
2020 ITR's
This tax season, there will be no in person tax return appointments at Optimised Accounting. This is to help keep everyone safe by reducing the risk of community transmission.
Last year we developed an online data collecting tool for submitting…

December tax updates
Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy.
Here’s a quick roundup of…

Tax-effective ways to boost your super
After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
With the Reserve Bank…

Understanding CGT when you inherit
Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune.
When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications.…

2020 Tax Returns
This tax season there will be no in person tax return appointments at Optimised Accounting. This is to help keep everyone safe by reducing the risk of community transmission.
Last year we developed an online data collection tool for submitting…

What happens if you don't pay your super on time?
In the past, monitoring of superannuation payments was not as stringent as it is now. If employees did not regularly read their super statements or check their balances, it is entirely possible that super could go unpaid - and unnoticed by the…

Family trusts under ATO scrutiny
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts…

EOFY checklist
It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could…

What's changing on 1st July 2020?
Company tax rate reduces to 26% for base rate entities
Cents per km rate for work-related car expenses increase to 72 cents
Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without…

Calculating your working from home deductions
With many people now working from home because of COVID-19, some of the expenses your employer normally pays – such as electricity, heating and cooling – are now coming out of your wallet.
Although some employers may provide a daily…

Guest post: Depreciation on investment properties
We have a guest post from our friends over at Capital Claims Tax Depreciation.
How claiming for depreciation boosts cash flow
Right now cash flow is front of mind for so many landlords. With the economy hurting, maximising cash flow from…

CGT and the family home: expats and foreigners excluded from tax exemption
Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore…

ATO targets lifestyle assets
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…

Bushfire relief from the ATO
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer.
Among all the generosity from Australians, celebrities and businesses,…

Logbooks: what you need to do
Using your car for work purposes? We explain what what you need to record, what you can claim and for how long.
What to record in your logbook
Your logbook for each car that you wish to claim must contain:
when the logbook period…

Tax concessions: helping small businesses
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax…

Christmas is coming – avoid being stung by FBT
As the festive season fast approaches, it’s time to start thinking about and planning for the break. If possible, we want to avoid paying more tax in the form of FBT this Christmas time. Because really, who wants to pay an additional tax? (not us!) We’ll show you how.

Vacant land deduction changes
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land.
The amendments are not only retrospective but go beyond purely vacant land.
Previously,…

How the ATO is cracking down on bitcoin
After years of puzzling over how to deal with cryptocurrencies, the world’s governments – and their tax authorities – are finally getting serious about regulation. In an effort to crack down on tax evasion and other criminal activities,…

Positives and negatives of gearing
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.
According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a…

Rental property expenses: what you can and can't claim
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties.
In general, deductions can only be claimed if they were incurred in the period that you rented the property or during…

The small biz tax gap
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.
These new figures give visibility to tax compliance issues within the small business sector…

Travel for work – what can I claim?
This is a question that we get quite often. Everyone likes to hope that they can go overseas and claim it as a business expense. But can you?
The short answer is sometimes, yes. But often not the entire trip.
Firstly there needs to…

Weirdest tax deductions revealed
Would you claim the Lego you bought for your kids throughout the year as a tax deduction?
One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.
The Lego was not the only claim for money spent…

FBT and Uber style ride sharing
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption.
The question is, what about Uber and other ride sharing services,…

Confusion over personal income tax changes – what are you really entitled to?
In early July all three stages of the Government’s personal income tax plan passed through Parliament and are now law. The amendments to the legislation are as follows:
The income tax rate thresholds to be progressively increased in the…

Own an investment property?
Get ready for tax time
Tax time has arrived, and we have put together some practical information to help rental property owners prepare and lodge your tax return this year.
There are helpful resources available for rental property…

1st July changes: what you need to know
As of 1st July 2019 there were some changes that came into affect. This includes:
Insurance inside Superannuation funds
We let you know the tax tip-offs from the ATO
Laundry expenses are going to be reviewed
Who owns the assets…

Tax from your couch 2019
Life is busy – we not only get it, but this year we are actually embracing it by making a way to do your tax without actually coming in.
This year we have introduced a new way of doing tax. From your couch. Yep you heard that right.
It's…

June tax tips
Throughout June we will be sharing some tax tips for businesses this coming tax time.
These will be short and sweet and we hope you will learn something for this upcoming tax season.
1. Working from home
If you don’t have a dedicated…

What are PAYG Instalments?
PAYG Instalments, something that alot of our clients get confused about.
Pay as you go instalments (PAYG) get issued by the ATO, and you get sent a welcome or adjusted letter.
But do you understand it? Shaun Farrugia explains all you need…

Phone tax appointment
We know you're busy, if you'd like to have your tax appointment by phone or Zoom that is easy to do. We explain what we need you to email through to us prior to your appointment.

Don’t blow it. Make the most of your tax refund
Most Australians receive a tax refund, but not all spend it wisely. Here’s how to make the most of your tax windfall – and not blow it all in Bali.
It's now October, and we have already lodged most of our clients individual tax returns.…

What makes your debt tax deductible?
There are two kinds of debt in this world: the kind that is tax deductible and the kind that isn’t.
Knowing the difference, and planning your purchases accordingly, can significantly improve your cashflow, opportunities and overall…

Could you benefit from salary sacrificing?
Keen for a new laptop, car, or even an airport lounge membership? Sick of putting your hand in your pocket for school fees, the rent or your mortgage? All of these things could be paid for through a salary sacrifice arrangement.
With…

Do you know what you can and can't claim?
Taxpayers are being put on notice by the ATO, which will be paying close attention to claims for ‘other work-related expenses’ this year.
Ensuring you have appropriate records, and sound advice, will be more important than ever for…

Dissecting the PM's Tax cut teaser
You may have heard the PM drop a big hint earlier this week that tax cuts are coming for middle-income Aussie families. However it was all very light on detail, so here’s what to make of it.
In case you missed it, here’s the tidbit…

List of possible deductions
Can you believe it's tax time again already?
As we aren't holding in person tax return appointments this year, all information will be collected using our Tax from the Couch.
If you'd like to gather your information in a spreadsheet prior…

2017 Budget wrap-up
We have put together a summary of the key tax and financial changes that were announced in last night’s federal budget.
This was Scott Morrison's 2nd budget and is focused on increased transport infrastructure spending which will support…

Your 2 minute guide to the tax and super changes that affect you and your business.
Below is a summary of the key tax and superannuation changes that were announced in this years federal budget.
There are some wins for business – aimed to stimulate ‘Jobs & Growth’ which was this year's slogan.
There are plenty…