WDS Business Group

10/09/2023

Key 2023 tax time targets include:

🕵️‍♀️ Rental property income and expenses
🕵️‍♀️ Income and ‘gifts’ from online content creation (OnlyFans, YouTube, TikTok etc.,)
🕵️‍♀️ Cryptocurrency gains
🕵️‍♀️ Gig economy workers (not declaring income)
🕵️‍♀️ Foreign income (not declared)
🕵️‍♀️ Work from home expenses (inaccurately claimed)
🕵️‍♀️ And as always, work related expenses (overclaimed).

Increasingly sophisticated datamatching programs mean that the ATO is more likely to notice if you have failed to declare income from the sale of assets, income earned through platforms, and made a gain on crypto transactions.

You can offset your assessable income against any allowable deductions you can claim. To be tax deductible, an expense must be directly related to how you earn your income. When it comes to expenses, if you are claiming for items not normally associated with your industry, claim the same amount or same items each year (cut and paste claims), or claim amounts outside of the norm, then it is likely the ATO will take a closer look.

Want to maximise your tax back? Get in touch

Send us a DM or contact us on:
☎️ 03 7022 6838
📧 [email protected]

03/05/2023

Claiming work from home expenses this tax time? 🏡 💻

There are two methods available to calculate your expenses, the:
✔️ revised fixed rate method
✔️ actual cost method

You can choose to use whichever method will give you the best outcome, as long as you meet the eligibility requirements and have the right records.

To learn more, see https://www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/

13/12/2022

Thank you to all directors who’ve applied for your or are in the process of doing so. If you’re yet to join their ranks – there’s 5 days to go! ⌛

Apply by 14 December. Find out more and get started online at www.abrs.gov.au/director-identification-number

26/10/2022

Company directors will need to apply for a directors identification number by 30 November 2022 🗓

Apply online following these 3 steps:

1️ Set up myGovID
2️ Gather your documents
3️ Complete your application.

Watch the step-by-step demonstration video on how to apply online @

You need a director identification number (director ID) if you're a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.

26/10/2022

ATO to target individual taxpayers over $8bn shortfall

Work expenses, omitted income and rental property claims have been called out as key ATO targets to narrow the $8 billion-plus gap between what individuals pay in tax and what the office believes they owe.

Work expenses, omitted income and rental claims will come in for extra scrutiny to narrow the tax gap. Work expenses, omitted income and rental...

22/10/2022

If you haven’t lodged your tax return yet, we’re here to help maximise your tax refund.

You have until 31 October to lodge your tax return if you are self lodging.

However, if you are on a tax agent lodgement list by 31 October you have upto May 2023 to complete your tax return.

Feel free to DM or contact us on 03 7022 6838

17/10/2022

Only two weeks left to lodge! ⏰

Time to gather your receipts and get cracking! Log in to ATO online services through your myGov account and get started. ✔️

If you’re lodging through a tax agent, make sure they’re registered with the Tax Practitioners Board and get on their books by the end of the month to take advantage of later lodgment dates.

For more info, visit www.ato.gov.au/individuals/Your-tax-return/In-detail/Tax-essentials/

15/10/2022

October is here, which means you have less than a month to get your Halloween costume ready and your lodged! 📅

💻 Lodging online? Don’t leave it to the last minute, lodge today by logging in to ATO online services through your myGov account.
Or,
📞 Lodging through a tax agent? Make sure they’re registered with the Tax Practitioners Board and get on their books before the end of the month to take advantage of later lodgment dates, if you need more time!

For more info, visit www.ato.gov.au/individuals/Your-tax-return/In-detail/Tax-essentials/

15/09/2022

💵 The shadow economy, also known as the cash economy, impacts all Australians. While it’s okay to receive cash for work, not reporting that income is illegal.

In our latest in-language podcast episode, we shed light on the shadow economy, how it operates and key behaviours to keep an eye out for, such as:

❌ businesses under-reporting income
❌ skimming transactions
❌ under-paying staff.

We also share how you can do your part to help the community by reporting a tip-off to our confidential Tax Integrity Centre.

Listen to the podcast now in Arabic, Korean, Mandarin or Vietnamese at www.ato.gov.au/podcastlanguages

06/09/2022

This year it’s important to get your records and tax return correct because of the continued unusual business circumstances.

Talk to us and we’ll help make tax time easy and make sure you’re claiming all that you can for your business.

This year it’s important to get your records and tax return correct because of the continued unusual business circumstances. Talk to us and we’ll help make tax time easy and make sure you’re claiming all that you can for your business.

05/09/2022

Are you making the most out of your investment property? Getting the income and allowable tax deductions right can be complex.

We’ll help sort out the details so you’re claiming all you can. Talk to us today to maximise your 2022 tax return.

Are you making the most out of your investment property? Getting the income and allowable tax deductions right can be complex. We’ll help sort out the details so you’re claiming all you can. Talk to us today to maximise your 2022 tax return.

03/09/2022

Are you making the most of allowable tax deductions? Individuals can claim for general work-related expenses, occupation-specific expenses and working from home.

Book a time to prepare for your 2022 tax. We’ll help maximise your return.

Are you making the most of allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time to prepare for your 2022 tax. We’ll help maximise your return.