Aqualibra Accounting & Taxation

19/12/2024

We will be closed
From Monday 23rd December to 3rd of January.

02/03/2024

Are you keeping good records?
Legislative changes mean the ATO can now direct clients to complete an approved record keeping course as an alternative to a financial penalty for not keeping accurate and complete tax records. This allows support of businesses that make honest mistakes with their record keeping, while helping them build their knowledge of what good record keeping looks like.
Aqualibra Accounting & Taxation can assist with your bookwork

05/10/2023

A huge problem in our society

Awareness Day plays a role in highlighting and tackling a global scourge.

29/08/2023

Average ATO refund tumbles $430 compared to last July

Fewer taxpayers have raced to file an early return and the total paid out in refunds is already down by $1.7 billion.
By Philip King•03 August 2023•6 minute read

The average refund for early tax return lodgers has dropped by more than $430 compared with last year and the total amount issued has fallen by $1.7 billion, according to ATO statistics for the first month of FY23-24.
Following changes to the work-from-home fixed rate deductions method and the end of the low to middle income tax offset (the so-called LMITO) taxpayers have been slower to file returns this year than last.
The ATO said it had received over 3.6 million individual tax return lodgments for 2023 by 27 July, down 5 per cent – or about 170,000 – on the same time last year.
It said of those lodgments:
• Over 2.3 million were lodged by self-preparers.
• Over 1.2 million were lodged by tax agents.
• Over 51,000 were push returns.
“We have issued more than 2.1 million individuals tax return refunds, with a combined total over $5.0 billion and an average refund amount of $2,331,” the ATO said.
That added up to 300,000 fewer tax refunds to individuals by the same time last year, when 2.4 million had been dispatched.
At the same time, the average refund amount fell by $438 from $2,769 last year,
when the pandemic special provisions allowed those working from home to claim deductions using a simple cents-per-hour shortcut method, or a fixed rate method worth 52c an hour.
Since March, work-from-home claims using the revised fixed rate method (now worth 67c and hour) have to be substantiated by daily timesheets.
Taxpayers using an agent to file their return got an average of $2,669, substantially better than self-preparers who averaged $2,228.
The ATO put the total amount refunded to date at $5 billion, down from $6.7 billion last year.
It had yet to compile data on the number of returns needing adjustment before assessment, following 140,000 amendments last year by those jumping the gun and a similar warning this year to wait for prefill information to be compiled.
According to the most recent update on the ATO website, prefill data was still to come from dozens of companies and financial institutions including Appen, Australian Pipeline Trust, Auswide Bank, Cimic Group, Citigroup, Interactive Brokers Australia, Nabtrade, Orora, Praemium, Suncorp and Transurban.

15/07/2023

Tax season is upon us again and we are open for bookings.
With many years of experience, your tax return will be prepared professionally and legally.
Tax legislation changes constantly and we have continuing education to keep up with these changes. An example is the discontinuation of the Low and Middle Income Tax Offset.

02/07/2023

To the person/s who took my a-frame sign from Appin shops, I hope you are proud of yourself as I'm sure your parents wouldn't be. To everyone else the business is still carrying on.

05/06/2023

https://www.publicaccountant.com.au/news/why-ato-should-stop-the-guilt-trip-and-empower-taxpayers

There’s a better way to make the tax system more efficient than adding to the nervousness around returns.

24/02/2023

Working from home deduction changes
How you calculate working from home deductions will change for 2022-23 tax returns.

You may need to keep different records this financial year.

To ensure your clients are aware of the changes, the ATO will email employees working in an occupation who are typically eligible to claim a working from home deduction.

The email will inform taxpayers about the changes and what records they need to keep, to help calculate their working from home deduction.

ATO will not email business clients who have claimed home based business expenses.

13/01/2023

https://www.asbfeo.gov.au/media-centre/media-releases/when-taking-care-business-means-taking-care-yourself

10/10/2022

Be careful of ads like this. When it looks too good to be true it may not be.
They are not registered in Australia as a tax agent

An accounting and taxation service located in NSW. Our aim is to give quality service without compromising confidentiality.

11/06/2022

https://www.publicaccountant.com.au/news/ato-warns-of-fresh-tax-scams?utm_source=Public%20Accountant&utm_campaign=10_06_22&utm_medium=email&utm_content=2

The Australian Taxation Office has warned about a new tax lodgement scam this month. The ATO said it is seeing an increase in email phishing scams claiming to be from the ATO. These scams tell people their '2022 tax lodgment' has been received. The email asks them to open an attachment to sign a do

27/05/2022

Buyers beware!!!

The Australian Taxation Office has urged people to be vigilant about a new scam doing the rounds.

The ATO has detected an increase in fake websites offering to provide tax file numbers (TFN) and Australian business numbers (ABN) for a fee – but, instead, using the websites to steal consumers' money and personal information.

These fake services are often advertised on social media.

Your accountant can assist in obtaining these.