FAMILY TAX BENEFIT
If applicable to yourself, can you please provide us with any income estimates that may have been supplied to Centrelink/Ser vices Australia to receive any Family Tax Benefit (FTB) available. This is to ensure that the data matching between Centrelink does not have significant variation. Please refer to the following table and provide us with the income estimate supplied in order:
In the event that the above income estimate is not supplied, we will assume that no Family Tax Benefit has been received and we will proceed to prepare your Individual Tax Return based on the information that has been supplied.
KINDLY REFER TO THE FOLLOWING LINK FOR FURTHER CLARIFICATIONS
https://www.servicesaustralia.gov.au/your-family-income-estimate-for-family-assistance-payments
INVESTMENT PROPERTIES
Kindly request if you could provide the following documents for the investment properties for the applicable period.
1.Loan statements.
2.Rental property schedule.
3.Council rates, water bills, land tax invoices, and other costs relating to the property (whichever is applicable).
4.Renovation cost or improvements done to the property.
5.Strata fees (if applicable).
PURCHASE AND SALE OF SHARES
Further, kindly request if you could provide the following documents in relation to the Purchase and Sale of the Shares for the applicable period
CRYPTOCURRENCY TRADING
Further to the above, we refer to the holding and disposing of cryptocurrency in the applicable FY. Kindly requesting if you could:
Please provide us with any End of Financial Year reports available from the platform used for your cryptocurrency trades.
These will show how many coins were traded during the applicable FY, the cr ypto acquisition and disposals, and their corresponding IDs.
The above document is required to calculate the capital gain or losses and the date the transaction took place to account for in your tax return.
Please note that in case of multiple transactions under Cryptocurrency trading, we would recommend that you sign up to the online Crypto tax calculator found in the below link prior to proceeding with your tax preparation:
https://koinly.io/au/
Based on your cr ypto transactions volume, our Accountants can do the assessment and advise you on the plan options you can sign up for.
In addition to the above, kindly note that the Australian Taxation Office (ATO) has released guidance for claiming deductions, in order to prevent claims for incorrect deductions. Lodgement of returns with incorrect deductions will result in a ‘higher audit risk’.
Below are some of the points outlined by the ATO in relation to when claiming for deductions. If you can please, supply us
D1
WORK RELATED CAR EXPENSE
You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee.
If this applies, there are two methods, available to calculate the number of deductions that can be claimed, ‘Cents per Kilometre Method’ & ‘Log Book Method’
Reference to the following criteria and information required to process and claim deductions for work-related care expenses.
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LOG BOOK METHOD
Please provide us with the following items for substantiation, if we are not provided with a valid vehicle log book, please refer to the following ‘Cents per Kilometre Method’.
Valid Vehicle Log Book (new log book required, if started new employment)
Odometer reading for the start and end of the financial year
Invoice
Loan contract (If applicable)
Alternatively, if ‘Cents per Kilometre Method’ is applicable, please fill out the following table to provide us with information about any work-related car expenses that can be claimed if applicable.
You can claim for a uniform, either compulsor y or noncompulsor y, that is unique and distinctive to the organization you work for.
This is a set of clothing that identifies you as an employee of an organization with a strictly enforced policy that makes it compulsor y for you to wear the uniform while you're at work.
You can claim the costs of washing, dr ying and ironing eligible work clothes, or having them dr y-cleaned.
You can claim the cost of dr y-cleaning work-related clothing.
If you are claiming for this, please refer to and fill out the following tables below:
Further, please provide us any documents that you may have available, to substantiate the following payments.
If your claim is directly related to your current employment in order to establish either/or:
Course fees, directly linked to maintaining or improving skills or knowledge in your current employment.
Course fees, that are likely to lead to increased income from your current employment
Note, cannot be claimed if courses are undertaken to obtain new employment.
If applicable, please provide us with the following information to assess your eligibility, as well as provide any other expenses related to your self-education.
If your total claim for work-related expenses exceeds $300 - not including car, meal allowance, award transport payments allowance and travel allowance expenses - you must have written evidence to substantiate your claim.
As a rule of thumb, if you need to spend money to earn income, you can usually claim it - either as an immediate deduction or over time.
Below is a list of expenses for which we have claimed for based on the information you provided.
Please fill out the following tables to provide us with information about this deduction and whether this deduction is applicable for yourself.
Further, if you have made any gifts or donations in the applicable Financial Year , the aforementioned deduction may be applicable.
Please supply us with the following information, in order to claim this deduction:
We sincerely request, that if you can think of any other items that may be able to claim a deduction, to please inform us.
Should you have any questions, please do not hesitate to contact us.
Kind Regards,
Pherrus
