Here We Go Again..

Where does the year go? June 30 fast approaching we have produced our annual taxation newsletter to make sure everyone is well prepared.

Please note not everything will apply to all clients, it is designed for individuals and businesses.

The Tax Team

[In addition to Shane and Nicole]

Well trained and enthusiastic to provide the best outcome for the valued clients at Winter & Co. Feel comfortable to embrace their enthusiasm and knowledge.

Appointments

Please note under ATO guidelines we cannot prepare any returns until the 14th of July because payment summary information cannot be guaranteed to be available. The office will be open as normal during this period. There may be the opportunity for limited appointments in the week of the 10th if urgent and prefill information is available.

Please note, Shane will be away the week of the 14th of August helping his son transition to US College. Nicole will be away the week of the 17th of July for a family wedding interstate. This will limit the number of available appointments in the first few months.

Thankfully as in the past, Shane’s diary is filling fast, and we are currently taking appointments into late August/Early September. Please do not hesitate to book in with Jonah and Anthony if you are wanting an earlier appointment.

Face to Face, Zoom, Teams or Phone

Winter and Co will offer all of the above methods to prepare all your taxation needs. When you decide to make your appointment, you will be offered which format suits you.

Late changes

If you get stuck at work, kids not feeling well, or you’re not feeling well, we will be able to be flexible and change the format of the meeting around.

Appointments are best made via Reception on (08) 8295 1055

Do you need to print off a Group Certificate/Payment Summary or Private Health Insurance Details?

No – we will access any payment summaries or private health insurance from the ATO after the 14th of July. This means you do not need to access MY GOV before your appointment.

Protecting your MyGov ID Login

We are experiencing more examples of identity fraud and MyGov accounts being hacked. Please read the following to assist with your security.

Click Here for protect your MyGov ID

Tax Checklist

INDIVIDUALS AND COUPLES

REFUNDS WILL BE LOWER IN 2023 FOR MOST. PLEASE LOWER EXPECTATIONS.

The Low to middle income rebate has been removed. As such refunds for those eligible for the rebate previously may be up to $1500 lower.

Please remember we don’t make the rules!

HOME OFFICE

Click Here for Working From Home Deduction

There have been changes in this area as people have returned to work, but we know some are still at home. Please make yourself aware of the attached.

MOTOR VEHICLE EXPENSES

Please ensure you have a valid logbook – it must be kept for 12 continuous weeks before the end of the income year. 

It will be valid for a five-year period unless circumstances change.

IT IS ALWAYS THE TARGET OF THE ATO
RENTAL PROPERTIES

ATO will reportedly target investment properties this tax season. 

Please keep receipts. 

Repairs and maintenance above $4000 – be prepared for an audit.

SUPERANNUATION DEDUCTIONS

If you have made a voluntary contribution into Super, please complete the intention to claim form, as attached. You can complete at appointment however, it will delay lodgement of the tax return until confirmation from fund received.

Click Here for Notice of Intent Form

BUSINESS END OF YEAR

Instant asset write-off

The instant asset write off from 1st July 2023 will reduce down to $20,000 per asset. If you purchase an asset greater than $20,000 we will go back to claiming depreciation.

STP Finalisation

All 2023 STP finalisations need to be completed by the 14th of July 2023. For Further Information on how to finalise your Single Touch payroll Please visit:

Click Here for EOFY in Xero Payroll

Super Guarantee

Please note from 1 July 2023 Super will be at 11%

Medicare Levy Threshold

There have been increases in the area of Medicare Levy Thresholds and Private Health Insurance Rebates. See link for table:

Click Here for Income thresholds and rates for the private health insurance rebate

THE FULL TEAM, FEES,CARPARK AND CONTACT POINTS

Shane Winter and Nicole Barnett [Directors] will assist as the senior tax specialists and advisors.

Anthony will be available for individual and business returns. He also specialises in XERO and MYOB training and support.

Jonah will be available for individual and business returns. He also specialises in cryptocurrency tax and self-managed superannuation fund administration.

Deb will continue to specialise in SMSF

Hayley will continue to specialise in ASIC, Payroll and ATO Matters 

Kayla will provide support between clients and professional staff

Keelia will your friendly first touch point on the phone at front reception and appointments

This year’s individual tax return without supplementary information will be $190 inc. GST.

Please note, the carpark will be open, and we will be sending through appointment reminder text messages 24 hours prior to your appointment.

Kayla: kayla@winterco.net.au

Anthony: anthony@winterco.net.au

Jonah: jonah@winterco.net.au

Deb: deb@winterco.net.au

Hayley: hayley@winterco.net.au

 Keelia: reception@winterco.net.au

Rising Inflation, Rising Interest Rates, Rising cost of living, the Power equal top, the Crows just inside the eight. We just have Ted Lasso for you to close the Newsletter:



Welcome back


With June 30 fast approaching we have produced another newsletter to make sure everyone is well prepared. Please note not everything will apply to all clients. It is designed for individuals and businesses.

Appointments


Please note under ATO guidelines we cannot prepare any returns until the 15th July. But that aside the office is open as usual.
The team has continued to expand – we have Anthony, Jonah, Nicole and Shane to help process your returns this year.
As usual demand is high and appointments are filling fast, so please use all members of the team and get in early with making a time.
If you are feeling unwell or have flu or COVID symptoms? Please do not come in, and we will switch your appointment to a phone, zoom or teams meeting. We will do the same if any of the team are unwell.
Appointments can be made on (08) 82951055 or email reception
Do you need to print off a Group Certificate/Payment Summary or Private Health Insurance Details?
No – we will access any payment summaries or private health insurance from the ATO after the 15th July. This also means you do not need to access MY GOV before your appointment.

Tax Checklist


Please click here to see what you can bring with you to your tax appointment.

Tax Refunds


Although Albo is now in Power we still have Sco Mo’s Bonus and this has been increased in 2022, however it is income tested – eligibility is determined based on your Taxable Income. It is to be removed in 2023 tax year. So enjoy this Tax Return!
Please remember to bring your bank account details, including BSB and account number with you to your appointment.
REMINDER – WE NO LONGER OFFER FEES TO BE DEDUCTED FROM THE REFUND. THIS STOPPED WITH THE MYGOV ONSET.
FEES CAN BE INVOICED OR PAID AT APPOINTMENT.

TAX TIPS
INDIVIDUALS AND BUSINESS

Home Office Claims


For those who have had to work from home and are wondering what can be claimed please see link below
Employees Working From Home

COVID-19 Test Expenses


From 1 July 2021 if you’re an employee, sole-trader or contractor and you pay for a COVID-19 test for a work-related purpose, you can claim a deduction.
COVID 19 Test Expenses

Disaster Payments


Taxable or Not Taxable Income?
COVID-19 Disaster Payment – non-taxable
Pandemic Leave Disaster Payment – taxable
Cost of Living Payment – non-taxable
Natural Disaster Assistance Payment – non-taxable
Australian Government Disaster Recovery Payment – non-taxable
Disaster Recovery Allowance – taxable
Disaster Payments

Cryptocurrency


Please be aware that cryptocurrency is under the microscope with the ATO. You may need to consider tax treatment on Disposals.
Cryptocurrency with ATO

ATO Warnings


Each Year the ATO raises areas of review, please see the following for comments from the ATO.
ATO Claim Warnings

BUSINESS END OF YEAR

Superannuation


From 1st July, 2022, the super guarantee rate will increase to 10.5%.
Earnings Threshold $450 removed
Super Guarantee Changes

These changes may automatically take place through your cloud based software however it is important to review the setup, so any queries please contact Anthony at :
anthony@winterco.net.au

Contribution Caps

Concessional Contribution Cap – $27,500.
Non Concessional Cap – $110,000.

Unused Concessional Cap Carry Forward :

Members can make carry-forward concessional super contributions from previous years if they have a total superannuation balance of less than $500,000.


Personal Super Contributions: Notice of Intent Form


Notice of Intent Form Super Contributions

Single Touch Payroll
Phase 2

Your software provider should be all over the changes, however any queries please contact Anthony at
anthony@winterco.net.au

XERO Payroll End of Year Checklist

MYOB Payroll End of Year Checklist

Temporary Full Expensing


Eligible business can claim immediate deductions for business portion of an asset in the year it is first used or installed ready for use.
Temporary Full Expensing

STRANGER THINGS HAVE HAPPENED…

We see the year ahead as one to get back to normality, we’ve seen and survived through much stranger things…
Shane and Nicole will assist as the senior tax specialists and advisors.
Anthony will be available for individual returns, anything XERO and MYOB and provide support as required to all clients.
Jonah will be available for individual returns and continue to support the SMSF team.
Deb will continue to lead the SMSF
Hayley is our key ATO and ASIC liaison.
Kayla who is our front person. She will be provide more support to all but is the go-to for contact with Shane and Nicole, particularly when things get strange…


shane@winterco.net.au

nicole@winterco.net.au

anthony@winterco.net.au

jonah@winterco.net.au

deb@winterco.net.au

hayley@winterco.net.au

kayla@wintero.net.au

HAPPY TAX SEASON, STAY SAFE IN THE UPSIDE DOWN…

Tax Season 2022

Where has 12 months gone ?

With June 30 fast approaching we have decided to produce another newsletter to make sure everyone is well prepared. please note not everything will apply to all clients. it is designed for individuals and businesses.

Appointments

As we prepare this newsletter there are outbreaks of COVID in Australia. We would like to reassure everyone that we will continue to provide a COVID safe environment. We will be providing appointments face to face, phone or zoom/skype to assist in accommodating everyone’s needs. In the event that SA went into a lock down we are structured to convert all appointments online. to adhere to COVID rules it does mean like last year we need to spread out appointments, so please be understanding.

This year we have added Anthony to the team who will be available for Individual Returns predominantly on Tuesdays and Wednesdays and Nicole will offer a number of Saturday morning appointments for a limited period to help manage the volume.

Please contact Kayla on 8295 1055 or email reception@winterco.net.au

Change of Address

If you have changed residential addresses or would like to change your postal address please contact:

Kayla or Hayley at the office or via email : reception@winterco.net.au or hayley@winterco.net.au

Do you need to print off a Group Certificate or Payment Summary or Private Health Insurance Details

No, we will access any payment summaries or private health insurance from the ATO after the 14th July. This also means you do not need to access MY GOV before your appointment.

What else do you need to bring?

Details of Interest income from banks and building societies, Dividend statements for dividends received or reinvested, Annual Tax Statements from Managed Funds, Rental Property Income and Asset Sale Details for Capital Gains. Also note later details of Crypto.

With deductions and items to claim, the most relevant claim will be working from home due to COVID, at the very least please provide hours worked from home. If you have a motor vehicle deduction that exceeds 5000 kilometres per year, please ensure you have a valid LOG BOOK.

Other items to consider are uniforms, safety wear, study costs, union fees, registrations, tools, subscriptions, mobile, internet and company expenses as well as donations and income protection insurance.

Lastly, if you have a spouse that we don’t prepare a Tax Return for please bring in their estimated or actual Taxable Income.

Tax Refunds :

With Sco Mo’s Lamington Rebate still in existence we hope refunds will remain similar to last year. Please remember to bring your bank account details, including BSB and account number with you to your appointment.

PLEASE REMEMBER WE NO LONGER OFFER FEES TO BE DEDUCTED FROM THE REFUND. THIS STOPPED WITH THE MYGOV ONSET. FEES CAN BE INVOICED OR PAID AT APPOINTMENT.

TAX TIPS – INDIVIDUALS AND BUSINESS

Topics for discussion around the water cooler at work:

Home Office Claims

For those who have had to work from home and are wondering what can be claimed please see link Employees Working From Home

Cryptocurrencey

Please be aware that cryptocurrency is under the microscope with The Australian Taxation Office. Cryptocurrencey with ATO

ATO Warnings

Each Year the ATO raises their areas of review please see the following for comments from the ATO ATO Claim Warnings

BUSINESS END OF YEAR

Superannuation

On July 1 2021, the superannuation guarantee rate will increase from 9.5% to 10%. The rate is scheduled to progressively increase to 12% by July 2025. Changes will automatically take place through software but any queries please contact Anthony at anthony@winterco.net.au

The Contribution Caps have been increased from July 1 2021:

Concessional Contribution Cap from $25,000 to $27,500
Non Concessional Cap from $100,000 to $110,000.

Unused Concessional Cap Carry Forward:

Members can make carry-forward concessional super contributions from previous years if they have a total superannuation balance of less than $500,000.

Single Touch Payroll

STP Information

Concessions end on July 1 2021, you need to be reporting each pay day through STP by this date and need to start reporting as soon as possible as penalties may apply. This should be reported through STP- enabled software. Any queries please contact Anthony at anthony@winterco.net.au

Sorry for those hoping for BA Baracus it’s not that exciting… But to make sure you are aware of everyone to help and assist with your needs you will still be led by Shane and Nicole as the senior tax specialists and advisors. Anthony will be available for individual returns, anything XERO and MYOB and provide support as required to all clients. Jonah will continue to support the SMSF team and will further his craft with expanding into client support in the business services area. Deb will continue to lead the SMSF and will further embrace technology to consolidate the service in this area. Behind the scenes will be Hayley who will continue to grow with ATO liaisons and most importantly with ASIC and all their demands and needs. Finally is Kayla who is our front person. She will be provided some more support but is the go-to for contact with Shane and Nicole, particularly when things go “crazy”.

Contact points:

Shane: shane@winterco.net.au
Nicole: nicole@winterco.net.au
Anthony: anthony@winterco.net.au
Jonah: jonah@winterco.net.au
Deb: deb@winterco.net.au
Hayley: hayley@winterco.net.au
Kayla: reception@winterco.net.au

HAPPY TAX SEASON, STAY SAFE AND NO BETTER WAY TO FINISH THAN JERRY MCGUIRE.