Tax Refunds Are Now Open for 2023-24
G'day [First_name],
It's official - you can now lodge your tax return for the 2023-24 financial year and claim your tax refund. And we're here to help you do it online, fast and easy. And our Prices remain unchanged from last year.
Just remember that the ATO does not promise that all your prefill data will be available till after mid-July.
At GoTax, we make online tax returns simple, secure and convenient. You can complete your tax return in minutes, and get your refund in as little as 10 days and even sooner (subject to ATO processing).
But before you start, you should know about some of the tax changes that have been introduced for this year.
These changes may affect your income and deductions, and the amount of tax you pay or get back.
Here are some of the key 2024 Tax changes you need to know:
Stage 3 Tax Cuts
- Overview: Commencing from 1 July 2024 (for the 2025 income year), Stage 3 tax cuts will provide a permanent reduction to the marginal tax rates for individuals with taxable income up to $190,000.
- Impact: This means that for the 2024 income year, it may be advantageous to apply tax planning strategies that reduce taxable income, as the marginal tax rates are higher than they will be in subsequent years.
Work-Related Expense Claims
- Increased Focus on Specific Sectors: The ATO will be paying closer attention to work-related expense claims, particularly for individuals employed in Australia's Community Services sector as support workers (including NDIS workers). This includes claims for car expenses, leisure-type activities, food and drink, and gifts provided to clients.
- Errors in Claims: There is an expectation of increased scrutiny and potential errors associated with these claims, so it's important to ensure all claims are accurate and well-documented.
Short-Term Holiday Rental Arrangements
- Audit Focus: With the new sharing economy reporting regime, the ATO will be increasing its audit focus on deductions related to holiday homes and similar properties.
- Common Issues: Incorrectly claiming deductions during periods when a holiday home is not rented nor genuinely available for rent is a common issue.
Depreciation Deductions for Motor Vehicles
- Changes in Concessions: The removal and reduction of accelerated depreciation concessions, especially the removal of temporary full expensing from 1 July 2023, will likely lead to increased errors in claiming depreciation deductions for motor vehicles.
- Accuracy: Ensure that any depreciation claims for motor vehicles are accurate and comply with the current rules.
Charging Electric Vehicles
- New ATO View: The ATO has updated its stance on claiming deductions for charging electric vehicles. Taxpayers can now include both home charging costs (based on the EV home charging rate) and commercial charging station fees, provided the vehicle can accurately report the percentage of total charge based on the charging location.
- Calculation Method: The total number of relevant kilometres used to calculate home charging costs must be adjusted by applying the home charging percentage.
Action Points for Individual Taxpayers:
- Review Work-Related Expenses: Ensure all claims are accurate and substantiated with proper documentation.
- Check Rental Deductions: Verify that deductions for holiday rentals are claimed correctly and only for periods when the property was genuinely available for rent.
- Update Vehicle Depreciation: Adjust any motor vehicle depreciation claims according to the new rules.
- Consider EV Charging Costs: Accurately report EV charging costs, including both home and commercial station charges.
- Plan for Tax Cuts: Consider tax planning strategies to take advantage of the Stage 3 tax cuts starting from the 2025 income year.
Ready to lodge your tax return and claim your refund? Start now at www.gotax.com.au/login.
If you have any questions or need any assistance, please contact us at https://www.gotax.com.au/contact-us. We're always happy to help.
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