Ruth Watson & Associates

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🚨 SCAM ALERT 🚨 Beware of scam text messages (SMS) about tax refunds.

These fake messages claim to be from the ATO and ask you to open a hyperlink to fill out a form for your income tax return. The link takes you to a fake website designed to steal your personal information and credit card details.

🛑 We’re seeing lots of variations of this scam, this image is just one example. If you receive an SMS like this, don’t click on any links. Instead, report the SMS to us and then delete it.

Warn your family and friends to stay scam alert. To report an SMS that doesn’t seem right, go to www.ato.gov.au/General/Online-services/Identity-security-and-scams/Verify-or-report-a-scam/

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Planning on claiming work-related expenses this tax time? ✔️

David is up-to-speed on which vehicle costs he can claim, but isn’t sure what other expenses he could be deducting 🤔

While scrolling through our website, he came across our range of tailored, industry-specific occupation guides!

From office workers to personal trainers, there is a range of work-related deductions he could be claiming based on his two jobs!

To find yours, go to www.ato.gov.au/Individuals/Income-and-deductions/Occupation-and-industry-specific-guides/

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🔍💥 Tax scam myth 3: Tax scams only happen at tax time.

Myth = busted! We see different types of tax and super scams happening all year-round, like:
❌ dodgy emails about your cryptocurrency investment
❌ ads for fake TFN applications
❌ phony requests to update your financial info.

Stay scam safe and always be cautious about any requests for your personal info and financial details.

For more info and to stay up to date on our latest scam warnings go to
www.ato.gov.au/general/online-services/identity-security-and-scams/scam-alerts/

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Are you across what you can and can’t claim on your tax return? Brushing up on the three golden rules can make tax time easier!

Before you make a claim for your work-related expenses, remember to double check that:
✔️ you spent the money yourself and weren’t reimbursed
✔️ they are directly related to earning your income (like your new compulsory uniform with the company logo on the front 👕)
✔️ you have a record to prove it.

Learn more about the deductions you can claim at www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/

Small businesses are the backbone of our nation

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Looking for a way to make managing your tax a bit easier? 🔍👀

If you’re having trouble making your payments on time, we can work with you to set up a payment plan that suits your situation.

For more info on how to set up a payment plan, see www.ato.gov.au/General/Paying-the-ATO/Help-with-paying/Payment-plans/

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New to tax and super? Meet Freya 👋

Freya has just finished high school and is ready to start her first job! Her new employer has given her some paperwork to fill in, asking for things like her tax file number (TFN) and super fund details 🤔

Not sure where to begin, Freya heads to our website and finds all the info she needs on how to apply for her TFN for free, and how to choose a super fund.

If you or someone you know is new to tax and super like Freya, we can help! Visit www.ato.gov.au/individuals/Your-tax-return/In-detail/New-to-tax-and-super/ to get started.

Do you earn income from overseas? Even though over 100 countries end their financial years in December, you’ll still need to include any foreign income you received in your Australian tax return.

There are a few things to remember when declaring your foreign income, like:
✔️ calculating your overseas earnings to our financial year
✔️ claiming the foreign income tax offset if you already paid tax in another country
✔️ converting your income into Australian dollars.

For more info visit www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/Foreign-and-worldwide-income/

If you have any crypto, you need to be aware of the tax implications and records needed. Check out what the ATO website says on the matter.

Thinking of getting into the crypto market? 💻💰

Whether you plan to sell, trade, exchange or use them to buy goods and services in the future, you’ll need to declare if you’ve made a capital gain or loss on your crypto transactions.

Remember to keep all of your records now to make figuring out your deductions easier at tax time.

For more information, visit www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/?page=2