Brighton Tax  Accountant - Peter Crabb and AssociatesPeter Crabb and Associates is a CPA practice Peter Crabb & Associates
is a CPA Practice

LEVEL 1, 181 BAY ST
BRIGHTON VIC 3186

Cnr of Bay St & Cochrane St

CONTACT US FOR AN APPOINTMENT

03 9595 3818

Peter Crabb & Associates Tax Tips

Hello everyone, another year races by with incredible speed! I look forward to seeing clients again please ring for appointment between 8:30am to 6:00 pm or mail/email to me together with the pink page tax memory jogger or download the tax memory jogger.. It’s also handy to jot notes on for your appointment. Please make an effort to use it, I can then be sure of email address, bank a/c details and phone number.

Many clients email me their info, I email back the prepared return and the job is done. If you often use email a few pointers follow. The following are attachments that I can open; pdf, jpeg and Excel. I can’t open other exotic methods; my skills are with tax, not IT!

Scams are now increasingly common. Make sure you have a good antivirus program that automatically updates itself. If unsure of a web site hover the curser over web links with your browser to check. Also be aware that an executable file (.exe) may be malware. Even the mighty ATO have their scam problems, a recent ATO email was actually sent by scammers!

Scammers have rung a few clients during the year posing as ATO staff. Do not respond, if unsure I have access to all ATO client data and can confirm the scam for you.

Tax refunds are only paid by bank credit from the ATO. Please take great care that the bank BSB and account number is correct on your signed tax return. If incorrect someone else will receive your refund, the ATO does not check the name of the bank account holder!

Private health insurance annual Statement. No need to bring it, I receive it from the ATO.

Private health insurance, government rebate. This is income tested and higher (family) incomes lose all or part of their rebate at tax time. You may care to advise your fund of your expected family income so that the correct rebate is factored into your premiums.

Health expense claims are now gone, finished, kaput.

HELP repayment threshold is $54,126 the ATO repayment rate starts at 4% rising to 8% at $100,5200 and above. Make sure your employer is deducting HELP from your pay!

Medicare Levy is 2%, some relief for low income earners.

Dependent children. I just need the number of dependent children, no names. Under 18’s interest is tax free up to $416 then 68% tax so watch this!

Don’t forget as an Australian resident you must declare all income in and out of Australia. The ATO obtains income information with other countries to check accuracy.

Super. Currently the annual cap on concessional (before tax) contributions is $30,000 for under 50s and $35,000 for those aged 50 plus. Both will fall to $25,000 pa effective 1st July 2017.

Car expenses. Cents per km method is now 66c per km for all cars from 1st July 2015

WARNING for 2016 The ATO are checking investments. If you have sold shares please have cost details available. Many clients have the sale details but not the cost details. If you don’t have the cost figure I may be able to find it for you.

Income Items

  • PAYG Payment Summary issued by your employer/s.
  • Statements from Centrelink or other government agencies.
  • ETP Eligible Termination Payment. I need the PAYG certificate and "Statement of Termination Payment".
  • Interest from banks or from any other source. Joint account interest must be split between owners.
  • Dividends including dividends reinvested. Franking credits also needed.
  • Assets sold. Shares/property/collectibles. Don't forget purchase details are needed (many people forget this!).
  • Income from trusts and managed funds. I need the "Annual Tax Statement", (arrive in Oct), the monthly statements are useless.
  • Rental income/expenses, estate agent annual summary is needed.
  • Paying tax installments? Please bring details of payments made.
  • Income protection payments received by you are taxable.
  • Foreign income received during the year is taxable for Australian residents.
  • ANY OTHER INCOME

Deductions

  • Work-related expenses. All expenses necessarily incurred in earning income.
  • Includes: union fees, subscriptions, course fees, telephone, stationery, protective clothing, laundry expenses, outdoor worker sun protection, professional journals, travel details and others.
  • Self-education relevant to work, all education expenses including travel.
  • Details of any donations of $2 or more. No raffle tickets!!
  • Car used for work purposes, detailed business kms or a logbook.

Other

  • Adjusted income* of your spouse and their DOB. (only if non client).
  • I need the number of dependent children names not needed.
  • Private health insurance premiums paid, I now receive direct from the ATO.
  • Super lump sum payments
  • Income Protection premiums paid, these are tax deductible.
  • Contact details. Your preferred email address please for quick contact.

*Adjusted Income is taxable income + investment losses + reportable super + reportable fringe benefits amounts that may be shown on PAYG summaries.

Download & Print Tax Memory Jogger 2016: Download Tax Memory Jogger

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