Lets do Tax Return Time Again As the End of the tax year has come to an end its time to do your tax return again. We have been busy here at HA Accounting changing entities and practice managers to improve our service to our clients. Our tax returns are starting from $99.00 this year. Laura who is in our Tocumwal and Strathmerton offices is ready to help you. She will also be assisting those clients in Shepparton, Cobram and Numurkah with the assistance of Zac Hayes the director of HA Accounting. Zac alongside Regan will be assisting those clients to their tax returns in Albury – Wodonga and surrounding areas as well as those in Melbourne, Yarrawonga, Tocumwal & Finley. We have posted a few handy tax tips this year in our previous blogs. So if you would like to check some of them out please click the links below.
Firstly as we are quickly creeping up to the End of Financial Year. Our thoughts start drifting towards what we can and cannot claim (tax deductions). Therefore talk to our team to make sure we get the best tax return possible. We’ve chosen a handful of industries and the top tax deductions you can claim. SELF-EMPLOYED TAX DEDUCTIONS Home office expenses If you work from home, you can claim feasible running home office expenses as a tax deduction including office equipment, electricity, heating, gas, stationary, phone and internet costs. Consequently conditions apply in regards to occupancy expenses such as mortgage costs and rent so discuss the impacts of these with your accountant. Self-Education and Super Contributions Furthermore being self-employed allows tax deductions to be made on some self-education expenses and personal super contributions you make. TRADIES Vehicle and travel expenses Additionally vehicle and travel expenses can be logged for those who use
The new financial year should bring with it a new perspective and outlook for business owners going forward. It is a chance to review the business performance and the team that the owner has around them. We do this with our clients here at HA Accounting. We don’t just do an exit interview we do tax and business planning. All businesses should be planning to ensure they have goals and what they want to do to achieve those goals. Many business owners are loyal to their family accountant as that’s just the way you do business, right? Wrong! Business has changed this isn’t a knock-on loyalty it’s a reminder to all business owners to know your business and your team don’t just have blind faith. If you don’t know where your business is at and your accountant is just lodging tax returns its time to get some fresh perspective. Business owners
As we edge closer to the end of the financial year, our thoughts drift to how we can get the most out of our tax return. Tax minimisation is about making the most of your claimable deductions to receive the best tax return you can. The best way you can ensure to get the most out of your tax return is to engage a qualified accountant. Zac and Laura at HA Accounting can help you highlight the deductions you are eligible to claim. Tax minimisation deductions can include: Home Office expenses: If you work from home you can claim the cost of running your office. These can include electricity, heating and any home office equipment you have purchased. Work related expenses: Mandatory safety clothing, uniforms and laundry expenses, study in addition to materials and tools. Car related expenses: Do you use your car for work? You are eligible to claim
Overseas obligations for those working with a HECS debt. Heading overseas for work with a debt? There are new repayment obligations which have come into affect for people with a HELP or TSL debt who are living and working overseas. These overseas repayment arrangements apply to the following study loan schemes: HECS-HELP, FEE-HELP, OS-HELP and SA-HELP. Tradies are also affected if they also apply to VET FEE-HELP, VET Student Loans for vocational education and training and Trade Support Loans (TSL) for apprenticeships. If your worldwide income is above the minimum repayment threshold (A$54,869 in 2016-17), you will need to make repayments based on this income – the same as you would if you were in Australia. When do the new HECS obligations start? The obligations are in place now. From 1 July 2017, you will need to work out your worldwide income for the 2016-17 income year and report this information
Following reforms to superannuation legislation back in November 2016, new super changes will come into play as of the 1st July 2017. One of the main changes is the implementation of the $1.6 million transfer balance cap. Now is the time to arm yourself with knowledge before the changes come into operation. After recently attending the Super Reforms Masterclass, we have broken down the main changes to superannuation legislation to help our clients prepare for the July 1st transition. What is the super transfer balance cap? Firstly let’s understand what the transfer balance cap is. As per the Australian Government Treasury, the transfer cap is a cap on the total amount of accumulated superannuation an individual can transfer totaling $1.6 million. This is the amount from a concessional-taxed ‘accumulation account’ to a tax-free ‘retirement account’. What do the super changes mean for you? The Australian Government estimates that the changes to the transfer balance cap will