Peter Hull Tax Agent B Bus NTAA
Tax Year 2023/24 hullie50@bigpond.net.au
Dear Client:
MY HOLIDAYS
I like to get away for some time each year in April/May/June.
APPOINTMENTS – PH 32662068
For appointments with me please ring on my direct phone number 32662068 preferably between 9am and 5pm where possible. If your appointment is early in July, you will need your full income
details as we may not be able to rely on the ATO tax portal site’s data matching to complete your
tax return. Make sure I get your email address this year as I will contact you this way next year.
SOCIAL DISTANCING
Tax returns can be completed by telephone appointment and/or email and payment completed by internet banking. Appointments at the office will be spaced hourly so there is no crowding occurring plus social distancing and cleansing measures can be implemented.
WRITTEN EVIDENCE FOR GENUINE WORK DEDUCTIONS OVER $300!!!
Remember to claim work related self-education, home work and home office expenses as well Income
Protection premiums. For those who work at home, from 28/2/2023 you must keep a diary to record
all hours worked. The rate of 67 cents per hour will be 70cents from 1/7/24 to cover all internet, mobile
phone, stationery, and consumables and add depreciation of equipment. You can alternatively claim
using Actual Cost Method.
YOUR BANK ACCOUNT DETAILS ARE REQUIRED TO DO YOUR TAX RETURN
Tax return time is here again. Look at the checklist “particularly rental owners” on the back of the letter
to help your appointment preparation. Our standard fee for an individual return will be $90. Rental
properties, business income, and some investments involve extra fees. The ATO require your bank
account details for your refund to go straight to your bank account. (Please have BSB No and A/c No).
RENTAL PROPERTIES
From 1/7/17 no travel expenses can be claimed. Rental properties purchased from 9/5/17 cannot deduct existing plant and equipment, only newly purchased. See the tax checklist page for information on rental properties.
***BEFORE JULY 1 TAKE ADVANTAGE OF SUPER CONTRIBUTIONS BELOW***
SAVE TAX WITH SUPERANNUATION SPOUSE CONTRIBUTION TAX OFFSET
Make Super contributions up to $3000 before 1/7/25 on behalf of your spouse and get a full tax offset
up to $540 if their assessable income, fringe benefits, and salary sacrifice superannuation is less than
$37,000 p.a. Cuts out at $40,000p.a. Save $540 tax and build your spouse’s SUPER.
YOU CAN CLAIM A TAX DEDUCTION FOR PERSONAL SUPER. CONTRIBUTION UP TO
THE $30,000 LIMIT FOR ALL YOUR CONCESSIONAL CONTRIBUTIONS.
Any unused concessional contributions from previous years from 2019/20 can also be claimed but
conditions apply. Seek financial advice on your Superannuation, Retirement, and Centrelink needs.
SUPERANNUATION CO-CONTRIBUTION SCHEME
Don’t miss this. The maximum eligible co-contribution from the Government is $500 for your full
non-concessional contribution of $1,000 when your Assessable Income (with 10% eligible income) is
$45,400 or less and part thereof for assessable incomes up to $60,400.
MEDICARE LEVY IS 2%. SURCHARGE STARTS AT $97,000 and $194,000 FOR COUPLES IN 2025/24. PRIVATE HOSPITAL COVER REDUCES SURCHARGE
PERSONAL TAX THRESHOLDS FOR 2024/25
It is NIL up to $18,200, 16% then up to $45,000, 30% tax rate starts after this, and 37% starts at
$135,000. With the low income tax offset effective tax free income threshold is around $22,600.
Seniors will have Reportable Fringe Benefits and Income Tax Losses added to their taxable income to
see if they qualify for Seniors Tax Offset. No tax up to $32,279 for singles and nil for couples up to
$28,974 each.
SMALL BUSINESS WRITE OFF UP TO $20,000 for and 24/25
PETER HULL 