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Tax Time 2023: Top 5 Topics to Discuss with Your Tax Practitioner

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  1. Record-keeping requirements for working-from-home deductions have changed. Clients must maintain accurate records regardless of the deduction method chosen.

  2. The ATO has introduced a streamlined lodgment deferral function in Online Services for Agents. This new feature allows us to request deferrals conveniently and should be utilized once the old process is phased out.

  3. Understanding why tax refunds may be lower or why clients might receive unexpected tax bills is crucial. Factors such as the end of the Low and Middle-Income Tax Offset (LMITO) and offsetting credits or refunds against other debts could affect the final amount.

  4. Reporting capital gains, losses, and main residence exemptions for property transactions is essential. This includes situations where clients used their homes for income-generating activities or when applying the 6-year rule for main residence exemptions. Pre-filling reports in Online Services for Agents can assist in this reporting process.

  5. Clients should ensure that all sources of income, including additional employment, government payments, rental income, and income from partnerships, trusts, and units, are declared accurately. If clients have a side hustle, determining if they are classified as running a business and fulfilling associated tax obligations is vital.

By discussing these topics with us, clients can effectively navigate the complexities of Tax Time 2023 and ensure accurate and compliant tax reporting.

  • Should you have any queries, please contact Tax Ideas Accountants & Advisers on +61 2 83181545
  • Alternatively, you can book an appointment in our link below
    https://ideasgroup.com.au/contact-us/
 

 

 



 

Written by Panbo Ye

I help people discover POWERFUL unknowns in Tax Ideas | Wealth Strategies | Retirement Planning | Finance Solutions!

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