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05 Jul, 2020
Are you a security guard? You may have many work related deductions to claim on this year taxation which you may not remember at this time. We have prepared handy checklist to update you of your work related expenses. All items may not apply but this checklist can assist you not to miss your deductible expenses. Always remember to keep the receipts for at least 5 years. Keep your income ready. Income can be your income from job, bank interest, other income received in the financial year, rental income, etc Deductible Expenses can be: Remember: You MUST have spent money directly related to your job and the spent amount had not been reimbursed by your employer. Travel to and from different workplaces but with the same employer, within the same day • Travel between separate jobs within the same day • Self-education expenses if it relates to the current job • Clothing expenses for buying required uniforms and protective clothing • Overtime meal expenses • Laundry expenses • Usage of the phone and the internet if required to use personal devices related to work • Additional costs to renew license Remember: If you have been reimbursed any of your expense then don't claim it ! If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
05 Jul, 2020
Are you a factory worker ? You may have many work related deductions to claim on this year taxation which you may not remember at this time. We have prepared handy checklist to update you of your work related expenses. All items may not apply but this checklist can assist you not to miss your deductible expenses. Always remember to keep the receipts for at least 5 years. Keep your income ready. Income can be your income from job, bank interest, other income received in the financial year, rental income, etc Deductible Expenses can be: Remember: You MUST have spent money directly related to your job and the spent amount had not been reimbursed by your employer. • Travel between separate jobs within the same day • Travel for other workplaces with the same employer, within the same day • Cost of buying or replacing uniform • Protective gears such as gloves and boots depending on the condition of the environment • Overtime meals • Additional costs to maintain important licenses relating to work • Various tools and equipment required for the work • Insurance for the tools • Cost to maintain the condition of the tools • Education through seminars and training • Last year’s tax return fee • Income protection insurance premiums (paid outside of Superannuation) Remember: If you have been reimbursed any of your expense then don't claim it ! If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
05 Jul, 2020
Are you an engineer? You may have many work related deductions to claim on this year taxation which you may not remember at this time. We have prepared handy checklist to update you of your work related expenses. All items may not apply but this checklist can assist you not to miss your deductible expenses. Always remember to keep the receipts for at least 5 years. Keep your income ready. Income can be your income from job, bank interest, other income received in the financial year, rental income, etc Deductible Expenses can be: Remember: You MUST have spent money directly related to your job and the spent amount had not been reimbursed by your employer. Personal car expenses if used for work purpose (Estimation of kilometres if no logbook is kept, otherwise logbook and all expense items.) E.g Travelling between jobs, need to drive from office to site/field work etc. • Travel expenses (flights, taxis, train and bus fares for training courses, trade fairs etc.) used for work purpose. • Accommodation costs while working away from home. • Phone costs (for work usage) • Work percentage of computer/laptop expenses (Lease or purchase) • Work percentage of internet costs • Home office running expenses if you work from home or you need to use home office for your Work purpose. • Work related self-education expenses • Travel between separate jobs within the same day • Travel for other workplaces with the same employer, within the same day • Overtime Meal • Office home expenses: required office equipment, internet costs and electricity costs such as heating, cooling and lighting • Protective clothing if needed to work at plant/site/field - light manual jobs in engineering • Travel expenses related to work: parking fees and transport fares • Union fees • Professional association fees • Internets and phone expenses for work use • Additional cost to renewal special license and permits required or related to the job Remember: If you have been reimbursed any of your expense then don't claim it ! If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
05 Jul, 2020
Are you a bus driver? You may have many work related deductions to claim on this year taxation which you may not remember at this time. We have prepared handy checklist to update you of your work related expenses. All items may not apply but this checklist can assist you not to miss your deductible expenses. Always remember to keep the receipts for at least 5 years. Keep your income ready. Income can be your income from bus driving, bank interest, other income received in the financial year, rental income, etc Deductible Expenses can be: Remember: You MUST have spent money directly related to your bus driving and the spent amount had not been reimbursed by your employer. • Travel between separate jobs within the same day • Travel for other workplaces with the same employer, within the same day • Buying uniforms required for the job • Repairing or replacing uniforms • Protective uniforms that reduces the risk of injury • Compulsory medical assessments to maintain employment • Expenses for self-education relating directly to current employment • Overtime meal expenses • Purchasing cleaning products • Union fees • Professional association fees • Additional cost to maintaining a special licence to continue employment Remember: If you have been reimbursed any of your expense then don't claim it ! If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
05 Jul, 2020
Are you a providing your service as cleaner to your clients as sole trader, or small business owner? Sole trader provides services using their ABN whereas other providers provide their cleaning service through their partnership ABN, Family Trust ABN and/or Company ABN. Whichever way you provide your service, more or less, you are operating your business. What is your income? - Total invoice that you have raised for your service during the financial year is your income from your business. (eg- if you have invoiced $45,000 from 1 July 2019 to 30 June 2020 as sole trader then $45,000 is your income/revenue from your ABN activity for 2020 financial year ) What are your expenses? - Any amount of money that you have to spend to generate $45,000 as revenue are the expenses. Those expenses that are related to your business are generally deductible for tax purpose. Tax Deductible Expenses can be: 1. Cleaning Chemicals purchased 2. Washroom products purchased 3. Buckets, brooms, Trolleys purchased 4. Bin bags, wipes, dusters, sponges to clean purchased 5. Vacuum cleaner machine purchased 6. Scrapers 7. Carpet Cleaning Machine 8. Small cleaning machines 9. Polyvacuum 10. Pressure Washers 11. Blowers 12. Carpet Cleaning machine 13. Repairs & Maintenance amount spent to repair and maintain machines, tools for cleaning 14. Personal Protective Equipments as Glasses, Masks, Gloves 15, Uniforms 16. High Visibility Clothes 17. Sun protection 18. Car expense where you are required to transport heavy items to and from your place of work (site) 19. If you are using van then Van expenses. It must not be passenger Van and has to be used to carry tools, equipments 20. Parking expenses 21. Hiring costs 22. Phone Expenses. Phone used to run your business 23. Contractor expenses. If you used contractor to outsource your work to other cleaner then the amount paid to such contractors. 24. Stationery Fees 25. Wages and salaries, super paid - if you have staff working for you 26. Public Liability Insurance 27. Workers Compensation Insurance 28. Police Clearance and related clearance according to State/Territory rules 29. Franchise and royalty fees - if you are franchisee Remember: If you have been reimbursed any of your expense then you cannot claim it ! You need receipts / records and those records must be kept safely for at least 5 years. If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
05 Jul, 2020
Are you a Nurse, Midwives, Personal Support Carer, Disability Support Worker or closely related health professional? You may have many work related deductions to claim on this year taxation which you may not remember at this time. We have prepared handy checklist to keep track of your income and work related expenses. All items may not apply but this checklist can assist you not to miss your income and deductible expenses. Always remember to keep the receipts for at least 5 years. INCOME  Income Statement - your workplace will send this information directly to ATO. Your employer may not give you printed version of this income statement.  Pensions or government payments/allowances  Interest earned for the relevant year from your banks, building societies etc.  Dividend statements from your investments  Details of rental property income if you have investment property.  Details of any business income e.g, Sole Trading Income etc.  Details of any other income earned e.g Income from Family Trust Distribution, Partnership distribution etc. GENERAL WORK EXPENSES  Personal car expenses if used for work purpose (Estimation of kilometres if no logbook kept, otherwise logbook and all expense items.) E.g Travelling between jobs, Need to drive from Job for work purpose etc.  Travel expenses (flights, taxis, train and bus fairs for training courses, trade fairs etc.) used for work purpose.  Accommodation costs while working away from home.  Phone costs (for work usage)  Work percentage of computer/laptop expenses (Lease or purchase)  Work percentage of internet costs  Home office running expenses if you work from home or you need to use home office for your Work purpose.  Work related self-education expenses e.g You are a Registered Nurse by qualification and working as Registered Nurse. Recently you have studied Manual handling or Nurse refreshment course or work related course. You paid money out of your pocket and have successfully completed the course. Then you can claim self-education expenses. OTHER WORK EXPENSES  Purchase and laundering costs of compulsory uniforms  Protective items (overall, goggles, gloves, non-slip shoes)  Itemised purchase costs of tools and equipment UP to $300. (laptops etc.)  Leasing costs of work-related tools and equipment  Repair/maintenance costs of work-related tools and equipment  Interest on loans taken out to purchase work related equipment  Job related training expenses that you paid for and have not been reimbursed by your employer.  Blue card, agency, association and union fees.  Memberships, journals and subscriptions  Overtime meal expenses  Travel expenses to other hospitals OTHER EXPENSES AND RECORDS  Last year’s tax return fee  Income protection insurance premiums (paid outside of Superannuation)  Rental property expenses (e.g.: rates, body corp fees, agent fees, interest on loan, repairs and maintenance, water rates, depreciation schedule)  Investment expenses (For example: bank fees, financial advisors’ fees, investment borrowings etc.)  Records of sales and purchases of any shares, business or property  Private health insurance details  Spouse details  Children’s details including D.O.B and evidence of any Centrelink benefits  Details of any government debts (Child support, Centrelink etc.)  Charity donations Remember: If you have been reimbursed any of your expense then don't claim it ! If you are not sure whether your expenses qualify as tax deductions, then contact us at 08 7078 8882 or help@yogigroup.com.au An accountant for Yogi Group Accountants and Business Advisors will get back to you. Contact us for your taxation and accounting need 08 7078 8882 help@yogigroup.com.au 398 Payneham Road Glynde SA 5070
24 Jun, 2019
INCOME  Pay As You Go (PAYG) Summaries (Business which has more than 19 employees does NOT give you this information. We get record from ATO as those records are with ATO)  Foreign sourced income (eg from US, Greece, Italy, UK, India)  Partnership distribution  Rental income from your investment property  Capital Gains Tax statements (details of any assets sold)  Lump sum payments eg: Eligible Termination  Social security, pensions as age pensions etc, allowance statements  Trust distribution statements  Tax statements from fund managers and /or wrap statements.  Share dividend statements for your investment  Contract notes for buy/sell transactions of investments  Investment Tax statements from financial adviser  Income stream statements  Statement for income received from life insurance payments (eg Income Protection benefits) EMPLOYMENT INCOME DEDUCTIONS  Receipts or evidence of work related deductions eg: tools, car, home office, travel, laundry etc  Receipts for self-education expenses eg: fees, books, computer costs  Union fees  Car finance statements Investment related deductions  Interest and fees paid on borrowings (loans) for investment purposes (please bring original statements)  Asset purchase papers  Asset sale agreements and contract papers SOME OTHER DEDUCTIONS  Fees paid for your Tax affair (eg Tax Agent Fees)  Tax Deductible Superannuation Contribution if personally contributed and hold certificate for intent to claim  Receipts of gifts/donations to charity for Deductible Gift Recipient or School Building Fund  Income protection premiums paid for Income Protection not held in Superannuation ADDITIONAL DOCUMENTS  Private health insurance statement  Imputation credit information from dividend statements  Last year’s Notice of Assessment , if you are new client for us  Last year’s tax return, if you are new client for us  Driver Licence or Passport for ID verification, if you are new client for us
By Dinesh Yogi 21 Jun, 2019
The accelerated depreciation write-off for small business has been extended to 30th June 2020 and the threshold has increased to $30,000 Businesses with a turnover of up to $10 million can claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:  $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020  $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019  $20,000, before 29 January 2019. The instant asset write-off is now available to businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. But be careful that the asset must be used in the business for income-producing purposes. Building structural improvements are not eligible for the instant write off, Disclaimer: This blog contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these micro-blog. This blog is not designed to be a substitute for professional advice and does not take into account your individual circumstances. Please consult your Tax Agent and Accountant for advice or Consult us.
By Dinesh Yogi 21 Jun, 2019
The deadline for employers to pay Superannuation Guarantee Contributions for the 2018/19 financial year is the 28 July 2019. However, if you want a tax deduction in the 2018/19 tax year the super fund (or Small Business Superannuation Clearing House) must receive the contributions by 30 June 2019. You should therefore avoid making contributions at the last minute because processing delays could deny you a tax deduction in this financial year.
By Dinesh Yogi 21 Jun, 2019
The company tax rate for base rate entities with less than $50 million turnover is now 27.5%. A base rate entity is a company that both:  has an aggregated turnover less than the aggregated turnover threshold (which is $50 million for the 2018/19 income year)  80% or less of their assessable income is base rate entity passive income – this replaces the requirement to be carrying on a business. Base rate entity passive income is: corporate distributions and franking credits on these distributions royalties and rent interest income (some exceptions apply) gains on qualifying securities a net capital gain an amount included in the assessable income of a partner in a partnership or a beneficiary of a trust, to the extent it is traceable (either directly or indirectly) to an amount that is otherwise base rate entity passive income. Disclaimer: This blog contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these micro-blog. This blog is not designed to be a substitute for professional advice and does not take into account your individual circumstances. Please consult your Tax Agent and Accountant for advice or Consult us.
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