It's that time of year! 

Follow these 7 Tips to take the worry out of your Tax-Time. 

1. Prepare now. Start gathering all the information you need.  Receipts, tabs stored in a shoebox or bottom drawer, it’s time to take action. Sort, file, label and get your records up to date. You will need documents such as Income statements, bank statements, investment records, and private health insurance statements. If you are self-employed or a freelancer, you need Business income and expense records. 

2. Getting it right the first time saves both you, your accountant and ATO Office valuable time, work and effort.  Make sure your end of year Income Statement is complete with all relevant details before submitting. Don’t guess vital facts. Mistakes can be costly, causing delays in processing and attracting potential penalties. It also slows down receiving your refund if you are due.  

3. Declare all sources of income. This includes all types of employment and occupations, such as ‘side-hustles’, or selling services via an app. Each source of income will have different deductions available, depending on the nature of the income and the occupation. 

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The following tips will help guide you when preparing this year's tax return, whether you or a Professional are lodging it.

1. Get it Right the first time

2. Support deductions with evidence

3. Know what is ‘claimable’

1.Getting it ‘right’ the first time saves both you and the ATO time and effort. Make sure your end of year Income Statement is complete with all relevant facts. Don’t guess vital information and avoid submitting incorrect or misleading data. Mistakes can cause delays in processing, there is potential for penalties and can slow down receiving a refund if due.

2.Support your deductions with evidence. If you are claiming any expenses, such as ‘remote’ or working from home costs be prepared to provide proof, (receipts/ documents) to support eligibility. All deductions require evidence to back a claim.

3.Know what is claimable. Know what you are entitled to claim! For example, work-related education and training and donations to charitable organisations. Also, subscriptions, union and membership fees if they are work related. But remember if your company pays for them, you are not entitled to claim the cost.

Call on an expert to help you get the most out of your hard work and tax dollar!

Contact Blackburn Accounting, we tick all the boxes when it comes to tax matters.

We will work closely with you to help avoid any mistakes, to stay in compliance with tax laws and make sure you claim all the deductions you are entitled to.  Don't delay, contact us now to make your appointment.

• ATO General interest charges are no longer tax-deductible. 

From 1 July 2025, interest charged by the ATO for late payments or underpayments will no longer be tax deductible.  

• Super Guarantee (SG), from 1 July 2025, will increase to 12%. 

Message from the ATO. ‘The 12% rate will need to be applied for all salary and wages paid to eligible workers on and after 1 July. This is even if some or all of the pay period it relates to is before 1 July. This is the final scheduled increase’. 

Don’t hesitate, contact Blackburn Accounting if you have any questions or concerns regarding these changes or enquiries about other taxation matters. 

If you are a small Business operator, as the dust settles, you may be wondering how this Budget affects you. 

The Budget brought a mix of tax changes, regulatory reforms, and investment incentives. Depending on your Business circumstances, the announced measures can impact you differently.  

Blackburn Accounting can help navigate the changes and provide professional advice. To stay up to date, we are monitoring the latest announcements as they come to hand. Don’t second-guess or put it off. Contact us today. 

Instant Asset Write-off 

• The $20,000 Federal Government instant asset write-off will become a permanent tax scheme available to small Business owners. 

• This allows eligible small Business owners to claim immediate deductions for new or second-hand plant and equipment asset purchases, such as, tools, office equipment, and vehicles. 

• The assets must first be used or installed for use in the income year you are claiming for. 

Are you an enterprising entrepreneur participating in the ‘gig’ economy? 

Yes!  

With the summer holidays, a busy time of the year for some, your side activities may be popular and well patronised. If so, be prepared for your next tax-time reporting. 

But whatever your product, goods or service, be aware that income generated from side-hustles is now in focus by the ATO. 

With record numbers of taxpayers now working multiple jobs or supplementing their income with ‘side hustles’ or ‘gig’ economy activities, the ATO is reminding taxpayers to declare all their income when lodging their tax returns. 

Earnings are no longer hidden. Digital service platforms are now legally required to report income earned by their users under the Sharing Economy Reporting Regime  (SERR).