Bloomfield & Assoc - Accountants

ATO has just released a fuel response payment plan for businesses including sole traders who are impacted either directly or indirectly by the increase in fuel costs.

In a nutshell they are offering no upfront payment to start the payment plan, all GIC interest to be remitted for the 1st 3 months of the 36 month allowable plan terms.

The applications for this plan close on the 30th of June 2026.

To learn if you are eligible and how to apply please look at the link below:

ATO fuel response payment plan Find out about a tailored payment plan we are offering to eligible taxpayers affected by the increased cost of fuel.

Just a reminder that Bloomfield & Associates is closed today (Friday 24th October 2025) to allow staff an extra long weekend. We will see you all on Monday 27th October!

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PHONES NOW WORKING !! Just a quick note - our phone system is buggy today - if you need to contact please either email or ring 0418388164 - my mobile. Will update when back to normal. Regards Louise

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Do you have a compromised ATO account?

ATO has forwarded a solution for you at last:

Using a Strong myID is the most secure way to access ATO online services and helps protect yourself against further identity crime, including tax fraud.

If your identity has been compromised in the past and you have additional security measures on your ATO online services account, there are extra benefits to setting your Strong online access strength.

By signing in using a Strong myID, you or your registered agent no longer need to contact us each time you want to access ATO online services.

Increase your online security with myID Using myID to access ATO online services keeps your information secure and sets your 'online access strength'.

If you haven't already, please upgrade your mygovID to myID as the likelihood of myID to be hacked and your tax data stolen is significantly less. For more information please check out below

myGovID is now myID Your myGovID is now simply known as myID. Find out about the change.

Do you owe money to the ATO? From next week onwards you will be unable to claim a tax deduction for the interest that this debt attracts. If you are a sole trader or you have a trust, company or partnership that owes the ATO you could examine getting that debt refinanced as a private lender such as a bank does still have tax deductible interest (and you may be able to get better repayment terms)

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TODAY (23rd June 2025) is last day you can pay currently due Superannuation and expect to get a tax deduction for it in your 2025 returns.

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3 things for end of year:

1. superannuation paid only counts if you pay it prior to 20th June (or thereabouts) Some super payments may entitle you to a tax deduction.

2. stocktake needs to be done at 30th June! Ensure you make time to get it done.

3. Payroll will need adjusting to allow for award rate increases and superannuation increases from 1st July.

Happy Easter! Our firm will reopen on the 28th April 2025.