Beware of Unregistered Tax Agents

Tania Maddaford

Approached by someone offering unusually cheap tax services or promising refunds that are too good to be true?

🚨Beware of unregistered preparers! Remember, only a registered tax agent can charge a fee to prepare and lodge your tax return.

Today an unregistered preparer from Sydney received a criminal conviction for dishonestly obtaining a financial advantage. Charging a $100 fee, he used the personal myGov credentials of 1,098 individuals to lodge tax returns on their behalf, redirecting some of the refunds into his own bank account.

Find out more at www.ato.gov.au/…/Thieving-fake-tax-agent-stopped-by-the-ATO/

Employee or a Subcontractor

Tania Maddaford

Employers: What do apprentices, trainees, labourers and trades assistants all have in common? Apart from being great at finding the ‘stripy’ paint, ‘elbow’ grease and ‘long weights’… they’re always employees, never contractors.

Even if your workers have an ABN, you’ll risk charges and penalties for your business if you incorrectly treat them as a contractor.

You’ll need to meet the same tax and super obligations for these employees as you do for any others in your business.

Find more info by visiting www.ato.gov.au/Business/Your-workers/Employee---checklist/

MyDeductions App

Tania Maddaford

Tax tip: If you claim work-related expenses on your tax return, keep records to support your deductions for five years after you lodge. You could be asked to provide them later on 🔍

🧾 Storing your records is made easy with our ATO app, so you don’t have to worry about lost or faded receipts! You can use the app’s myDeductions tool to keep an electronic copy of your records that’s easy to back up and store safely.

Find out how and download the app at www.ato.gov.au/General/Online-services/ATO-app/myDeductions/

Christmas Parties

Tania Maddaford

Employers: Are you planning Christmas festivities to reward your staff this year? 🎉🎁 Before you throw a party that will have them talking all year, it’s worth considering the fringe benefits tax (FBT) implications.

Your FBT obligations will depend on:

• The amount you spend on each employee for the party

• When and where the party is held (e.g. on a work day, on business premises)

• Who attends (e.g. staff only)

• The value and type of gifts you provide.

Unwrap all Yule need to know about celebrating with your employees this festive season at

www.ato.gov.au/…/Fring…/In-detail/FBT-and-Christmas-parties/

Rental Properties Used for Private Purposes

Tania Maddaford

Do you own a rental property that you use both privately (e.g. as your holiday home) and to produce income? We’ve got a tax tip for you!

🤓 👉 If your rental property is sometimes used by you or your friends and family, you’ll need to apportion your expenses and only claim deductions for periods when it was rented or genuinely available for rent.

To learn more about what this means for you, check out our video and read further details at www.ato.gov.au/…/Residential-renta…/Rental-expenses-to-claim