Welcome to our September monthly newsletter!

The ATO have recently released data showing that over 180,000 tax returns that were lodged early in July have had to be amended. This has been due largely to taxpayers ignoring advice to wait for all tax information to be received before reporting to the ATO. This has resulted in income received from banks and investment funds, Government allowances and capital gains made from selling a taxable asset not being reported and assessed for tax. If you believe that your tax return was lodged with missing information then please contact our office to assist with an amendment.


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Monthly tax tip:

The ATO are certainly coming down harder this financial year on audits and one area that is in the spotlight is motor vehicle expenses. A taxpayer can claim one of two methods available for each car used to produce taxable income. The cents per kilometre method is quite popular as there isn’t much record-keeping involved. This method allows kilometres driven (for taxable purposes) to be claimed under a set rate up to a maximum of 5000kms. However, the most common error that we find taxpayers making with this method is claiming the maximum of 5000kms without records or proof that they did actually drive that distance for work purposes. Another common error with this method is that it is only available for cars. A motorcycle or vehicle that is designed to carry either one tonne or more, or nine passengers or more is considered an other vehicle and can only claim the logbook method. The logbook method allows a taxpayer to claim a portion of all vehicle costs (e.g. fuel, insurance, registration, etc). A logbook must be kept for twelve weeks which records all trips made by the taxpayer. These records can then be used to correctly calculate the portion used for taxable purposes. The calculation can be used for three years unless the taxpayers situation changes. Motor vehicle expenses can add up to a great deduction so it’s important that calculations are made correctly. Please contact our office if you would like to discuss your motor vehicle deductions and the options available to you.

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.


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Important Dates!

21 September:

  •       Lodge and pay August 2022 monthly business/instalment activity statement

30 September:

  • Lodge annual TFN withholding report for 2022 financial year if a closely held trust has been required to withhold amounts from payments to beneficiaries


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