The tax year is over again. Here is a summary of everything you need to know. This information will assist you to prepare for tax time, minimise errors and maximise your refund
- Our Tax Checklist 2019
- Book an Appointment Online
- Income Statements now in MyGov
- Set Up Your MyGov
- Private Health Statement
- Low and Middle Income Tax Offset
- ATO Focus on Deductions
Income Statement = Payment Summary = Group Certificate
All employers should now be reporting through Single Touch Payroll (STP) to ATO. The summary of your income for the year from each employer is now called an INCOME STATEMENT and will be in your MyGov and in our Tax Agent Portal by 31 July. This must show as “Tax Ready” for it to be used in your tax return.
Set Up Your MyGov Account
We recommend setting up and connecting your MyGov to ATO. This will become your online mailbox for all correspondence with ATO as they go paperless. Much more secure and a good backup of all your communications going forward.
Private Health Insurance Statement
Private health summary info should be available to us in Tax Agent Portal by mid-August. You may receive via email from your health fund. We can’t finish oyur tax return without this info.
Low and Middle Income Tax Offset
This has now received Gov’t approval. Australian resident individuals (and certain trustees) whose income does not exceed $125,333 are entitled to the new low and middle income tax offset. Entitlement to the new offset is in addition to the existing low income tax offset, and is available on assessment after you lodge your income tax return.
If your income:
- does not exceed $37,000 you are entitled to $200
- exceeds $37,000 but does not exceed $48,000, you are entitled to $200 plus 3% of the amount of the income that exceeds $37,000
- exceeds $48,000 but not $90,000, you are entitled to $530
- exceeds $90,000 you are entitled to $530 less 1.5% of the amount of the income that exceeds $90,000.
We will sort this out when your tax return is prepared.
ATO Deduction Focus
This year ATO are focusing on people over-claiming work related portions of:
- Motor Vehicle expenses and
- phone and internet
This year we will help all clients claim the correct amount so as to avoid scrutiny from ATO