Are you ready for this year’s personal tax return? Here are our 2023 Tax Time Tips!
Your Tax Time Tips for your 2023 Tax Return
- The low to medium income tax offsets (LMITO) of up to $1080.00 per tax payer introduced in 2019 has ended and the ATO wants you to know this may result in a lower tax refund than you expected, or you might receive a tax bill in your tax return this year.
- Tax returns with the per kilometre method to claim motor vehicle costs the rate has increased from 72 to 78 cents per kilometre. Be sure to maintain adequate evidence to substantiate your claim including:
- a record of how you worked out your business kilometres per car, per income year.
- copies of the purchase or lease documents for your car.
- copies of the car registration certificate or papers.
- details of the business travel you undertook during the income year, for example, you should advise the purpose of the travel undertaken, frequency of any work-related travel, number of kilometres travelled for work-related purposes.
- If your claim relates to the transport of bulky tools and equipment provide a list of all work items carried, the weight and size. If work items are carried in a bag provide the dimensions and weight of the bag.
- details of the types of secure storage available.
- any other evidence confirming that the travel claimed was undertaken in your car in the course of carrying out your employment duties this could include: a copy of your job description, employment contract. the relevant award or workplace or enterprise bargaining agreement.
- Prior year tax returns used the “shortcut method” of 80 cents per work hour for working from home expenses however this has now ended and you now need to use either the Fixed rate method of 67 cents per hour or the actual cost method in this year’s tax return. There are also changes to the fixed rate method including:
- increase the rate per work hour that you can claim when you work from home.
- change the expenses the rate covers.
- change the records you need to keep.
- remove the requirement to have a home office set aside for work.
- Do you claim home office expenses on your tax return or use part of your home for income generating purposes? We can help you choose which deduction method to use in your tax return, fixed rate or actual cost and be sure you understand the capital gains tax (CGT) implications using your home that you own for income producing purposes.
- Remember if your overall work related deductions exceed $300 in your tax return you will need to maintain documentary evidence such as diaries and receipts to substantiate your claims.
- It’s unlikely you will receive a payment summary from your employer this year as all employers now should be on STP. Download an income statement via your MyGov account if you need it however your accountant can obtain a prefill report for your tax return.
- The ATO will be focusing on investment property expense claims this year so be sure to retain adequate evidence and documents to substantiate costs for your tax return and be sure to know where you stand if your property was only rented for part the year, if you rent out as a short-term rental e.g., through Airbnb or if you use the property as a holiday home to avoid incorrect claims in your tax return and possible audits and findings under audit.
- The ATO is also keen to find taxpayers who are gaining other sources of income which they are not recording on their tax returns such as such as additional employment, rental income, or partnership, trusts and units’ income or some kind of business income or “side hustle”. The Labor federal government are investing in additional ATO officers and expanding data matching services to help with areas of focus and debt collection activities.
- Your employer has until 14 July to finalise their STP reporting which means if you book in your tax return before they have done this your Tax Agent may not have access to your final payroll information. As in previous years, the ATO have suggested you should not file your tax return until 31 July to ensure all your information has been collected from all the various agencies.
Why you should engage OnVenture as your Tax Agent to prepare your tax return?
OnVenture specialise in tax returns for entrepreneurs, those who work from home, home based businesses, property owners and investors and Tradies and are always developing new ways to improve the experience and outcomes for clients. Some key reasons to select us to do your tax return this year are:
- Our popular online/phone assisted tax return service has been retained and remains our lowest cost option from $150.
- Prefer to meet in person? Not a problem, we have office appointments in our Narre Warren offices starting from $209 or we have limited mobile appointments where we will come to your home or business from $250.
- Our comprehensive tax return survey is a quick and easy way to ensure we have all the information we need to complete your tax return before your phone meeting.
- Not able to join us on a tax return call during 9-5? No problem! We have increased our operating hours through July to include phone meeting appointment times:
- Prior to business hours from 7:30am to 9am on Tuesdays through to Fridays; and
- After business hours from 5pm to 6.30pm on Tuesdays through to Thursdays.
- Maximise your return. With our broad industry knowledge we are able to identify opportunities through our online survey and in-meeting consultation to ethically increase your deductions and maximise your return! Not just this year, we will give you advice to improve your outcomes next year aswell.
- New tax clients who also refinance their home loan or investment loan with us will be eligible for a 50% discount on their tax return fees. Enjoy cheaper loan rates, potential cash back bonus and reduced tax return fees!
Ready to Go?
If you are a new client, give us a call on 1300 300 013 or book in your tax return appointments on the following links:
- Phone assisted tax return call/zoom meeting: HERE
- Narre Warren office appointment (will require post booking confirmation): HERE
- Mobile tax return service at your home or office: HERE
Note:
- Other services and fees maybe required for non-standard events and activities such as property rentals, capital gains events from asset sales and small business schedules, etc.
- Your employer should be now reporting with STP and have until 14 July to finalise the STP reporting for the year. You will not receive a payment summary from your employer however can obtain an Income Statement if needed by logging into your MyGov account. If your employer has finalised their STP reporting for the year we will have access to your finalised wages income and tax withheld details via the ATO portal and do not need a payment summary (group certificate as they where one known by) or your new income statement.
- 50% discount on tax return fees are for new tax clients and excludes additional schedules such as rental property and business schedules