OPEN OR CLICK ON LINKS!
If ATO related and you use a Tax Agent, contact them or go into your MyGov to check.

From 1 July 2024 there are changes to pay as you go withholding schedules and tax tables.

Start the new financial year off on the right foot. If you employ staff, make sure you’re withholding the right amount of tax from your employees, and pay and report the correct amounts to us.

Watch out, scams about!!

Want to claim your car costs? The most common error is an incorrect logbook!
Here is what you need to do.

Logbook method Sole traders and some partnerships can use the logbook method when claiming expenses for a car.

Budget 2024–25 has been released.

Many of the announced measures require changes to the law before they can come into effect.
The Australian Government is responsible for passing the legislation that shapes the tax system that we administer.

Access the Budget papers at https://budget.gov.au

Tax planning season is Now!

Tips
Look at maximising your super, you could (if eligible) use the carried forward cap. If you make a personal contribution you may be able to claim it on tax.

Basic rules:
if you need it to do your job it’s deductible (thresholds apply) if you spent the money! Key is keep receipts, keep logs. Simple!!

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Just a reminder the 31 October Deadline is only for self lodgers. If you use a Tax Agent you will find that your due date is May 2024! (unless you have outstanding returns)