We are Registered Tax Agents. Our staff is fully qualified and trained to prepare and lodge income tax returns. We will help you get maximum refund that you are entitle to. When completing your tax return, you’re entitled to claim deductions for expenses that are directly related to earning your income.
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2023 Tax Time is here!
Some of the changes that will impact your refund (Tax Return) for 2023 financial year are:
1. Increase in Working from home (WFH) rate to 67c/H
2. Super Guarantee Rate has increased to 11% from 1st of July 2023.
3. Low- and Middle-Income tax offset has not been extended.
4. Changes to cents per KM rate to 78c
5. Self-education expenses you no longer need to reduce your allowable expenses by $250.
AIFA Accountants
We are here to help. AIFA Accountants is a registered tax agent and CPA practice based in Narellan.
If you are looking for an accountant or tax agent in Narellan, Camden, Gregory Hills, Oran Park, Campbelltown, Mount Annan, or surrounding suburbs we are now taking appointments.
Our office is located at 4a/ 26 Somerset Avenue- 2 mins walk from Narellan Town Centre.
We do appointments in the office, online, and by phone. Our charges are:
Individual Tax Return- $75
Rental property Return – $55 for each property
Sole Trader Tax Return – $120
We also specializes in small businesses’ tax returns. Whether you are a new business or already established, we can help and guide you in your accounting and taxation matters. We can do payroll reporting for you including setting up payroll, single touch payroll, preparing payslips, and processing superannuation for your employees. Whether you are using Xero, MYOB, or QuickBooks
We also prepare tax returns for companies, sole traders, partnerships, trusts, and SMSF.
Working from home (WFH) Expenditure
There are 2 methods to claim your home office expenses:
Fixed Rate: 67c for each hour worked from home. You are required to keep a diary of the total number of hours you have worked from home. New work from the rate of 67c will cover internet, mobile; home phone usage, computer consumables (printer ink), stationery, electricity; gas.
The actual cost Method: the actual cost method is claiming the actual expenses incurred because of working from home. You are required to keep a record of how many days you are working and what part of the house you are using.
Low- and Middle-Income tax
Low- and Middle-Income tax offset has not been extended as a result your refund maybe reduced by between $675 and $1500 (income $90 000- $126000).
Super Guarantee Rate
Super Guarantee Rate has increased to 11% from 1st of July 2023. The $450 threshold for super guarantee has also been removed from 1 st July 2022.
Cents per kilometer rate change
From 1 July 2022, the cents per kilometer rate for work-related car expenses is 78c, and this will increase to 85c from 1st July 2023.
Self-education deduction change
From 1 July 2022, if you’re claiming a deduction for self-education expenses:
1. You no longer need to reduce your allowable expenses by $250.
2. You can claim a deduction for all allowable self-education expenses.
Documents to prepare before your Tax Return Appointment
Income
- Photo ID (License or passport)
- Tax File Number / ABN
- BSB and Account number (for your Tax Refund)
- Income from employment
- Allowances
- Lumpsum and Termination Payment Summaries
- Government Payments (Centrelink payments such as parenting payments, new start allowance, youth allowance)
- Interest Income / Dividend statements
- Investment in Managed Funds (annual statements)
- Rental Properties Income
- Capital Gains (sale of properties/shares/crypto currencies)
- Foreign Income
- Business Income (ABN, ride sharing drivers)
- Income from any other source not listed above
- Health Insurance Annual Tax Statement
- Spouse Details including taxable and exempt income
Deductions
- Motor Vehicles (dairy for up to 5000 km or logbook)
- Travel (public transport, Taxi and accommodation)
- Uniform (compulsory or with a logo)
- Self-Education
- Union, memberships, subscriptions
- Tools
- Home office
- Office/ computer suppliers
- Telephone, Internet
- Donations to registered charities/building funds
- Income Protection
- Other expenses not listed above
Income:
- Photo ID (License or passport)
- Tax File Number / ABN
- BSB and Account number (for your Tax refund)
- Income from employment
- Allowances
- Lumpsum and Termination Payment Summaries
- Government Payments (Centrelink payments such as parenting payments, new start allowance, youth allowance)
- Interest Income / Dividend statements
- Investments in Managed Funds (annual statements)
- Rental Properties Income
- Capital Gains (sale of properties/shares/crypto currencies)
- Foreign Income
- Business Income (ABN, ride sharing drivers)
- Income from any other source not listed above
- Health Insurance Annual Tax statement
- Spouse details including taxable and exempt income
Deductions:
- Motor Vehicles (diary for up to 5000 km or logbook)
- Travel (public transport, Taxi and accommodation)
- Uniform (compulsory or with a logo)
- Self-Education
- Union, memberships, subscriptions
- Tools
- Home office (4 weeks diary)
- Office/ computer supplies
- Telephone, Internet
- Donations to registered charities/building funds
- Income Protection
- Other expenses not listed above