Individual tax returns will regularly be completed on the day of the appointment when the client is able to provide all documentation required to complete the return.  For more complex individual and business returns, the appointment will help clarify any questions and the return will be processed later.  Your tax specialist will be able to communicate the time frame for completion of the return which will generally be from 7 to 28 days from the receipt of all information depending upon the complexity of the return.

If you are a new client, a copy of last year’s tax return is always very helpful.  Your full name, date of birth, and tax file number is required at a minimum, plus health insurance policies.

Records you need to keep and provide include:  Payment summaries from employers, statements from your bank and other financial institution showing all transactions and interest, dividend statements from companies, summaries from managed investment funds, receipts or invoices for equipment or asset purchases and sales, receipts or invoices for expense claims and repairs, rental records.  If your total claim for work-related expenses is $300 or more, you must have written evidence to prove your claims.

Please click on the following link to download a checklist of what you need to bring to your appointment. 

Tax checklist

Yes, we will never release any of your personal information without your permission.  McMahon Osborne Group have recently developed the McMahon Osborne Group portal.  This cloud based service allows you to upload your important financial documents with bank level encripted security measures.  These documents are then available to you for secure viewing anywhere, anytime you have internet access. 

Contact Liz on (03) 9744 7144 or email liz@mcmahonosborne.com.au

The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.

Quarterly reporting

Monthly reporting

The due date for your monthly BAS is usually on the 21st day of the following month. If the due date is on a weekend or public holiday, you can lodge your form and make any payment due on the next business day.

To assist you with staying up to date with the due dates you can download our app;

https://itunes.apple.com/us/app/mcmahon-osborne/id962800767?ls=1

https://play.google.com/store/apps/details?id=com.app_mcmahonosborne.layout

 

When lodging through a tax agent, you generally receive an extended amount of time to lodge which can vary on the type of lodgement. Also, under special circumstances, we can apply for an additional extension period if necessary.

You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship. In some circumstances you have to reduce the amount of your claim by $250.

Self-education expenses are deductible when the course you undertake leads to a formal qualification and meets the following conditions.

The course must have a sufficient connection to your current employment and:

• maintain or improve the specific skills or knowledge you require in your current employment, or

• result in, or is likely to result in, an increase in your income from your current employment.

You cannot claim a deduction for self-education expenses for a course that does not have a sufficient connection to your current employment even though it;

• might be generally related to it, or

• enables you to get new employment.

Expenses you can claim.

You can claim the following expenses in relation to your self-education;

• accommodation and meals (if away from home overnight)

• computer consumables

• course fees

• decline in value for depreciating assets (cost exceeds $300)

• purchase of equipment or technical instruments costing $300 or less

• equipment repairs

• fares

• home office running costs

• interest

• internet usage (excluding connection fees)

• parking fees (only for work-related claims)

• phone calls

• postage

• stationery

• student union fees

• student services and amenities fees

• textbooks

• trade, professional, or academic journals

• travel to-and-from place of education (only for work-related claims)

A capital gain or capital loss on an asset is, broadly speaking, the difference between what the asset costs you and what you receive when you dispose of it adjusted for any depreciation of capital works deductions claimed during the period of ownership.

You pay tax on your capital gains, but often with a discount where the asset is used in a small business or is held for more than 12 months. The gain forms part of your income tax and is not considered a separate tax – though it's referred to as capital gains tax (CGT).

You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee, for example, to:

• carry bulky tools or equipment

• attend conferences or meetings

• deliver items or collect supplies

• travel between two separate places of employment (for example, when you have a second job)

• travel from your normal workplace to an alternative workplace and back to your normal workplace or directly home

• travel from your home to an alternative workplace and then to your normal workplace or directly home (for example, if you travel to a client's premises)

• perform itinerant work.

If you receive an allowance from your employer for car expenses, it is assessable income and the allowance must be included on your tax return. The amount of the allowance will usually be shown on your payment summary.

When you can't claim

Most people can't claim the cost of travel between home and work because this travel is private.

Calculating your deductions from 1 July 2015 – two methods

The government has simplified the car expense deductions for 2015–16 and future income years. From 1 July 2015, the one-third of actual expenses method and 12% of original value method have been abolished.

The two methods available from 1 July 2015 are:

• cents per klm method (with some changes)

• logbook method (with no change to its rules)

Cents per klm method

The cents per klm method is available for use with some changes. Separate rates based on the size of the engine are no longer available from 1 July 2015. Under the revised method, individuals use 66 cents per klm for all motor vehicles for the 2015–16 income year. The Commissioner of Taxation will determine the rate for future income years.

• Your claim is based on 66 cents per klm for 2015–16 income year

• You can claim a maximum of 5,000 business klm per car

• You don't need written evidence but you need to be able to show how you worked out your business klm (for example, by producing diary records of work-related trips).

Where you and another joint owner use the car for separate income-producing purposes, you can each claim up to a maximum of 5,000 klm

Logbook method

• Your claim is based on the business-use percentage of the expenses for the car.

• Expenses include running costs and decline in value but not capital costs, such as the purchase price of your car, the principal on any money borrowed to buy it and any improvement costs.

• To work out your business-use percentage, you need a logbook and the odometer readings for the logbook period. The logbook period is a minimum continuous period of 12 weeks.

• You can claim fuel and oil costs based on either your actual receipts or you can estimate the expenses based on odometer records that show readings from the start and the end of the period you had the car during the year.

• You need written evidence for all other expenses for the car.

 

Audit Shield is a comprehensive tax audit insurance product which covers the professional fees incurred as a result of an official audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) and other federal, state and territory based agencies.

 

 

 

We would like to say yes. As much as we would want this to be the case, we know that from time to time our team members are presented with and will take up new opportunities for many and varied reasons. We also know that Partners are generally in for the long haul as the business itself is a great opportunity. With this in mind every business client is assigned a Partner and Accountant to look after them. The Partner is like the Project Manager, who oversees what is going on.  They are the contact point for the client when they have specific higher level and strategic issues that they would like to discuss. The Partner also knows what is going on with the client on a year to year basis from an overall perspective.

The accountant will handle your day-to-day needs including preparation of Financial Statements, BAS's and Income Tax Returns. Further to this, our training systems have a heavy slant on commercial acumen as well as technical tax and accounting training.  Therefore we encourage our clients to direct questions in the first instance to your appointed accountant who is well versed in the file. If ever a team member is unsure of the answer we are committed to finding the answer or your Partner will contact you with the answer.

Before hiring a worker you need to check if they'll be an employee or contractor.

It's important you get this right because it affects your tax, super and other obligations. If you wrongly treat your employees as contractors you risk having to pay penalties and charges.

If you've previously hired a worker without checking whether the arrangement is employment or contracting, you should review your earlier decision now to make sure you got it right.

You make a lot of decisions when running your business.

So what about the people who work for you? They're contractors, right? You sure? Because you're responsible for getting it right.

Be careful! There are myths about what makes someone a contractor such as;

• having an ABN

• only being needed for short term work

• simply agreeing to the arrangement

• invoicing you for work, or

• just that everyone else in the industry calls them a contractor

It turns out that none of these things by themselves determine whether someone is a contractor or employee. It's not a choice.

There are rules and every working arrangement may be different.

Getting it wrong could land you in trouble - putting your business at risk of penalties.