Bribie Accounting Services

Take Action Before June 30

About Bribie Accounting ServicesThe end of the financial year is approaching fast and now is the time to think about your tax position and to take action to maximise your tax deductions.Take Action Before June 30.

For employees, think about making a personal contribution to super (if you meet the eligibility criteria for the co-contribution) and purchasing work-related expenses before June 30. There are many other strategies that you may benefit from depending on your circumstances and eligibility.

For business owners, think about paying as many expenses as possible by June30, prepaying interest, insurances etc., making personal contributions to super, pay employee super up to date, purchasing stationery, equipment, motor vehicles and other expensive items now and consider the tax offsets that you might be eligible for.

It is in your best interest to do some tax planning now, so please contact me.

Here is a handy checklist for small business owners.

Bribie Accounting Services

Employees Travel Expenses

About Bribie Accounting ServicesThe ATO substantiation requirements for employees travel expenses do not apply to “travel expenses” incurred by an employee who receives a travel allowance for travel within Australia and the claims for costs of accommodation, food, drink and other incedentals do not exceed the reasonable amounts as determined by the ATO. A travel diary is required for travel of 6 or more nights in a row.

Please make sure your employer states the travel allowance amount paid to you, as a separate item called “travel allowance” on your payslips and year end summary.

This is an issue for many employees; so if you incur travel expenses in your employment, please talk to your employer now.