Gone are the days when you had to keep shoeboxes full of fading paper receipts. But many individuals and business owners still wonder: do I need to keep paper receipts for tax purposes? The short answer is no—but you do need to keep records. Let’s walk through what the ATO expects, how to store your records properly, and how to make life easier at tax time. The Australian Taxation Office (ATO) does not require you to keep physical paper receipts—but it does require that your records be: Legible (easy to read) Accurate Complete Stored safely for at least 5 years That means digital copies are perfectly acceptable, if they meet the above criteria. You can store your receipts in many formats: Scanned images or PDFs Photos from your phone (if details are clear) Emails or digital invoices Files stored in cloud systems (like Google Drive, Dropbox, or OneDrive) Just make sure: The date, amount, supplier, and purpose are clearly visible. You can access the file if needed (e.g. if the ATO audits you). Here are some easy ways to stay organised and compliant: 1. Take a Photo Straight Away Got a work expense? Snap a photo of the receipt on your phone before you lose it. 2. Use Cloud Storage Create a folder for each financial year and upload scanned receipts, invoices, and bills. Bonus: no risk of fire, water damage, or faded ink. 3. Accounting Software Tools Programs like Xero, QuickBooks, and MYOB let you upload and attach receipts to specific transactions. Easy and secure. 4. Label Everything Clearly Use file names like “2025-03-01 - Bunnings - Office Shelving - $124.pdf” so it’s easy to search. How Long Should You Keep Records? For individuals and sole traders: 5 years from when you lodge your tax return. For companies and trusts: often 5–7 years, depending on your structure and obligations. If you’re claiming deductions for depreciable assets, keep records for 5 years after the asset is fully written off. What Not to Do Don’t throw away receipts until they’ve been safely saved digitally. Don’t rely on ink receipts—they fade fast! Don’t store files only on your phone—back them up in the cloud or on a secure computer.  You no longer need to keep piles of paper, but you do need to be smart about saving your receipts. With digital tools and a little organisation, you can stay ATO-compliant and reduce tax-time stress.

Buying your first home can be a daunting process, but one of my key tips would be to make yourself aware of the government incentives that are available. These include: First Home Guarantee The First Home Guarantee enables first home buyers to buy or build their new home with a 5% minimum deposit of the property value and borrow up to 95% from your lender. Housing Australia will provide a guarantee to the lender, up to 15% of the property value. Eligibility Criteria To be eligible for the first home guarantee, you need to: - Be an Australian citizen or permanent resident - Have taxable income below the individual cap of $125,000 or $200,000 combined for joint applicants - Have a minimum deposit of 5% of the property value - Be at least 18 years old - Be a first home buyer or not have owned a property in the last 10 years in Australia - The home must be owner-occupied Various types of homes can be covered under this guarantee and an eligibility tool is available here: https://www.housingaustralia.gov.au/support-buy-home/eligibility-tool First Home Owners Grant (FHOG) If you are buying or building a new home valued up to $750,000, you may be eligible for a one-off grant of $10,000. The home must not have been previously sold or occupied, rented or leased out. Eligibility Criteria To be eligible: - You must be at least 18 years of age at settlement date or at the time construction of the home is finished. - At least one applicant (you or other part owner/s) must live in the home for at least 12 months, within 12 months of settlement or completion of construction. There are exceptions to this requirement for Australian Defence Force members and there are limited circumstances where this requirement may be varied. You will not be eligible, if you and/or your spouse: - Have already received the FHOG. - Have owned another residential property in Australia prior to 1 July 2000 - Have lived in a home that either of you owned, on or after 1 July 2000 for more than 6 months There are some exceptions to these requirements, and a checklist for eligibility is available here: https://www.sro.vic.gov.au/first-home-owner/will-i-be-eligible-first-home-owner-grant#1 Land Transfer (Stamp Duty) Exemption or Concession Stamp duty is payable when you buy a home or property, or on the transfer of property. The amount you pay will depend on the dutiable value of the property, how the property is used, whether you are a foreign purchaser and if you are eligible for any exemptions or concession. The duty exemption or concession is available in addition to the FHOG, for those purchasing their first home and principal place of residence, which can be previously owned /established or new. If your new home is valued up to $600,000, you may be eligible for a duty exemption, where you will pay no stamp duty on the purchase. If your new home is valued between $600,001 to $750,000, you may be entitled the duty concession, where you will receive a reduction of stamp duty payable. The value of the property (dutiable value) is usually the contract price, however if the price you pay for the property is less than the market value, the dutiable value will be the market value. To be eligible for the exemption or concession: - Your contract of sale must be dated on or after 1 July 2017. If your contract date is prior to this date, you may be eligible for the concession only. - All the purchasers of the property must meet the same eligibility criteria as the FHOG. - You or your spouse must not have already received the exemption or concession. How much stamp duty will I pay? - A calculator is available to calculate the duty you would pay, and can be accessed here: https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty Think you have overpaid your duty? - You can apply for a reassessment for up to 5 years after the duty was paid if you were eligible for an available benefit and didn’t claim it. Visit this link: https://www.sro.vic.gov.au/land-transfer-duty/apply-for-a-duty-refund Special Circumstances and Other Eligibility: You may also be eligible for a duty exemption, concession or reduction under some of these circumstances: - Buying an off-the-plan property? You may be eligible to receive a duty concession as a first homeowner buying an off-the-plan land and building package or a refurbished lot, eligibility can be accessed here: https://www.sro.vic.gov.au/land-transfer-duty/offtheplan - Buying vacant land to build your first home? You may may be eligible for the stamp duty exemption or concession, and eligibility can be accessed here: https://www.sro.vic.gov.au/first-home-owner/exemption-concession-reduction#vacant-land - Pensioner or commonwealth concession cardholder? There may be special duty concession or exemption available, for more information, visit https://www.sro.vic.gov.au/land-transfer-duty/pensioner-and-concession-cardholder-duty-reduction - First home owner with a family? As a first homeowner with a family who bought their home on or after 1 January 2006, you may be entitled to a duty exemption or concession, eligibility can be accessed here: https://www.sro.vic.gov.au/first-home-owner-with-family-exemption-or-concession  Temporary Exemptions and Concessions: Other temporary benefits available to first home buyers, even if you don’t qualify for the first home buyer duty exemption or concession include: - Duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million for contracts signed on or after 25 November 2020 and before 1 July 2021. - Duty exemption or concession for the purchase of residential property, with a dutiable value of up to $1 million located within the City of Melbourne local government area. More information about these temporary benefits can be found here: https://www.sro.vic.gov.au/first-home-owner/exemption-concession-reduction More information for First Home Buyers For more information, visit https://www.sro.vic.gov.au/first-home-owner

It is common for businesses to make mistakes when it comes to goods and services tax (GST). As a result of those mistakes, businesses may underpay by claiming credits to which they are not entitled, or they may overpay the ATO. It is important to understand some discrepancies that may arise whilst you, as a businessperson, are reconciling your accounts. Below are some common mistakes to be aware of: 1. Not every business expense includes GST. The following purchases won’t have GST attached: - Bank fees & interest payments - Most basic food items and medical supplies - Council & Water rates - Most motor vehicle registration fees - Stamp duty - ASIC fees - Land Tax - Donations You are attempting to recoup unpaid GST if you claim credits on these expenses. Always check whether a supplier invoice includes GST before you claim a credit. 2. Claiming GST twice It is common to report the same income or expense twice. Below are some examples when this may occur: - Financed purchases: a business buys an asset (e.g., a vehicle), and claims the full GST credit up front, then later claims GST on each finance payment. Finance repayments do not include GST as this has been accounted for with the purchase of the asset. - Duplicated sales entries: a business accidentally records the same sale twice and pays double the GST it collected. These errors overstate your GST and cause the business to either pay more to the ATO than it owes or to claiming a larger refund than the business is owed. 3. Mixing Business and personal expenses - Claiming GST on personal purchases: GST credits apply only to business expenses. - Not splitting business and personal use: if you buy a laptop and use it 50% for personal use, you can only claim the 50% of GST used for business purposes. Most businesses should have a drawings / loan to director account in their software to account for personal expenditure from the business. 4. Claiming GST credits on non-registered suppliers & contractors When a business claims GST credits, it is crucial to confirm that the supplier or contractor they have paid is correctly registered for GST. - Use of the ABN lookup website ( https://abr.business.gov.au ) can confirm whether the supplier or contractor is registered for GST. - If they are registered, GST credits can be claimed on the expense. - If they are not registered, then there is no GST included in the total price and the expense must be recorded as a ‘GST-Free’ expense. How to maintain GST compliance? - Ensure your accounting software is properly configured for GST (refer to prior GTP blog articles that outline GST codes), and although an account may be GST inclusive, some transactions will need to be manually changed to GST free in line with expenses that do not attract GST. - Keep valid tax invoices for purchases (even attach these to their corresponding transactions in your software) - Separate business and personal expenditure - Reconcile GST accounts regularly - Ask for help when needed (contact your accountant)  Get in touch with your Accountant for any queries.

Earlier this year Labor’s Division 296 tax bill (the $3.0m super tax) was abandoned in Parliament as the Government did not have the numbers in the Senate to get it through. However, with Labor’s strong election result and now only needing the support of the Greens, you can guarantee this legislation will be reintroduced to Parliament at the first opportunity. There has been plenty of articles written about this tax. Unfortunately, it is common for important information to be excluded from many of these articles. Most articles concentrate on the fact the tax applies to earnings on a taxpayer’s portion of superannuation savings above $3.0m. However, the $3.0m threshold is not the real issue – the main issue is the definition of “earnings”. Earnings for the purposes of the Division 296 legislation are effectively defined as “movement in member balance” after taking into account after-tax contributions and withdrawals. For members of Self-Managed Super Funds (SMSFs), this means the tax will apply on movements in asset values, including direct property, Australian shares and overseas equities. Therefore, Division 296 tax will apply on profits your SMSF has not made and may never make! You are effectively paying tax on a hypothetical profit! The majority of taxpayers with superannuation savings above $3.0m are prepared to pay a higher rate of tax, but only on ACTUAL earnings , not on possible earnings! At the time of writing the legislation has not yet been re-introduced to Parliament, however it is likely the first assessment date will be on 30 June 2026. This is what we currently know: · The tax will be levied in an individual taxpayer’s name, not the Super Fund. It is understood provisions will exist for the member to apply to their Super Fund to release fund to pay Division 296. · Any negative movements in your member balance will not attract a cash refund of tax previously paid, they can only be used against future Division 296 gains. · The Government has remained steadfast the $3.0m threshold will not be indexed. This means more taxpayers will be subject to the tax over time. · If you are not able to satisfy a Condition of Release (eg are under age 65 and cannot satisfy a retirement condition), you will have no ability to withdraw assets from your Super Fund to reduce your member balance. What should you do now? It is best to do nothing for now – any premature sale or withdrawal of assets in an SMSF could lock in taxable gains as well as eroding your superannuation savings without the ability to re-contribute. It is best to wait until actual legislation has been tabled, so we know what we are dealing with.

Most of us have work-related expenses, and knowing exactly what you can claim can make a noticeable difference to your refund. Travel & vehicle expenses: beyond the daily commute If you use your own car for work, say driving between job sites or to client meetings, you may be able to claim travel expenses . Just keep in mind that your daily commute from home to work isn’t deductible. There are two ways to claim: Cents per kilometre: claim 88 cents per km (2024–25) for up to 5,000 work-related kilometres. This includes fuel, maintenance and depreciation. Just document how you calculated the distance. Logbook method : for claims over 5,000 km or actual costs, keep a 12-week logbook to track business use. You can then claim a portion of car expenses like fuel, rego, insurance, and repairs. Working from home: rules for claiming home office deductions With more Aussies working from home, claiming home office expenses has become standard. Since March 2023, the ATO requires you to keep a record of your actual work-from-home hours, your calendar or timesheet will do! There are two ways to claim: Fixed rate method (70c/hour) : covers energy costs, internet, mobile phone use, stationery, and computer consumables. You can’t claim these separately. Actual cost method : claim a work-related portion of your additional expenses if you have detailed records. You can also claim depreciation on big-ticket office expenses like a desk or monitor (even if using the fixed rate method). Just note: rent, mortgage interest or council rates usually aren’t deductible if you’re an employee. Uniforms, protective gear & laundry: dressing for success Wearing a compulsory uniform with a logo, occupation-specific clothing (like scrubs or chef whites), or protective gear (like high-vis or steel-capped boots)? You can claim the cost to buy and clean them , including dry cleaning. Everyday clothes, even if only worn for work, aren’t deductible. Tools and equipment: big vs small This covers everything from your laptop to a tradie’s toolbox. The rule of thumb: Under $300 : Claim the full cost in the year you buy it, great for items like keyboards, headsets, or work bags. Over $300 : Claim depreciation over its effective life, based on how much you use it for work. This applies to bigger purchases like laptops or tools. Check the ATO’s depreciation and capital allowances tool . Self-education: investing in your career Courses that directly relate to your current income-earning job can be deductible , think a designer doing an advanced Adobe course. Astronomy while working in retail? Probably not. Eligible deductions include: course fees (excluding HECS/HELP) textbooks and stationery internet and phone usage depreciation on computer equipment. Mobile phone & internet: the work/life divide Using your personal phone or home internet for work? You can only claim the portion you use for work. So, if 50% of your internet usage is work-related , you can claim 50% of the cost. Keep a logbook or a diary for a typical month to estimate your work percentage. Overlooked opportunities: don’t miss these tax deductions! Beyond the common work-related expenses, there are other deductions that often get missed: Tax agent fees : yep, the fees you pay to a registered tax agent to prepare your previous year’s tax return are deductible. Investment property expenses: If you own a rental, you can claim certain expenses to reduce your taxable income. They fall into three categories: claim now: loan interest, council rates, repairs, insurance, and management fees claim over time: capital works, borrowing costs, and assets over $300 (via depreciation) not claimable: personal expenses, travel expenses or second-hand assets bought after May 2017. Some pre-rental expenses, like loan interest, may be claimable if your intent was to rent the property. Union fees, membership fees ®gistrations : any fees paid to a professional association or trade union are claimable. Income protection insurance : if you pay premiums for income protection insurance that covers lost income (not life or trauma insurance), you can claim them. Just not if your super fund pays for it. Cost of managing tax affairs : this includes things like tax preparation software or even travel costs to see your tax agent. Gifts & charitable donations : if you’ve donated $2 or more to a registered charity (a Deductible Gift Recipient or DGR), make sure you claim it and have your receipt.  Work Hard, Claim Smart Knowing what work-related expenses, you can claim helps you get back more at tax time. Whether it’s driving between job sites, using your home internet for work, or buying tools or uniforms, every deductible expense adds up. Just remember, you need to keep good records and make sure the expenses are directly related to earning your income. With the right approach, you can claim what you're entitled to and avoid missing out on valuable deductions.

The Australian Government has announced significant changes to the Higher Education Loan Program (HELP), including HECS-HELP loans, aimed at reducing the financial burden on university graduates. These reforms, effective from the 2025 financial year, are set to benefit approximately three million Australians. 20% Reduction in Help Debt From June 1 2025 all outstanding HELP debts – including HECS-HELP, FEE-HELP, SA-HEPL, OS-HELP and Vet student loans will be reduced by 20% before any indexation is applied. This measure is expected to alleviate approximately $16 Billion in student debt across the country. The Australian Tax Office will automatically apply this reduction to eligible accounts. https://www.education.gov.au/higher-education-loan-program/20-reduction-student-loan-debt/faqs-20-reduction-all-outstanding-help-loan-debt?utm_source=chatgpt.com Change to Repayment Thresholds Effective July 1 2025 the minimum income threshold for compulsory HELP repayments will increase form $54,435 to $67,000. Additionally, a marginal repayments system will be introduced, where repayments are calculated only on income above the new threshold, rather than on total income. This adjustment means that graduates earning below this new threshold will not be required to make compulsory repayments, and those earning above it will pay a smaller percentage of their income towards their debt. These reforms are part of the government broader effort to make higher education more accessible and to support graduates in their financial journey’s.

Am I in business? This might seem like a strange question, but for some taxpayers it is very important to consider as income generated from a hobby is generally not taxable income and all expenses incurred are not deductible as a result. We’ve had lots of questions about this in the past from people who may be running a stall at local markets selling hand made goods, or creating digital content and receiving remuneration and goods as a part of this. Sometimes it can be hard to tell if this income is derived in pursuing a hobby or operating a business, but there are some important determinations set out by the ATO to consider. The entire scope must be considered in relation to the below, not just one point, for example if an activity is completed ad hoc with no business plan, but the activity is completed with profit making intentions this is likely to be deemed as a business. Essentially, the intention, regularity and purpose of the activity can help to identify whether it is a hobby or a business, the most important thing to consider is what is the purpose of the activity. If you are just completing an activity solely for enjoyment and recuperating input costs by selling to family and friends, this could just be a hobby. But this can get very difficult to determine when getting into the nitty-gritty details, so if you are needing any help in determining whether your activity is a hobby or a business, please contact our office to discuss this further. 

Xero launched Tap to Pay on iPhone for Australian small businesses with a Stripe account on April 10, 2025. This feature allows businesses to accept in-person contactless payments using their iPhone or Android Device and the Xero Accounting app without needing additional hardware. By accepting on the spot payments for services provided this allows businesses to have better cashflow and also reduce administration burden with sending invoices and following up payments not received for services. For more information, please follow the below link to the XERO website: https://www.xero.com/au/accounting-software/accept-payments/tap-to-pay/

How does GST Registration Work? GST registration is not mandatory for every business or enterprise, but failure to register when required may result in penalties. Once you are required to, you must register for GST within 21 days, and you must have an Australian Business Number (ABN) to do so. When you are no longer required to be registered, you can cancel your GST registration. When does your business need to register? Your business must register for GST: - When your business has a GST turnover (gross income from all businesses less GST) of $75,000 or more. - When you start a new business and expect your turnover to reach the GST threshold ($75,000) in the first year of operation. - If you’re already in business and have reached the GST threshold ($75,000). - If your non-profit organisation has a GST turnover of $150,000 per year or more. - When you provide taxi or limousine travel for passengers (including ride-sourcing), regardless of your GST turnover. This applies to both owner-drivers and those who lease or rent a taxi. - If you want to claim fuel tax credits for your business. It is optional to register for GST if your business doesn't fit into one of these categories. If you choose to register, generally you must remain registered for at least 12 months. How do you register for GST? Once you have an ABN, you can register for GST via the following platforms: - Online Services for Business. - Through your registered Tax or BAS agent. - By phone on 13 28 66. Following registration, you will receive written correspondence with your: - GST registration details, including the effective date of registration. - ABN details if you haven't previously received them. Once registered for GST, you must lodge a business activity statement (BAS). What if you choose not to register? If you're not registered for GST, you should monitor your turnover each month to determine if you’ve reached or are likely to exceed the threshold ($75,000). Failure to register for GST when required may result in you having to pay GST on sales made from the date you were required to register, even if you didn't include GST in the price of those sales. You may also have to pay penalties and interest. Working out your GST turnover Your GST turnover is your total business income (not your profit), less: - GST that is included in sales to your customers - Sales to associates that aren't for payment and aren't taxable - Sales not connected with an enterprise you run - Input-taxed sales you make - Sales not connected with Australia GST Turnover Threshold You reach the GST turnover threshold if either: - Your current GST turnover (your turnover for the current month and the previous 11 months) totals $75,000 or more ($150,000 for non-profit organisations). - Your projected GST turnover (your total turnover for the current month and the next 11 months) is likely to be $75,000 or more ($150,00 for non-profit organisations).

The Victoria Government has provided a number of drought assistant grants and funding to assist Victoria Farms in these current times. The On-Farm Drought Infrastructure grant is available to farmers to implement on-farm infrastructure improvements and business activities to make improvements for drought. Eligible farmers can apply for a $5,000 co-contribution grant that can apply for improvement to water infrastructure upgrades e.g. tanks, troughs, pipes etc, stock containment areas and grain and fodders storage. Additional activities have been included with now water carting and pasture management being included. Eligible farmers in the southwest of Victoria may be eligible to an additional $5,000 top-up making it up to $10,000 they may receive for improvements. For more information and to apply please go to https://agriculture.vic.gov.au/farm-management/drought-support/grants-and-financial-support/on-farm-drought-infrastructure-grants

The introduction of payday superannuation is set to transform how Australian businesses handle employee superannuation payments. Effective from 1 July 2026, employers will be required to make superannuation contributions in line with each payroll cycle, rather than on a quarterly basis. It is crucial for employers to make super contributions for eligible employees from the start of their employment to meet superannuation obligations and avoid penalties. While this change aims to improve employee outcomes, it also places a new layer of responsibility on business owners. What is Payday Superannuation? Under the current system, employers are required to pay superannuation quarterly. However, from July 2026, payday superannuation will mandate that super payments be made with each payroll cycle. This shift is designed to ensure employees receive their superannuation in real-time, reducing unpaid super issues and aligning with modern payroll practices. Benefits for Employers: 1. Simplified Payroll Processes Paying superannuation on payday can streamline payroll operations. Employers can manage wage and super contributions under a single schedule, simplifying their accounting processes. 2. Cash Flow Management Frequent, smaller super payments may ease the financial burden compared to larger quarterly contributions, potentially making it easier for businesses to manage cash flow. Challenges and Considerations 1. Cash Flow Implications Paying super more frequently could strain businesses with inconsistent revenue streams. It’s crucial to reassess cash flow strategies to ensure super is readily available during each payroll cycle. 2. Record-Keeping Accurate record-keeping is essential for effective superannuation management. Employers must maintain detailed records and ensure compliance with evolving regulations. For most businesses this will mean getting on board with a software that supports the payday super obligations. Fortunately, major accounting software platforms like Xero and MYOB have integrated features to support employers in adopting this approach. 3. Compliance Deadlines Employers will have 7 days to process the super from each pay cycle. If the obligation is not met, businesses will become liable for a Superannuation Guarantee Charge, which includes penalties and interest. Tip: You may wish to consider adjusting your payroll frequency. For example, moving from weekly to fortnightly cycles. This will reduce administrative workload and make it easier to effectively manage your superannuation obligations. If you would like any more information regarding Payday Superannuation, please contact us at Green Taylor Partners.

Deductions You Can Claim: Clothing and Laundry Expenses To claim a deduction for any work-related expense: - It must directly relate to earning your income - You must have spent the money yourself, and not have been reimbursed by your employer - You must have a record or receipt to prove it If your total claim for work-related expenses is more than $300, you must have written evidence to prove all of your claims. Clothing and laundry expenses have special rules in terms of their deductibility.  You cannot claim a deduction for the cost of buying, hiring, repairing or cleaning conventional clothing you buy to wear for work. For example, black work pants purchased from Target etc. However, you can claim a deduction for the cost of buying, hiring, repairing or cleaning work clothing that fits into any of these categories: - Occupation Specific - Protective - Compulsory Uniforms - Non-compulsory Uniforms (registered with AusIndustry) Conventional Clothing According to the ATO, ‘Conventional clothing ‘is everyday clothing worn by people regardless of their occupation. If the clothing could reasonably be worn outside of work and is not distinctive, it is not tax deductible, even if it is compulsory by your employer or only worn at work. For example: - business attire worn by office workers - jeans or drill shirts worn by tradesman Occupation Specific Occupation-specific clothing is attire that is necessary for certain jobs and distinctively identifies you as a person associated with that particular occupation. This type of clothing is tax deductible as long as it cannot be worn by multiple professions. For example: - Chef’s hat and apron - Pilot or flight attendant uniforms - Nurse scrubs Note that some items that are occupation specific, may also be considered compulsory uniforms. Protective Protective clothing includes items that you wear to protect you from any risk of illness or injury from your work activities or environment. This type of clothing must have a protective element to be considered protective rather than a conventional item. Protective clothing items are tax deductible. For example: - Construction workwear (high-vis vests, hard hats, work boots) - Medical personal protective equipment (PPE) - Fire resistant or UPF sun protection clothing - Any safety shoes or boots that may be steel-toed or non-slip. Compulsory Uniforms Compulsory uniforms are items that your employer makes compulsory to wear the uniform through a strictly enforced workplace agreement or policy. The uniform must be sufficiently distinctive to your particular organisation so it can be identified by anyone outside of the organisation. While many uniforms feature a logo, its presence does not determine whether the uniform is compulsory, as long as it meets the specified requirements. Compulsory uniforms are tax deductible. For example: - Police or firefighter uniforms - Fast food or restaurant uniforms - Military uniforms However, shoes, socks and stockings are generally not deductible unless they can be differentiated by conventional clothing by: - Being an essential part of a distinctive compulsory uniform - the characteristics (colour, style and type) are a distinctive part of your uniform that your employer specifies in the uniform policy Non-Compulsory Uniform Non-compulsory work uniforms are not tax deductible unless your employer has registered the design with AusIndustry. Single clothing items, however, cannot be registered. You can check with your employer if you are not sure whether your uniform is registered. Laundry, Cleaning and Repairs You can claim a deduction for the cost of cleaning and repairing items in these categories: - Occupation-specific - Protective - Compulsory - Non-compulsory clothing items registered with AusIndustry You may claim these expenses using the following provided by the ATO: - $1 per load if it contains only work-related clothing items - 50c per load if you’re washing work clothes with other items If you require dry cleaning or another specialist service for your work-related clothing, you can claim the actual expenses. However, you must have written evidence. If your laundry claim is $150 or less (not including dry-cleaning expenses), you can claim the expense and don’t need receipts. However, you can’t claim a deduction if your employer reimburses you for these expenses. Some tips: - If you are unsure whether you can claim a deduction for the cost of an item, keep all your receipts and records for your accountant to assess and advise you of the deductibility of the item. - Is your total claim for work-related expenses more than $300? You must provide written evidence for your other work-related expenses. This includes the $150 laundry claim that you would otherwise be able to claim without receipts. - Visit the ATO website using the following link for more information: Clothes and items you wear at work | Australian Taxation Office

1. Use the “Multiple Bank Accounts” We recommend using three main bank accounts for your business: Main Operating Account – for day-to-day expenses and receiving income GST Tax Account – strictly for GST and BAS lodgement obligations Wages & Super Account – for payroll, PAYG, and super contributions 2. Set Aside GST From Every Sale 1. If you’re registered for GST or have payroll obligations, it's important to set aside a portion of every sale to cover these liabilities. 2. Transfer a suitable percentage of each sale into your tax-related accounts. The percentage may vary based on your specific business needs and structure, but creating a buffer helps ensure you’re prepared for quarterly lodgements, unexpected tax liabilities, and timing issues. 3. Open separate tax accounts with your bank to prevent accidental spending of tax funds. 3. Plan for Wages, super and PAYG Withholding Even if you’re a sole trader or a small team, it’s critical to allocate a portion of each sale towards employee wages and entitlements. This should cover: · Salaries and wages · PAYG withholding · Superannuation · Workcover obligations 4. Track Your Expenses Weekly Use accounting software like Xero, or MYOB to: · Reconcile bank transactions as you go to avoid wrong accounted transactions · Track income and expenses in real time · Match payroll and GST accounts regularly Tip: Set weekly reminders to transfer GST and wages portions, don’t wait until end of quarter. 5. Stay BAS and Tax Ready Every quarter, you’ll need to lodge a Business Activity Statement (BAS). It includes: · GST collected · PAYG withholding · Any PAYG instalments due Having your tax and wage accounts pre-funded makes BAS lodgement smooth and stress-free, by having the money already sitting in your tax accounts, it becomes much easier to make arrangements for BAS payments without cash flow pressure. Conclusion Success isn’t just about increasing sales; it’s also about managing those sales with discipline. By setting aside appropriate amounts regularly into dedicated accounts, you'll foster a habit of tax preparedness and business stability. This allows you to focus on growth without the stress of last-minute tax shortfalls.  If you're unsure how much to set aside, or how your GST and PAYG are calculated, get in touch with our accounting team and we can tailor a plan based on your business cash flow and help automate your processes.

What are capital works? Capital works refer to substantial improvements, renovations, or construction that increase a property’s value or extended its life. Examples include: - Building extensions - Upgrading plumbing - Replacing roofs - Restumping of the house - Replacing the lawn - Replacing retaining walls These are long-term improvements, not regular repairs or maintenance. Unlike routine maintenance, which can be deducted in the year you spend the money, capital works deductions are spread out over 25 to 40 years. How do these deductions work? You can claim a percentage of the cost of capital works each year. Generally, residential properties built after 16 September 1987 can claim 2.5% per year up to 40 years.  Who can claim? Anyone who owns a property with significant improvements can claim this deduction, including property investors, business owners, and landlords. However, principle place of residence that are not rented out are not eligible for capital works deductions. Capital works deductions can be claimed as a deduction against the rental income that has been made for the year if you have made substantial improvements to you property.

Effective bookkeeping is vital for the success of any business. By understanding and implementing various methods, leveraging the right software, avoiding common mistakes, and following practical tips, you can maintain accurate financial records and make informed business decisions. Common Mistakes Below are some pitfalls to watch out for: By being aware of these common mistakes [...] Read More The post Bookkeeping Tips appeared first on Green Taylor Partners.

Fringe Benefits Tax (FBT) is an important consideration for employers who provide additional perks to their employees. Whether it’s a company car, free gym memberships, or entertainment benefits, these perks may be subject to FBT. Understanding how FBT works can help businesses remain compliant and avoid unnecessary tax liabilities. In this article, we’ll break down [...] Read More The post Fringe Benefits Tax (FBT) Explained: What Employers Need to Know appeared first on Green Taylor Partners.

There are some general rules you need to be aware of when preparing your own Estate Planning or having some role in the affairs of a deceased estate. Inheritance There is no tax payable on assets which pass from an Estate to a beneficiary in accordance with the deceased’s Will. Final Tax Return The deceased [...] Read More The post Death & Taxes – What happens when I die? appeared first on Green Taylor Partners.

As much as it sucks, tax is a part of life and I am sorry to say but it isn’t going anywhere! To reduce it, you could be doing some forward planning to make informed financial decisions. Everyone can benefit from tax planning from the biggest business to an individual. Why is tax planning important? [...] Read More The post Tax Planning appeared first on Green Taylor Partners.

What is compound interest? It is the interest you get on the money you initially invest and the interest you earn on the interest you’ve already earned. The power of compounding interest helps you save more money. The longer you save the more interest you earn. This means earning more interest on the interest you [...] Read More The post Compound Interest is an investors best friend appeared first on Green Taylor Partners.