The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.
This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.
If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.
Remember, registered tax agents and BAS agents can help you with your tax.
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Today we’re answering an age old question: what can I claim on tax?
As registered tax agents based in Strathalbyn in South Australia, we’re often asked about the deductions you can make when completing your tax return.
When completing your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction:
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
The ATO provides a range of advice for specific deductions you can claim:
There are also a number of deductions you can make which are often forgotten about. Interested? Contact us to get more information. We’d love to help you with your tax return this year. Get in touch now via email@example.com for a friendly, no obligation chat.
Tax returns cover the financial year from 1 July to 30 June, and if you’re lodging your own, they are due by the 31 October deadline. But what if you missed the deadline?
If you’ve missed the deadline, don’t worry! You can still have your tax return filed by a registered tax agent.
If you use a tax agent (like us at Cutting Ronksley & Associates) to prepare and lodge your tax return, the chances are you simply don’t need to worry about the 31 October deadline because it probably doesn’t apply to you. That’s because most registered tax agents have special lodgement program and can lodge returns for their clients after the usual 31 October deadline.
If you don't lodge with an accountant and you've missed the deadline, your tax return is now considered late. This means you may be liable to pay a late lodgement penalty to the tax office. So, it definitely pays to lodge as quickly as possible to avoid late penalties. If you’ve missed the deadline and you’re not registered with a tax agent and want to minimise any potential penalties, please get in touch with us now.
We’re a friendly team of registered tax advisers who can help you get your tax sorted. No matter how complex your tax return is, no matter how old your tax return is, no matter how good or bad you may feel about your financial situation, we can help.
Based in Strathalbyn, just 50 minutes’ drive from Adelaide, we service clients across the Adelaide Hills and Fleurieu Peninsula and would love to help you out next.
Getting an accountant or bookkeeper is an important business decision that can make a big difference to your bottom line.
As accountants and tax agents, we work with businesses throughout the Adelaide Hills and Fleurieu Peninsula to help them keep on top of their tax obligations, identify savings and help them structure their business for growth. Not to mention, we save the businesses we work with costly errors, time and headaches!
As small business owners ourselves, we understand that small businesses need hands-on support from their chartered accountant. There are so many ways an accountant or bookkeeper can help your business but today we thought we’d share some of the main ways we help our clients.
We get your books right the first time
We give your financials the attention they deserve and do it properly the first time. This saves time and headaches down the track, not to mention errors, lost documentation, missed tax breaks and so much more. We also set our clients up with software that makes the whole process a lot easier in the future.
Become your trusted business adviser
With Cutting Ronksley & Associates on your team, we ensure you always know where you stand from a business perspective. We help the businesses we work with make better and more informed business decisions by ensuring they have accurate, reliable and up to date information. Without this information, it is difficult to know how profitable you are or how much cash you can afford to invest in your business.
Improve your profitability
If you want to grow your business and improve profitability, you need an accountant on your team. We can help you figure out what is driving revenue and profit in your business, plus we can remove any road blocks and unnecessary costs.
Become tax effective
With an accountant and tax agent like us on your team, you can say goodbye to dreading the tax office. We're business tax specialists and can provide a hands-on approach to helping your business become tax effective. This has the potential to save your business thousands in the long run.
If you're looking for an accountant or tax agent in the Adelaide Hills or Fleurieu Peninsula or want to have a friendly, no-obligation chat with someone about your options, please don’t hesitate to get in touch.
ATO important dates for the month: