IN THE LAST WEEK, THE ATO HAVE SENT AN EMAIL TO A NUMBER OF TAXPAYERS SUGGESTING THEY ARE CLAIMING TOO MUCH. IF YOU RECEIVED THIS EMAIL THERE IS NOTHING TO DO IMMEDIATELY. THE EMAIL IS QUITE INTIMIDATING.
IT IS A TACTICAL CHANGE FROM THE ATO IN THAT THEY WILL HOLD UP PERSONAL RETURNS AND REQUEST PROOF OF CLAIMS WITHIN 28 DAYS. MAKING SURE YOU HAVE RECEIPTS AND LOG BOOKS FOR WORK RELATED CLAIMS IS ALWAYS IMPORTANT AND CONTINUES TO BE IMPORTANT. IF YOU DID RECEIVE EMAIL PLEASE LET THE TEAM KNOW SO WE CAN DISCUSS AND PLAN.
IF YOU HAVE ALREADY READ EMAIL….THE BALANCE IS THE SAME….
HAPPY 30 JUNE!!!!
Its an Olympic Year, good luck to all our Athletes in Paris.
The team at Winter & Co in Olympic spirit are fully focussed on improving refunds and or reducing amounts to pay to allowable levels.
To create excitement from 1st July 2024 we will pay less Tax, see later for details
As June 30 rapidly approaches, we’ve crafted our annual taxation newsletter to ensure you’re fully prepared for the end of financial year. Keep in mind that not all information will be relevant to every client, as this newsletter caters to both individuals and businesses.
Please be aware that under ATO guidelines, we cannot prepare any returns for the current tax year until July 14th, as payment summary information may not be available until then. However, if you need to file returns for previous tax years, we can book those appointments prior to July 14th.
Shane will be taking appointments from July 15th, and Nicole will be taking returns from July 22nd. This may affect appointment availability, so please plan accordingly.
Shane’s diary is looking full until mid-September but will have some openings. For those seeking earlier appointments, Jonah and Anthony are available.
Please call Keelia at Reception on 8295 1055 regarding bookings and availability. Also, look out for SMS reminders for your appointments and reply “Y” to confirm, you will receive this 24 hours prior to your appointment.
Winter and Co offer multiple options to handle all your taxation needs. When booking your appointment, you can select the format that works best for you.
If you find yourself stuck at work, dealing with unwell kids, feeling under the weather, or simply facing the inconvenience of cold weather, we can adapt your meeting format. If you’re unwell, we can switch to a phone or Zoom appointment. If you prefer to come in, we can reschedule to a more convenient time.
To book your appointment, please call Reception at (08) 8295 1055.
Exercise caution regarding emails, phone calls, and text messages claiming to be from the ATO.
If you suspect that a phone call, SMS, voicemail, email, or interaction on social media claiming to be from the ATO is not legitimate, refrain from engaging with it. You should either:
· Phone the ATO on 1800 008 540
· Contact us at Winter & Co and we will assist as we can
· Please click on the below to see how to spot and report a scam
As we gear up for the approaching ‘tax time’, it’s important to note that the ATO is focusing on three prevalent errors made by taxpayers:
1. Incorrectly claiming work-related expenses
2. Inflating claims for rental properties
3. Failing to include all income when lodging
For more info, please go to
https://www.ato.gov.au/media-centre/ato-flags-3-key-focus-areas-for-this-tax-time
Starting July 1, 2024, the Superannuation Guarantee (SG) rate will increase from 11% to 11.5%. This change is part of the government’s effort to boost retirement savings for Australian workers. Employers must update their payroll systems to reflect this new rate.
Key Points:
As EOFY approaches, here are crucial dates and resources to streamline your payroll processes:
Key Dates:
Resources:
With the end of the Financial Year approaching, please ensure that the Minimum Pension Payment amounts for the 2024 Year have been withdrawn from the Super Fund Bank Accounts before 30 June 2024.
To confirm or if you are unsure on the minimum amount for 2024, please feel free to call or email me at deb@winterco.net.au
The concessional contributions cap is the maximum amount of before-tax contributions you can add to your super each year without incurring extra tax.
Effective1 July 2024, the concessional contributions cap will be $30,000.
Between1 July 2021 and 30 June 2024, the cap was $27,500 annually.
From1 July 2017 to 30 June 2021, the annual cap was $25,000.
The cap increases in $2,500 increments, based on the average weekly ordinary time earnings (AWOTE) measure.
If you have unused cap amounts from previous years, you may be able to carry them forward to boost your contribution caps in future years.
The non-concessional contributions cap is the maximum amount of after-tax contributions you can add to your super each year without incurring extra tax.
Starting1 July 2024, the non-concessional contributions cap will be $120,000. This capis now reviewed annually to align with average weekly ordinary time earnings(AWOTE). Contributions exceeding this cap may be subject to additional tax.
The Australian Government has announced adjustments to individual income tax rates and thresholds, effective from 1 July 2024.These modifications will apply to all taxable income earned from that date and will not affect your 2023–24 tax return.
Starting 1 July, the changes will include:
These adjustments will result in a tax cut for every Australian taxpayer.
For more information, please click below
From 1 July 2023 to 30 June 2024, the instant asset write-off threshold will temporarily increase to $20,000. Small businesses meeting the small business test can immediately deduct the full cost of eligible assets costing less than $20,000 each, provided they are first used or installed ready for use within this period.
Assets valued at $20,000 or more, which do not qualify for the instant write-off, can be added to the ‘small business simplified depreciation pool’ and depreciated at 15% in the first income year and 30% in subsequent years.
To help you prepare for EOFY and process your year-end payroll, we’ve compiled a list of key dates and resources to keep in mind.
Key Dates for Your Diary:
This year’s individual tax return without supplementary information will be $195 inc. GST.
Shane Winter and Nicole Barnett [Directors] will assist as the senior tax specialists and advisors.
Anthony will be available for individual and business returns. He also specialises in XERO and MYOB training and support.
Jonah will be available for individual and business returns. He also specialises in cryptocurrency tax and self-managed superannuation fund administration.
Deb will continue to specialise in SMSF
Hayley will continue to specialise in ASIC, Payroll and ATO Matters
Kayla will provide support between clients and professional staff
Keelia will your friendly first touch point on the phone at front reception and appointments
This year’s individual tax return without supplementary information will be $195 inc. GST.
Kayla : kayla@winterco.net.au
Anthony : anthony@winterco.net.au
Jonah : jonah@winterco.net.au
Deb : deb@winterco.net.au
Hayley : hayley@winterco.net.au
Keelia : reception@winterco.net.au
And for those of you that got to the bottom of the newsletter, thank you for reading and hopefully this makes you smile!
