Geilings Grimwood

The ATO last week identified Tradies and professional service firms as their latest audit targets. We are here to help, please reach out at any time.

Tradies, professional services providers under ATO’s microscope Construction firms and professional service providers can expect greater tax scrutiny after being called out in the ATO’s latest small business focus areas.

If you are having trouble meeting your Superannuation or ATO liabilities please contact us so we can negotiate payment plans with the ATO before they resort to DPN's.

Tax Office issues 8,710 DPNs over unpaid super in 2023–24 The Tax Office finalised 23,600 super guarantee cases during the 2023–24 financial year, resulting in $659 million in super guarantee charge liabilities.

Listen hear to Sam Geilings appearing on the Property Ponderings podcast. Answering a host of questions on tax considerations for property investment.

https://spotify.link/ol3Izm00lOb

Ep#25 - Maximising Tax Savings for Property Buyers: Essential Deductions You Need to Know! Property Ponderings with Craig Nichol · Episode

Investment property deductions continue to be an audit focus for the ATO. We are here to help. If you have any questions about the tax treatment of investment property expenditure we encourage you to call.

Millions of landlords the target of expanded ATO crackdown The Tax Office will data match extensive property management records to clamp down on taxpayers misreporting rental income and deductions.

WE ARE HIRING!!

We are looking for a graduate or junior accountant to join our team.

If this is you, or someone you know, contact Michael or Sam to learn more

Beware ATO scams via email and texts like below. If you are unsure about ATO correspondence you receive please contact our office or login to MyGov via your normal channels...DO NOT click on the links in texts or emails

https://www.accountantsdaily.com.au/tax-compliance/17903-ato-targets-dodgy-deductions-for-holiday-homes
Tax Deductions on "occasionally" rented holiday homes is the latest ATO target. If you have any concerns in relation to what is and isn't tax deductible please don't hesitate to contact our office.

ATO targets dodgy deductions for holiday homes Thousands of dollars in claims “that would fail the pub test” contribute to $1.6bn tax shortfall, assistant commissioner says. Expense claims running to thousands of dollars for occasionally

Remember to complete your Director ID before Nov 30th to avoid ASIC penalties. If you need assistance please don't hesitate to contact our office

The End of the Financial Year is next week! Tax minimisation strategies prior to 30th June for business operators and individuals alike could include;
- purchase of tools, office or work related equipment,
- prepayment of subscriptions and other expenses,
- concessional superannuation contributions.

To learn more or discuss your individual circumstances please contact our office.