KCA Accounting Pty Ltd

Mayberry Meldrum Anderson Accountants and Taxation Consultants

1. Check your myGov account for details of income earnt.

2. If you have sold property, shares, or even cryptocurrencies, you may have to declare a capital gain or loss.

3. ATO has great Fact Sheets for different Occupation Specific deductions at ato. gov.au

4. For superannuation contributions, including staff super guarantee or member contributions, they must be received by the fund on or before 30th June.

5. If you are renting a property you will need to declare all income earnt, and can claim related expenses, including bank interest but not principle repayments.

6 Any grants or insurance recoveries received may be assessable income, so please check this with us.

7. Motor vehicle logbooks must be updated every 5 years. If you don’t have a valid logbook, you can still claim 78c per km, so remember to record your work related driving.

8. Business should keep track of expenditure on digital operations and external training courses as it may be eligible for a bonus 20% deduction.

9. There is a new hourly rate of 67c per hour for home office use which covers things like home internet and mobile phone use. To claim using actual expenditure accurate records must be kept.

10. Individuals using a tax agent have access to extended lodgement deadlines – usually 15th May. For self-lodgers returns are due 31st October.