Things to know before lodging your Geelong tax return

While tax laws are constantly evolving every year, having CD&G Accountants on your team means you’ll be up to date with the latest changes when you lodge your Geelong tax return.

We are Geelong tax specialists and it’s a vital part of our job to keep abreast of any changes that impact on our clients and the tax landscape.

With the end of the financial year mere days away, people are pulling together their financial information and preparing for tax time. It’s a busy time of year and it seems to come around very quickly.

Here are some examples of tax changes, advised by the Australian Taxation Office, for:

• Primary producers – they can now deduct the cost of water facilities and fencing immediately. Water facilities include dams, windmills, bores and pumps. They can also depreciate the cost of silos, tanks and other fodder storage assets over three years.
• Small business income tax offset – from 2015/16 individuals can get a tax offset on the tax payable on the part of their income that’s from net small business money flowing from sole trading activities, a share of net small business income coming from a trust or partnership, and other amounts you might receive because you’re a beneficiary or partner in a small business entity. This offset can cut the tax payable relating to your small business income by up to $1000 each year.
• Accelerated depreciation for small businesses – small businesses can now claim a deduction straight away for assets they first acquire and start to use or have set up ready for use, as long as each depreciable asset costs under $20,000. This measure ends in June next year and temporarily replaces a previous instant asset write-off threshold of $1000. It’s important to note that the balance of the general small business pool is also immediately deductible if it’s less than $20,000 at the end of the income tax year ending between May 12, 2015 and June’s end next year.
• Employee share schemes – changes took effect at the start of the 2015/16 financial year and apply to scheme interests issued from that date onwards. There are some rule changes and new concessions that apply to start-up company employees. When options are taxed is one of the changes to look out for.
• Work-related car expenses – there are now two methods for car-expense deductions, replacing the previous four. `Logbook’ and `cents per kilometre’ methods must be used now.

To find out more detailed information on these changes, just ask our professional team at CD&G Accountants or visit the ATO’s website.

For many people tax time is a blur of deadlines, details and pressure. It’s an involved process and mistakes can happen in the rush to lodge your return online. Sometimes it’s easier to turn to the professionals. We’ve years of experience when it comes to Geelong tax returns and will ensure your obligations are met. Because we’re tax specialists, you can also enjoy peace of mind knowing you’ll get the maximum entitlements available to you.

If the thought of preparing a tax return and wading through tax law changes fills you with dread, turn to the trusted team at CD&G Accountants for help. Please contact us for more information.