Tax Season 2023

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: