Peter Hull Tax Agent B Bus NTAA
Tax Year 2025/26 hullie50@bigpond.net.au
07 3266 2068
0408681828
Dear Client:
MY HOLIDAYS
I like to getaway for some time each year in May/June and this July 23 to July 27.
APPOINTMENTS – PH 32662068
For appointments with me please ring on my direct phone number 32662068 preferably between 9am and 5pm where possible. If you leave a message speak clearly and deliberately for me to REPLY.
Early in July, your full income details may not be on the ATO tax portal site’s data matching to complete your tax return. Make sure I get your email address.
SOCIAL DISTANCING, SICK OR TRAVEL RESTRICTIONS
Tax returns can be completed by telephone appointment and/or email and payment completed by internet banking. Appointments at the office will be spaced so there is no crowding occurring plus social distancing cleansing measures implemented. To help your living costs, no increase in my fees!
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 70 cents per hour 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. NEW STANDARD $1000 deduction from 1/7/2026.
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 9/5/2017 cannot deduct existing plant and equipment only newly purchased. See back of this page for Rental Properties Talk to me about 2026 Budget changes to Negative Gearing and Capital Gains that may affect
you.
***BEFORE JULY 1 TAKE ADVANTAGE OF SUPER CONTRIBUTIONS BELOW***
SAVE TAX WITH SUPERANNUATION SPOUSE CONTRIBUTION TAX OFFSET
Make Super contributions up to $3000 before 1/7/26 on behalf of your spouse. Get a full tax offset of $540 if spouse is under age 75 and their assessable income, fringe benefits, and salary sacrifice Super 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 2020/21 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 $47,488 or less and part thereof for assessable incomes up to $62,488.
MEDICARE LEVY IS 2%. SURCHARGE STARTS AT $101,000 and 202,000 FOR COUPLES in 2025/26. PRIVATE HOSPITAL COVER REDUCES SURCHARGE
PERSONAL TAX THRESHOLDS FOR 2025/26
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 $34,919 for singles and nil for couples up to $30.994 each. Lower tax rate changing to 15% and then 14% in coming years.
SMALL BUSINESS WRITE OFF UP TO $20,000 for and 25/26
Spend Less and Safe Some for a Rainy Day!
PETER HULL 