Tax time tips for 2022 RECEIPTS RECEIPTS RECEIPTS!!! Download the ATO app

Keep tracking for 2021-2022 Financial Year by using the ATO APP!! Download it here: https://www.ato.gov.au/General/Online-services/ATO-app/ 

When it comes to tax time, simply email the list of all your deductions from the financial year to Culburra Beach Accounting & Tax. See steps here: https://www.ato.gov.au/General/Online-services/In-detail/myDeductions/Using-myDeductions/ We will then have your tax return ready for your appointment! 

Records can be kept in either paper or digital formats in a true and clear copy of the original so you can photo them! 

Upload to an app such as the free ATO smartphone app myDeductions on which you can record expenses and photos of your receipts, keep work-related car trips and sole trader income. Back up to an external device. Records are usually a supplier receipt. It must be in English and show name of the supplier, cost, details of the goods or services, date of document and date paid. 

Records should be kept for 5 years from the date you lodge your return. Depreciating items receipts must be kept for 5 years from the lodgment of the last claim for decline in value. Similarly records pertaining to buying and selling assets need to be kept for 5 years. The tax office is ramping up audits and if you have your receipts the process should be straight forward. 

Employees working from home 1/7/2021 to 30/6/2022: Only for those not reimbursed for expenses. If you receive an allowance you must include the allowance as income and claim deduction for expenses incurred. Generally you can’t claim occupancy expenses such as rent, mortgage interest, water and rates. Must record number of hours of work completed form home for which you were paid wages. Record hours in timesheet, roster, diary or similar. Shortcut method- do not need dedicated study or home office – 80c per hour x number of hours worked from home. This covers all costs including electricity, furniture & equipment depreciation, telephones and internet, stationery etc. Fixed rate method – requires dedicated study or home office - 52c per work hour which covers furniture depreciation, electricity and repairs to equipment. 

Then claim phone, internet, stationery and depreciation on equipment separately Actual cost method – deduction for additional running expenses times the % of work use when you work from home.