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FORD McCarthy and Associates can help make tax time easier.
The qualified team of accountants, based across five branches, has years of experience and specialised knowledge in everything from the preparation and lodgement of tax returns for individuals, companies and trusts, to rural and business accounting.
“There are many audit traps which can trigger the ATO to launch an audit, be sure to use an accountant to reduce your audit exposure,” principal Bruce McCarthy said.
“All our staff members are local and dedicated to our clients and the communities we live in.
“We always strive to ensure our clients receive the best possible results.
“Summarising your income and deductible expenses is always helpful and allows for a speedier appointment.
“However, if in doubt, you can bring along all your documents and receipts and we can identify any assessable income or deductible expenses to be included in your tax return.
“There is an ATO App which can also assist you with keeping a record of all your expenses via the myDeductions menu.
Bruce said the end of the 2022-23 financial year would bring changes.
“The biggest change for personal taxpayers is the end of the low- and middle-income tax offset.
“Unfortunately, LMITO will not be extended beyond the 2021-22 financial year and, as a result, some taxpayers may see a reduced refund.
“However, the low-income tax offset will still apply for those earning up to $66,667 for the 2022-23 financial year.”
In addition, it is also the end of the unlimited instant asset write-off for small businesses, Bruce said.
“The instant asset write-off has been reduced to $20,000 per item/asset for small business entities with an aggregated turnover of less than $10 million — speak to us to find out if your business qualifies,” he said.
“This year, we have seen an influx of clients selling property and, in turn, being impacted with Capital Gains Tax.
“We are supported by CGT specialists to ensure a fully accurate outcome.
“There are more changes, but it is always best to make an appointment to discuss your individual situation and how we might best be able to help you.”