July Newsletter

Welcome to our July monthly newsletter!

Happy new financial year! We cannot wait to complete your tax returns. We do however recommend waiting until the 14^{th of} July to have your tax return completed if you are an individual taxpayer. This ensures the ATO have all the information required and reduces the likelihood of an amendment in the case of missed information. We recommend waiting until September if you are in business to ensure all activity statements for the year have been lodged and payroll has been finalised. Please contact us if you are unsure of what information you will need to complete your tax return.

Monthly tax tip:

If you claim kilometres for travelling in your own car for work/taxable purposes, then you should know that the rate will be increasing to 85 cents per kilometre as at the 1^st of July 2023. Please note that no other changes have been made to this deduction method. See below for an overview of claiming kilometres:

• A logbook must be kept showing all trips that are work-related.
• A total of 5000kms per car can be claimed which would mean a maximum deduction of $4,250 for the 2024 financial year.
• Travel between home and the usual place of work is generally non-deductible (unless carrying bulky tools and equipment).
• This method is only available to cars (other vehicles such as motorcycles, utes/light trucks that can carry more than 1 tonne or vehicles that can carry 9 passengers or more can only claim a percentage of running costs)

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

Important Dates!

14 July:

• Individual tax return appointments will commence in our office – this is the earliest that we recommend having your personal tax completed
• STP finalisation is due in payroll software on this date

21 July:

• Lodge and pay June 2023 monthly business/instalment activity statement

28 July:

• Lodge and pay quarter ending 30 June 2023 activity statement if lodging by paper
• Make super guarantee contributions for quarter ending 30 June 2023 to funds by this date