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Tax Time Tip (No 3) – Don’t forget your Private Health Insurance Statement

If you have private health insurance (whether it be ambulance cover, basic extras, hospital or top cover) you still need to include your insurance details in your tax return.

If you held cover at ANY time during the year, you will need to include the details in your tax return. The details needed are reported via your funds end of year tax statement. This statement details the days covered & the premiums paid as well as the rebate that you received (via premium reduction).

If you claimed the full premium and your combined family income for rebate purposes is below the $180,000 threshold, then these details are unlikely to have any impact. However, if your income is over the threshold, it is critical that you have this information before finalising your tax return. The problem is that often PHI statements aren’t issued until mid July – so once again it is best NOT to schedule an early July appointment if you fall within the higher category.

Keep in mind:
Your employer is legally obligated to provide this payment summary to you by 14th July each year.

Call us today to schedule your appointment – We can take bookings well in advance so as to ensure you get the day & time that suits you. Saturday & after hours appointments available at no additional charge.

Tax Time Tip (No 2) – Don’t forget Centrelink benefits

From 2013 Centrelink stopped issuing paper copies of payment summaries, opting for online access only. This means that if you need a copy of your payment summary you will need to log in & download from the MyGov website.

If you received a taxable or exempt Centrelink benefit during the year, you will need to include the details in your tax return.

Providing Centrelink have issued the payment summaries & lodged with the ATO, we should hopefully be able to access these details via our Tax Agent Portal. However, if you are have an appointment early in July, chances are Centrelink payments will not be available to us, so it is important to download your payment summary for your appointment.

Family Assistance payments are tax free and not required to be reported anywhere on your income tax return.

Keep in mind:
Your employer is legally obligated to provide this payment summary to you by 14th July each year.

Call us today to schedule your appointment – We can take bookings well in advance so as to ensure you get the day & time that suits you. Saturday & after hours appointments available at no additional charge.

Tax Time Tip (No 1) – Don’t forget your payment summary!

Whilst this does seem obvious, you would be surprised at how many clients come to an appointment without their payment summary. With the ATO’s reporting capabilities improving each year, providing your employer has submitted your payment summary, the information should be available via our Tax Agent Portal. BUT this information isn’t always correct and as such, where possible, we will always cross check reported information against the original.

If you plan to get in early, it is advisable to at least wait until you receive your payment summary from your employer. Whilst you may feel that your final payslip is accurate, your employer may make adjustments prior to finalising the payment summaries.

Keep in mind:
Your employer is legally obligated to provide this payment summary to you by 14th July each year.

Call us today to schedule your appointment – We can take bookings well in advance so as to ensure you get the day & time that suits you. Saturday & after hours appointments available at no additional charge.

Corporate uniform costs aren’t always tax deductible.

For tax deductibility purposes, uniforms need to fall within one of four categories: Protective Clothing (eg hi-vis etc), Occupation Specific (eg chefs checked pants), Compulsory logoed (strictly enforced uniform policy) or non-compulsory logoed uniforms.

Did you know that if your workplace doesn’t have a strictly enforced uniform policy, any non-compulsory uniform costs incurred by you (the employer) will be considered a fringe benefit UNLESS the uniform is registered with AusIndustries. Also, any costs incurred by your employee are not deductible in their individual tax return.

If your uniform policies are a bit relaxed – register the uniform with AusIndustry. The application process is free!

https://www.business.gov.au/assistance/textile-clothing-and-footwear-corporatewear-register

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