Maxcam Blog

Merry Christmas!

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Claiming Self-Education Expenses

Claiming Motor Vehicle Expense

I'm guessing most of us are relieved the restrictions placed on us in response to the pandemic are lifting and we can get back to normal. We should be back to the way things were very soon, even though we may need to be a bit more careful with our health. The tax department is also back to their pre-pandemic work practices which means they will start chasing up overdue debts and overdue lodgements - all of the things they rightly put on hold during the time of so much uncertainty for all taxpayers, both in business and in employment. For anyone with overdue debts and lodgements, expect the tax office to start chasing these up and imposing penalties and interest where they can. Just be aware though, the tax department are quite good to deal with if you contact them and offer a reasonable solution to rectify your debt/overdue lodgements. Over the last few years, even before the pandemic, they were quite responsive to taxpayers who were trying to do the right thing, even if they had neglected their tax responsibilities for a little while. We are able to talk to the tax office on your behalf about any of your tax affairs and can help you to navigate any problems with lodgements/debts you may have. While the tax office don't stop chasing anything that's overdue, they are happy to give you reasonable time to get back on track. So after all we've been through over the last two years, we know we can handle anything that happens – even if it means we have to start dealing with the tax office again.

The cryptocurrency market is becoming increasingly popular with the Australian Taxation Office (ATO) recently reporting around 600,000 Australians investing or trading in cryptocurrencies.

And just like that 2021/2022 financial year is in full swing. Before you let the year get away, it might be best to start thinking about some record keeping! I know, we nag and nag but it really does make the world of difference if you keep track of your deductions as they occur rather then scrambling through your emails, or a drawer full of paperwork for 12 months' worth of expenses! We live in the world of technology, computers, and phones. Record keeping can be as simple as taking a photo of your receipts with your phone and adding them to a photo album within your photos and naming it for tax purposes. Then come 30 June, you have all your receipts in one spot! There are also heaps of phone apps available to keep track. The ATO have released a myDeductions app which is free and easy to use. You can even track your work kilometres travelled and export a file to send to us at the end of the year. More details on the ATO app can be found here https://www.ato.gov.au/general/online-services/ato-app/mydeductions/

"Change is the only constant in Life" Heraclitus (Greek Philosopher)