Horizon Accounting Group

Tax hacks, half-truths and what the ATO’s watching

The ATO is urging the community to be wary of incorrect or misleading information, particularly claims promising bigger refunds, shortcuts or tax time hacks:

Tax hacks, half-truths and what the ATO's watching - Horizon Accounting Group, Toowoomba Scrolling social media for a quick tax win? You’re not alone, but you may be heading for trouble. Incorrect claims are firmly on the ATO’s radar this tax

A little bit of music, a whole lot of energy and one very familiar face on stage!

Horizon Accounting Group is proud to sponsor the upcoming Toowoomba Choral Society performance of Sister Act this week – and we’re even more excited to cheer on our very own Melanie Martin as part of the cast. One of our accountants, Bec Cherry, is also lending a hand backstage, helping bring this fantastic production to life behind the scenes.

We love supporting local arts, local talent and the incredible community events that bring Toowoomba together. Sister Act is set to be a fun, feel-good production, and we cannot wait to see the cast light up the stage.

Congratulations to Melanie and the entire Toowoomba Choral Society team. We’re thrilled to be part of it and can’t wait for showtime!

🎭 A heavenly thank you to Horizon Accounting Group! 😇💜

We’re so grateful for your support of our production of Sister Act. You’ve helped us balance the books and the big show, making sure the numbers add up while the music adds up to plenty of joy! 🎶

Thank you for adding value, multiplying smiles, and helping us make this production a success. We’re truly accounting on you! 😉

Already lodged your tax return? Don't forget the review step.

Tax returns can generally be amended if information was omitted, there’s an error or new information comes to light. Find out the best way to do so here:

www.horizongroup.com.au

Why your super insurance might not cover what you expect

Almost 10 million super accounts have insurance attached to them, but many members can’t say what they’re covered for, how much it costs or whether it actually suits their needs. Find out if you're covered here:

Why your super insurance might not cover what you expect - Horizon Accounting Group, Toowoomba If you have a superannuation account, there’s a reasonable chance you also hold life insurance through it, possibly without realising. Almost 10 million super

Are your business expenses actually business expenses?

It is easy for personal and business spending to blur, especially when you’re busy running the day-to-day.

But when tax time comes around, clear records matter.

Business owners should keep personal and business costs separate, hold onto receipts and make sure every claim has a genuine connection to earning business income.

Common areas to watch include vehicle expenses, meals, travel, phone use, home office costs and subscriptions.

Not sure what you can claim? Speak with Horizon Accounting Group before making assumptions: https://www.horizongroup.com.au/contact/

ASIC has long had concerns about unlawful financial promotion on social media platforms for several years, and recently issued warning notices to four social media influencers suspected of providing unlicensed financial advice, including making claims about guaranteed returns. Find out more here:

Navigating financial advice in the social media age - Horizon Accounting Group, Toowoomba Social media has transformed how we access information, including financial guidance. With the Australian Securities and Investments Commission (ASIC)

A tax deduction is not a dollar-for-dollar refund.

This is one of the biggest tax-time misunderstandings.

When you claim a legitimate deduction, it reduces your taxable income. It does not mean you get the full purchase amount back in your refund.

That is why it is important to only claim expenses that are genuinely connected to earning your income and that you can support with records.

Good tax advice can help you claim correctly, avoid mistakes and understand the real value of your deductions.

Speak with Horizon Accounting Group for practical tax support: https://www.horizongroup.com.au/contact/

Side hustle income still counts. 🖌

Whether you earned extra income through freelancing, online selling, consulting, delivery driving, short-term accommodation, creative work or weekend contracting, it may need to be included in your tax return.

Even if it feels like “a bit on the side”, the ATO may still treat it as assessable income. If you’ve picked up a bit of extra work or started a small side business, make sure you understand what needs to be declared, what expenses you may be able to claim and what records you need to keep.

Need help getting it right? Speak with Horizon Accounting Group: https://www.horizongroup.com.au/contact/

Will increased deeming rates affect your Seniors Health Card?

Higher deeming rates can increase your assessed income even when your financial position hasn’t changed. Find out what the latest changes might mean for you here: https://www.horizongroup.com.au/will-increased-deeming-rates-affect-your-seniors-health-card/?

Will increased deeming rates affect your Senior's Health Card? - Horizon Accounting Group, Toowoomba If you hold a Commonwealth Seniors Health Card or receive Centrelink benefits, deeming rate changes could impact your assessed income and benefit eligibility

How’s your cash flow looking after EOFY?

The start of a new financial year is a great time to pause and review how your business is tracking. Look at what came in, what went out and what is coming up next. Now is a good time to check:

• Outstanding invoices
• Supplier payments
• Upcoming BAS and tax obligations
• Payroll and super commitments
• Pricing, margins and expenses
• Cash reserves for the months ahead

Strong cash flow does not happen by accident. It comes from clear numbers, good systems and regular review.

Speak with Horizon Accounting Group for practical business advice: https://www.horizongroup.com.au/contact/