MacBride Hinton & Co

Get Your Business Records Ready for Your Tax Return 2023

Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments.

Getting your business records up to date and accurate will allow us to work with you proactively to plan for the coming year.

What Records do you Need to Have Ready for the Tax Agent?

Have you bought or sold assets? If so, you need full details of acquisitions and disposals.

Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing on 30 June.

Check that any bonds or deposits paid or received have been allocated correctly.

Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year.

Do you carry stock? If so, you need to perform a full stocktake on 30 June (unless you qualify for the simplified trading stock rules).
List any doubtful or bad debts to be written off.

Review your debtors and creditors (accounts payable and receivable). Is the list current and correct?
Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.

Ensure that all payments to company directors have been correctly captured. Talk to us now if you want to make director payments before 30 June.

Provide records of any government grants received during the year.
If the contact details of business owners and key personnel have changed let us know.

We will let you know if there are other matters to discuss with us before completing your tax return, such as cryptocurrency transactions, capital gains, vehicle usage, private usage apportionment, or superannuation. This year, there may also be new elements to discuss if you have received grants, refunds, credits, or deferrals of business expenses and liabilities.

Remember you need to keep all your business records for seven years, so store everything securely and where possible electronically for safety and ease.

Once you have all your records for the 2023 financial year, make an appointment with us to schedule your tax return for prompt lodgement.

You can schedule a free initial consultation with an Advisor to discuss your business, accounting, and taxation requirements. by clicking on the link https://calendly.com/macbridehinton/15min?back=1&month=2022-05

Or you can call us at 02 9552 4000 or email us at [email protected]

Get your information ready now for your annual GST return by the 28th of February. Talk to us if we can assist with preparing the statement or reviewing your business accounting systems and processes to make your GST return easy, accurate and efficient.

Your annual activity statement is due soon

We wish you a safe and relaxing Christmas, and an abundant New Year! Before you go on a much needed break, please remember to organise your tax obligations over the holiday season.

Wishing you a safe and relaxing Christmas

Planning a Christmas party? Giving gifts to clients and suppliers? Paying a Christmas bonus? Talk to us to see if you can claim all or part of the cost as business expenses. Don’t get caught out by tricky entertainment rules!

Christmas Parties and Presents - and Tax!

Director ID Deadline Fast Approaching - 30 November 2022 - ACT NOW!

All company directors are now required to apply for a director identification number (director ID).

A director ID is a unique identifier that you keep forever. It’s free to apply and you only need to apply once.

Directors appointed for the first time on or after 5 April 2022, must apply for their director ID prior to their appointment. Directors appointed prior to 1 November 2021 must apply for their director ID by 30 November 2022.

What you need to do
The fastest way to get a director ID is to apply online using the myGovID app.
If you can’t get a myGovID, the best way to apply for a director ID will depend on your situation.

Find out how you can apply for a director ID at http://www.abrs.gov.au/director-identification-number

You must apply for a director ID yourself. No one can apply for you as you will need to prove your identity when you apply.

If you have any questions, please contact MacBride Hinton & Co
02 9552 4000.

The temporary fuel excise cut has ended. See what this means for your fuel tax credit claim going forward.

The end of fuel excise cuts and what this means for fuel tax credits

Review your superannuation reports now for your quarterly superannuation guarantee contribution. Need help? We can assist with reviewing your super setup or preparing the lodgement.

Your September quarter superannuation guarantee contribution is due soon Review your superannuation reports now for your quarterly superannuation guarantee contribution. Need help? We can assist with reviewing your super setup or preparing the lodgement.

When economic times are tough, it helps to be in control of your cashflow. We explain how to improve your cashflow – and how this helps you run your business through tough times.

Bringing your cashflow processes into the digital age When economic times are tough, it helps to be in control of your cashflow. We explain how to improve your cashflow – and how this helps you run your business through tough times.

Are your goals still relevant during a global slowdown? Talk to us about reviewing your goals, finances and business plan, so you’re ready to meet the economic ups and downs.

Meeting your goals during a global slowdown Are your goals still relevant during a global slowdown? Talk to us about reviewing your goals, finances and business plan, so you’re ready to meet the economic ups and downs.

Start learning about superannuation strategies when you're young, and you’ll be better off in retirement. Talk to us about how to start getting your super to work for you as soon as you start earning.

Superannuation for Young People

TAX RETURN FAQ's

Do I need to do a tax return?

If you are Australian resident for tax purposes and earned income in Australia, it is compulsory that you lodge your tax return every financial year. In some circumstances, our tax agents can help you determine whether or not you need to lodge a tax return.

When is my tax return due?

Tax returns are due on the 31st of October each year for the previous financial year (July 1 2021 – June 30 2022). If you complete your tax return with a registered tax agent or accountant then you may be eligible for an extended tax return deadline (dependant on your situation). This is only applicable if you have lodged your previous tax returns on time. If you would like to take advantage of this extension make sure you contact MacBride Hinton & Co.

Can I lodge my old tax returns with MacBride Hinton & Co?

You can lodge both the current year as well as all previous outstanding years tax returns with us. As a tax agent we have access to your tax portal to get information from previous years.

How much does a tax return cost at MacBride Hinton & Co?

Individual tax returns start from $121 at MacBride Hinton & Co however they are tax deductible for next years tax return.

What happens if I don't lodge a tax return?

If you’re required to lodge a tax return by a certain date and you don’t lodge it, you may receive a failure to lodge (FTL) on time penalty. The ATO will get in touch with you via SMS, MyGov message, phone or letter before giving any penalties. Penalties are calculated one penalty unit for every 28 days your tax return is due with each penalty unit for small businesses being $222 and can go up to a maximum of $1,110. For medium and large businesses this penalty will be much larger.

Do I need an accountant to do my taxes?

You can lodge your tax return yourself or you can go to an accountant who’s also registered as a tax agent. Although it’s not compulsory to lodge with a tax agent, it is recommended as you may increase your tax refund significantly. If you own a business, lodging with MacBride Hinton & Co will be an advantageous as we are knowledgeable about industry specific tax deductions and will let you know what you can and can’t claim while being compliant with the law.

How long until I get my tax refund?

The Australian Taxation Office (ATO) aims to process electronically lodged tax returns within two weeks with paper returns taking up to 10 weeks.

Why am I owing money on my taxes?

You may owe money to the ATO if you:

are an employee and you haven’t had enough tax withheld from your pay by your employer or had more than 1 job during the financial year
are a sole trader and haven’t paid tax in advance to the ATO during the financial year
received other streams of income where tax was not withheld such as sharing economy jobs/investments (Capital gain, Overseas income, Investment income or income from Uber, Ola, Deliveroo, Uber Eats, Door Dash, Di Di etc)

What do I need to bring to MacBride Hinton & Co for my tax return?

Prior to your appointment with MacBride Hinton & Co please ensure that you have your PAYG payment summaries and if applicable taxable government allowances such as JobSeeker, Youth Allowance and Disability Pension, lump sum and termination payment summaries, interest from bank accounts and dividend statements. It will also be helpful if you have your work related expenses that you paid/related to work ready including expenses for protective clothing, self education, travel and running expenses from working at home. Check out our tax return checklist here for more information.

How can I estimate my tax refund?

You can receive an estimate on your tax refund using the ATO’s calculator. Check if you are eligible to use the calculator prior to using it.

Visit MacBride Hinton & Co at www.macbridehinton.com.au