IT'S THAT TIME OF YEAR AGAIN

• Tax rates and brackets have not changed during the 2024 financial year. However, from 1^st July 2024, Stage 3 Personal Tax Rates as set by the Morrison Government and adjusted by the Albanese Government are as follows:

• If your income for 2024 financial year is under $21884 you may not need to lodge unless you have had tax withheld, have an ABN or have franking credits. Please advise our office if you do not need to lodge. Pensioner thresholds are higher, depending on your circumstances.
• Home office expenses need to be supported by a one month log if claiming actual cost of electricity, gas and other home office expenses. A Full year log needs to be kept for claiming c/hour rate. Please ask for a monthly log sheet from our office 03 62737800.
• Motor vehicle expenses can only be claimed via log book method or by cents/km basis for a non-commercial vehicle. For the log book method you will need a 12 week log book to help us calculate business use percentage, kept within the last 5 years. C/km rate is 85c/km for 2024 financial year.
• Medicare Levy Surcharge is payable if you don’t have adequate hospital insurance cover where taxable income, reportable fringe benefits and negative gearing exceeds $93000 for singles and $186000 for families. These amounts will rise to $97000 for singles and 194000 for families for the 2025 Financial Year. Family hospital cover may now include offspring up to age 31 and their spouse. Special rules apply.

• Superannuation contributions can be claimed up to $27500 (this threshold INCLUDES Employer contributions received by Super Fund from your employer) or more if you have not claimed up to the allowable threshold in the last few years. You must be sure the Superannuation is received by the Superannuation Fund by 28^th June 2024.
• Superannuation co-contributions - if your total income for the year does not exceed $43,445 in 2023-24, the government will match your eligible superannuation contributions by 50 cents per dollar up to a maximum of $500 pa. The amount you pay is not tax deductible but you get free Superannuation from the Government up to $500!
• HELP, SLSS and HECS debts and interest are generally NOT deductible.
• Cryptocurrency and share trading - If you have traded please notify us prior to interview.
• Rental properties Please ask for our questionnaire to complete before your interview.
• Air BnBs and other short term accommodation should NOT have time blocked out for peak periods by owners for private purposes. The ATO has stated there is no deduction for off peak periods when it is not being rented out to tenants if peak periods are blocked out.
• Spouse information – please bring in your spouse’s details including taxable income, tax file number, date of birth, reportable fringe benefits and pensions etc. We cannot finalise your return without it.
• Bank Account details must be provided for your refund to be paid to you.
• Salary sacrificing is a very effective tax measure to reduce the overall tax you pay on your income.
• Good records - keep tax invoices for work expenses for 5 years after your tax return is lodged.
• Scams – please be very careful regarding emails, texts and messages purporting to be from the ATO, your bank or any other entity. A lot of clients are receiving scam messages.  Do not open them and ring us if you are not sure.

For more information, email us today at admin@hillsaccounting.com.au or call us on 03 62737800