The Lawson Lowdown

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Weekly Tax Tips

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Week 1

Did you know that if you are required to use your personal mobile phone for work (making and taking calls) that you can claim a percentage of your bill on your Income Tax Return? 


Week 2

Did you know that you can claim the cost of attendance fees, travel to/from work-related seminars, conferences, conventions and education workshops when they sufficiently connect to your work activities? 


Week 3

Did you know that the cost of your Income Protection Insurance is completely Tax deductible when the policy is held in your name (Not your Superannuation funds) due to its direct link to you earning income?


Week 4

Did you know that the ATO have launched a new Scams Alert Page as part of 'Stay Smart Online' week? If you recieve a suspicious email, SMS or phone call, visit ato.gov.au/scamalerts for info on the latest ATO impersonations and tax related scams.


Week 5

Did you know that the ATO has an app to help you keep track of your work-related expenses? Individuals can utilise this app to ensure all deductions are recorded and automatically sent to your tax agent or accountant. 

Week 6

Did you know that you can claim the cost of any donations or sponsorships made throughout the year for example MS read-athon and Movember? This includes flood and disaster relief: Note: October is Breast Cancer Awareness Month, donations can be made ar nbcf.org.au


Week 7

Remember these three rules when claiming all work-related expenses on your tax return! 

1. You must have spent the money (and have not been reimbursed) 

2. The expense must be directly related to earning your income (i.e A builder can claim tools, a retail employee cannot) 

3. You must have a record to prove it (A reciept or proof of transaction) 

Check out deductions you can claim at ato.gov.au/deductions


Week 8

Did you know that if you are required to work from home, perform CPD or study for work form home you can claim an hourly rate to cover you for home office expenses?  


Week 9

Did you know that it is better to get your employer to pay for as many work-related expenses as possible rather than claiming them yourself? Based on marginal tax rates, you only get back a percentage of any expenses incurred, not 100% of the expense.


Week 10

Did you know that personal super contributions can be claimed as a tax deduction on your Tax Return? Before claiming you must have received an acknowledgment form from your superfund by contacting them advising of your intent to claim. Note: Personal contributions made will be subject to 15% tax in the fund.


Week 11

Did you know that as of July 1st 2019 all businesses that employ staff are required to report all payroll activity through the ATO’s new Single Touch Payroll process? This will mean there is no longer a requirement to provide annual PAYG Payment Summaries (Group Certificates).


Week 12

Did you know that the cost of managing your tax affairs is claimable? This includes travel costs associated with obtaining tax advice, the cost of tax reference material and the cost of preparing your tax returns through a registered tax agent.


Week 13

Did you know that the cost of your annual flu shot is not claimable on your income tax return even if your employer requires you to be vaccinated? This type of expense falls under the category of medical expenses and as of 2015 medical expenses are no longer claimable.


Week 14

Did you know that you should advise your employer if you have a Higher Education Support Loan (HECS), Trade Support Loan or Student Financial Supplement Scheme Loan? They will need to withhold more tax from your wages to cover any repayments required in your annual tax return.


Week 15

Did you know that as of the 2nd April 2019 until the 30th June 2020 the Small Business Instant Asset Write-Off has increased from $20,000 to $30,000 (Excluding GST)? The threshold applies to any business use asset regardless of whether or not it is purchased new or second-hand.


Week 16

Did you know that even if you have already lodged your tax returns you should retain your records for 5 Years. Keeping your records is important as it can help resolve any issues relating to disputed claims and avoids your exposure to penalties and audit activity.


Week 17

Did you know that if the total of all of your deductions is equal to more than $300 in your Income Tax Return you must be able to prove the expenses with written evidence? If you are claiming under $300 in total then you need to be able to show how you worked out your claim amount but do not need written evidence.      


Week 18

Did you know that if you invest in shares, property or cryptocurrency you should keep detailed records when you buy and sell the asset? This simple step will help at tax time to ensure that your capital gains or losses are reported correctly and that we have all the documents required.     


Week 19

Did you know that as of July 1st, health insurers are not required to issue annual private health statements? Instead this will be accessible via an ATO report, usually by mid-August. The statement is important as it is used to calculate rebates that you are entitled to and any surcharges if applicable.


Week 20

Did you know that as of July 2017, the Government introduced the First Home Super Saver Scheme? The scheme allows you to make additional contributions into your superfund to purchase your first home by using voluntary before and after tax contributions as a deposit?


Week 21

Did you know that we have a tax return preparation checklist available to both business and individual clients? Our checklist covers all of the documents and materials that we may need to prepare your tax returns. The checklist is available on our website lawsonaccounting.com.au  


Week 22

Did you know that we now have online booking available? You can book a tax return appointment with one of our friendly accountants after hours at a time that suits you. We also are taking Thursday night appointments this year during the months of July and August. But get in quick!


Week 23

Watch this space - New tip coming soon!


Week 24

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Week 25

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Week 26

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Week 27

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Week 28

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Week 29

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Week 30

Watch this space - New tip coming soon!

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