In the blink of an eye, another financial year has gone by. ITS TAX TIME AGAIN! Below we have put together everything you need to know!
Our accountants are ready to go for the 2023 Tax Season to help make the process a whole lot easier for you! In this Newsletter, you'll find our accountants available hours for tax appointments, and a checklist of what you'll need to bring to your appointment.
As always, our accountants are here to help, so if you have any questions, please don't hesitate to contact our office to discuss with them.
APPOINTMENTS
To make it easier for our clients, we offer a range of appointment times throughout the day, as well as after hours by appointment. We offer face-to-face, via Zoom or Teams (if a video conference is required) or over the phone if that better suits you.
Please see below for individual accountants availabilities.
To make an appointment - please call our office on 8523 0999 (Gawler), 8299 9444 (Northgate) or email us at admin@milaneseco.com.au with your preferred day and time.
Please note: after hour appointments can be made on request. This will cease after the 31st August 2023.
2023 ITR CHECKLIST
INCOME
Salary, Wages and employment income – we can access this from the ATO but your employer must have finalised their payroll
Government Centrelink payments including: newstart, youth allowance & pensions etc - we can access this from the ATO but Centrelink must have finalised their reporting.
Interest earned from bank account(s)
Dividend statement(s)
Details of any super payments received
Income from trusts & partnerships
Investment property income (including Air BNB)
Details of any Capital Gains Tax (CGT) asset sales (e.g. shares & real estate)
Foreign source income (employment & pension) details of any foreign tax credits
Child support paid/received
Business income
Ride sharing income (i.e. Uber) *ATO HOT SPOT*
Crypto currency transactions *ATO HOT SPOT*
DEDUCTIONS
Employment related expenses: motor vehicle (and logbook, including opening and closing odometer reading at start and end of financial year, if applicable), self education, travel, home office, telephone, internet, protective clothing & uniform expenses
Working from home hours diary **ATO HOT SPOT**
Donations & subscriptions
Tax agent's fees & other accounting/tax audit fees
Investment property expenses
Income protection insurance statement
Details of any superannuation contributions made.
Notice of intention to claim a tax deduction if you have completed.
Business expenses: motor vehicle, insurance, repairs & maintenance, advertising, tools & materials, etc.
**The ATO have advised that working from home expenses is a HOT SPOT this year. You will need to be able to provide a representative record of the total number of hours worked from home during the 8-month period to 28th February, 2023. From 1st March, 2023 actual records must be kept, not just an estimate. Please see our blog for more information https://www.milaneseco.com.au/blog/2023/4/17/important-changes-to-claiming-working-from-home-expenses **
REBATES
HELP debt & financial supplement
Any change in dependants
INVESTMENT PROPERTIES
Income Details:
Agent annual summary
Bank Statements detailing rental income (only applicable if self-managed)
Expense Details:
Council Rates
Land Tax
Emergency Services Levy
Repairs and Maintenance
Water Rates
Insurance
Bank Interest Paid
If this is the first year you have had the rental, you will also need (if applicable):
Depreciation Schedule (Quantity Surveyors Report)
Purchase Settlement Statement
Borrowing Costs
Please note: this checklist should only be used as a guide, not everything is required for certain clients. If you need help clarifying what you need to bring to your appointment, please contact our office on 8523 0999 (Gawler) or 8299 9444 (Northgate).
