Mahajan & Associates - CPA ,Taxation, accounting and business services

Doing the taxes for the last year, keep in mind a few things...::

1. How much have you earned last year. Total income 💰💰💰💰
Comment "HOW" if you have questions about Income.

To be followed...

In a major uplift to the system, ATO has adopted a harsher strategy to recover the overdue debts. So it is time to mop your overdue tax debts and keep them controlled.

As per media release
"Aussies will be hit with bigger penalties from the Australian Taxation Office (ATO) if they fail to pay their tax debts on time. The interest applied on overdue tax debts will no longer be tax deductible from July 1, 2025, after laws passed parliament this week.

Legislation to remove tax deductibility for both the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) was passed by the Senate on Thursday. The change is expected to boost tax revenue by $500 million in 2026 and 2027."

Effortlessly file your taxes with our expert tax preparation services. Contact us now!

ATO's firm warning has been issued to landlords after a review revealed nine in 10 rental property owners have been doing their tax returns wrong.
"Landlords and their registered tax agents need to take extra care when lodging this year," ATO assistant commissioner Tim Loh said.

Do not forget to claim these deductions when you prepare tax return this year.

"Deductions for union fees, subscriptions to trade, business or professional associations and payment of a bargaining agent's fee."

A timely reminder....

It’s tax time, and Australians should be aware that the Australian Taxation Office (ATO) will be closely monitoring all claims, especially those related to work expenses, ensuring they are legitimate and within the rules.

Taking advantage of the amnesty could save small businesses up to $1,100 in fines per overdue payment. Let's talk and make this happen.

ATO has welcoming approach for small businesses. In ATO senior's words:

"We understand that small businesses may be worried about paying an amount owing in their overdue lodgment. If you are unable to make full payment of your debt, remember we can work together with you or your registered tax or BAS agent to figure out the right solution for you,” said Ms Tobias.

As FY 2023 is coming to an end, let's get ready for the year end preparations.