David Douglas Accountants

30 June 2025 is approaching. Businesses Instant asset write-off is $20,000. Additional Superannuation Concessional Contributions capped at $30,000 should be made by now. Check your 5 years carried forward concessional contributions on your myGov. You must lodge an intent to claim or vary a superannuation personal tax deduction with your super fund.

Home Office Expenses have significantly changed.

Method 1: Actual Expenses

If you haven’t got a defined area set aside don’t bother.

You may claim a % of electricity base on floor area. E.g 5% x $2,000 = $100 plus depreciation on office furniture and equipment usually at 20% and 67% for laptops. Phones (mobile and home) and internet are to be apportioned for business use, computer supplies and stationery.

Method 2: Set Rate - 67c per hour

67c per hour to claim electricity, gas, Phone (mobile & home), internet, computer supplies and stationery.

Depreciation for office equipment and furniture, repairs and cleaning. You do not need a separate area.

You must keep a record of all hours worked from home.

E.g. 67c x 20 hours per week x 52 weeks = $698.80.

Office Laptop $1,500 x 67% = $1,000

Medicare levy vs Medicare levy surcharge – what’s the difference? 😕

⬅️ The Medicare levy is an amount you pay in addition to your tax, and is 2% of your taxable income. Almost everybody will pay the Medicare levy.

➡️ The Medicare levy surcharge is an additional amount you may need to pay, if you, your spouse, and all of your dependants don’t have an appropriate level of private health insurance for the full income year – and you’ve earned above a certain income.

To learn more, visit www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Medicare-levy/

I have many clients ask me to help them find their TFN.

Need help finding your tax file number (TFN)? Here’s a few places you can look:

💻 ATO online services accessed through your myGov account

📱 ‘My details’ in the ATO app

📝 your income statement or payment summary from your employer

📃 your income tax notice of assessment, if you’ve lodged a tax return

💰 your superannuation account

🧑‍💼 your registered tax agent.

Remember, don’t fall victim to identity theft - keep your TFN secure. Never store it on your mobile devices, don’t share it with family or friends, and definitely don’t get it as a tattoo!

Find out more at www.ato.gov.au/FindMyTFN

I have many clients who still have not applied for their Director ID. Due date 30th November 2022. Avoid penalties, go to your myGovID account, strengthen your ID then apply.

Calling all directors: We’re 5 days out from the deadline to apply for director ID! ⏱️ If you haven’t applied yet, it’s important to get started now to allow yourself enough time to gather your documents and set up myGovID (if you haven’t already).

Join more than 1.4m directors already on board! For more info and to apply, visit www.abrs.gov.au/director-identification-number

Fair Work Australia’s Call Centre is a great resource for understanding employees and employers rights and entitlements.

🎄 As the holiday season approaches, some industries get busier than Santa’s workshop. To help you stay on top of your workplace entitlements, we’ve gift wrapped award info for industries entering their holiday rush, starting with the Fast Food Award 🎁: https://www.fairwork.gov.au/find-help-for/fast-food-restaurants-cafes/fast-food-industry

If you’re a Level 1 adult (21 years and over) casual employee working under the Fast Food Award, the minimum ordinary hourly rate of pay is $29.23.

But that isn’t the end of the story, you get paid higher ordinary hourly rates of pay for working at certain times, for example:
🥡 Weekends $35.07
🍔 Public Holidays $58.45.

Different rates also apply to overtime worked on a weekend or a public holiday.

Remember, even if Santa and all his elves show up at your drive through for milk and cookies, you still have to get your usual breaks as per your award or registered agreement. Under the Fast Food Award, if your shift is 5 hours or more and less than 9 hours, you’re entitled to one paid ten minute rest break and one unpaid meal break that is at least 30 minutes long (but not longer than an hour).