Aggregate Financial Services

Happy New Financial Year Folks!

Hey folks,

If you get anything like this, please do not click the link. I have a client who had his MyGov hacked and a fraudulent tax return lodged on his behalf.

This is a good reminder for all directors to get their Director ID by 30th November

Nearly one million Australians facing a $13,000 fine from the ATO by next week The Australian Taxation Office is making a change - and those who don’t act immediately face a hefty fine. Here’s what you need to know.

This is one I get often, when your income starts to go up, you will have extra taxes pop up that you may not be expecting.

This is a guide on Medicare Levy Surcharge.

Deductions: claiming Km’s vs Logbook

Claiming Km’s: you can claim 78 cents per kilometre up to 5000 kms. (max deduction $3900)

Logbook: Record business related car trips. A percentage of ALL car costs (eg. fuel, insurance, registration, repairs, depreciation, interest) can be claimed as a deduction.

For more information on how logbooks work, follow the link below.

https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-motor-vehicle-expenses/Logbook-method/