2023 Tax Time Checklists (Individuals)
2023 Tax Time!
The new financial year is here and OneLedger are happy to help with your 2023 Income Tax Return preparations.
Your employer will be looking to finalise your STP in the coming two weeks at which point we can directly retrieve your data from the ATO.
This year, our checklists are done via online forms. Please find the links here:
Individuals: bit.ly/3pzOYHF
Rental Properties: bit.ly/3rambdh
Please complete these online, provide further information in the notes sections, include supporting documentation were required and forward to us at your earliest convenience.
Don’t forget your bank interest and private health insurance details.
You can also send any queries or additional info to us at tax@oneledger.com.au or we can set up a secure client portal linked folder to share with you – let us know what you would prefer.
If you’d rather come in for a chat or catch up for a coffee to discuss your tax matters for both last financial year and future years, please arrange a time with our team at tax@oneledger.com.au.
Please note, should there be investments held that require tax statements to be issued we will have to wait for the issue of the tax statement from the investment entity before we are able to finalise the tax return. Depending on the investment some of these tax statements are not issued until September or even as late as October.
FYI the 2022/23 individual income tax rates are as follows:
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19c for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include the medicare levy of 2%.
Notable items for 2023
An important note for the 2023 financial year is the changes to claiming home office expenses to 30 June 2022. There are now only two methods available after the removal of the COVID 80c shortcut rate. A quick overview of the changes:
Actual Cost Method
Covers:
- data and internet
- mobile and home phone usage
- electricity and gas
- computer consumables (e.g. printer ink)
- stationery
- the decline in value of assets used while working from home, such as computers and office furniture, as well as any maintenance and repairs of these items
- cleaning (only if you have a dedicated home office).
Please note the above requires detailed notes on how they relate to your working from home. I.e. calculating unit costs of electricity, calculating square meterage of your home office as a proportion of your home, etc.
Fixed Rate (Now 67 cents)
Covers:
- data and internet
- mobile and home phone usage
- electricity and gas
- computer consumables (e.g. printer ink)
- stationery
You can claim a separate deduction for the other items listed under the actual cost method.
To claim this you will need to keep a record of all the hours worked (e.g. a timesheet, diary, etc.) and evidence that you paid for the expenses covered.
If you made a personal super contribution during the year and are planning to claim a deduction, please make sure you fill in the Notice of Intent and send this to your super fund before lodging your tax return.
Our price list is available at – OneLedger Price List
If you have any questions don’t hesitate to drop an email!
