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Friday, June 15, 2018 — Bendigo Weekly

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TAX TIME FEATURE

Bendigo’s smartest accountants

03 5442 2966 IPSUMADVISORS.COM.AU

t*ODPNF5BY3FUVSOT1FSTPOBM#VTJOFTT t#"44UBUFNFOU1SFQBSBUJPOt#VTJOFTT"EWJDF Ph 5444 4406 Fax 5444 4407 Email: admin@johngcraig.com.au Cnr Hargreaves & Myrtle Sts. Bendigo.

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t"DDPVOUJOH4FSWJDFT t#VTJOFTT"EWJDF BOE1MBOOJOH t'JOBODJBM"EWJTJOH t4VQFSBOOVBUJPO BOE*OWFTUNFOUT t4FMG.BOBHFE 4VQFS'VOET

For an appointment phone 5447 7500 5 Camp Street, Kangaroo Flat

RETURNS EXPRESS

PUBLIC ACCOUNTANT z REGISTERED TAX AGENT

OVER 20 YEARS EXPERIENCE IN TAXATION OPEN SA SAT SATURDAY ATURDA DAY AY & SUNDA SUNDAY DAY AY BY APPOINTMENT Office: 19/92 Wills Street Bendigo and 28 Lyttleton Street Castlemaine Ph: 5472 4694 or 5472 4252 Mon - Friday 8.30am - 5pm After hours available W: returnsexpress.com.au E: daniela@returnsexpress.com.au

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Watch your expenses L

AST year more than 3.75 million Australian taxpayers claimed workrelated car expenses, totalling around $8.8 billion according to Assistant Taxation Commisioner Kath Anderson. This has led to the Australian Taxation Office taking particular attention to workrelated car expenses as part of a broader focus on work related expenses. “We are particularly concerned about taxpayers claiming for things they are not entitled to, like private trips, trips they didn’t make, and car expenses that their employer paid for or reimbursed,� Ms Anderson said. There are two ways to calculate a deduction for car expenses. The cents-per-kilometre method which is limited to claims for work-related travel up to 5000 kilometers or using a log book to determine the work-related percentage of actual expenses incurred. Annually around 870,000 people claimed the maximum amount under the cents-per-kilometre method. “It’s legitimate to claim for 5000klm if you did actually do them as part of earning your income. “However, we are concerned that some taxpayers mistakenly believe that this is standard deduction they are entitled to, without needing to provide any evidence of having travelled that distance, or even having undertaken any travel at all.� No log book is required for the centsper-kilometre method, but taxpayers must be able to demonstrate how they calculated their entitlement by keeping a

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diary or similar. “The cents per kilometre method is there to simplify record-keeping, not to provide a free ride.� Ms Anderson said there are three golden rules for taxpayers to remember to get it right. “One – you have to have spent the money yourself and can’t have been reimbursed, two – the claim must be directly related to earning your income, and three – you need a record to prove it.� Evolving technology and data analytics enables the ATO to compare claims in similar occupations earning similar incomes and identifying people claiming things like home to work travel or trips not required as part of your occupation. You also can’t claim expenses you didn’t pay for, including when your employer provided the vehicle or reimbursed your expenses, including under a salary sacrifice arrangement or novated lease. For most taxpayers travelling to work is not an allowable deduction no matter how far you reside from your workplace. However, there are exceptions if people travel from site to site or are required to transport bulky tools or equipment if their employer does not provide secure on-site storage. Workers who are entitled to claim a deduction must keep accurate records – see your tax agent or download the ATO app and use the My Deductions tool. At the end of the financial year data, can be sent directly to your tax agent or uploaded directly into myTax.

1-3 Somerville St, Bendigo (03) 5443 8888 mgr@mgr.com.au www.mgr.com.au

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Taxation & Accounting Services

“Small Business Specialists� Specialising in: Accounting, GST, Income Tax, Bookkeeping including Xero, & BAS Preparation (03) 5441 4244 103 Wills Street, Bendigo kgmaccounting.com.au

BAS & GST Individual and Business Returns Taxation strategies Self managed superannuation funds Setting up and managing accounting systems and solutions 0409 859 449 | 28 Waterford Drive, Strathfieldsaye karen@wellingtontax.com.au | www.wellingtontax.com.au

UNDER 21 S $70

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Individual for Profi Profitt Individual -- Commercial Commercial - Not for Financial Tax -- Business Business Support Support FinancialController Controller -- Accounting Accounting -- Tax Fair from $70 $70 FairDinkum Dinkum Tax Tax Return Return Services Services from Monday-Saturday at Strath Village Shopping Centre (03) 5443 0050 | info@BendigoAccountingAndFinance.com.au

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• TAX RETURNS FROM $99 • Personal & Business New clients welcome

Bendigo: 63 Midland Hwy, Epsom

Phone: 5448 3980 Castlemaine: Geo Clarke Place

Phone: 5470 6565

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