September Newsletter

Welcome to our September monthly newsletter!

The ATO have recently come across an issue in their accounts. Taxpayers who have a debt-on-hold with the ATO are still receiving refunds. It is required by law that any refunds issued whilst a debt is on hold, should be applied to the debt instead of being paid out to the taxpayer. The ATO are currently working to resolve this issue in their system and have no plans to pursue any refunds that have automatically been paid out.

Monthly tax tip:

Are you like the many individuals around that spend plenty of money on work expenses but seem to always misplace those receipts? Well lucky for you, the ATO allows a deduction of up to $300 to cover those expenses. Yes, you heard right that you do not have to show receipts for work-related deductions up to $300. However, this does not mean that you are automatically entitled to a $300 tax deduction. You do have to explain how you calculated your deductions if the ATO choose to audit your tax return. For example, if you spent $100 on tools for work, $75 on protective clothing and $10 on sunscreen but cannot find the receipts, then you can claim $185. Please contact our office if you are unsure how to calculate deductions without receipts.

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!

21 September:

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

30 September:

• Lodge annual TFN withholding report for 2023 financial year if a closely held trust has been required to withhold amounts from payments to beneficiaries