2024 Tax Time Checklists
2024 Tax Time Checklist
The new financial year is here and OneLedger are happy to help with your 2024 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 most of your data from the ATO.
Please find links below to our updated online checklists and price lists:
- Individual tax return checklist can be accessed Here
- Rental property checklist can be accessed Here
- Our updated price list can be accessed Here
Please complete the online checklists, provide further information in the notes sections, include supporting documentation were required and submit 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.
Please note, should you hold any investments that require tax statements to be issued, we must 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.
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.
FYI the 2023/24 individual income tax rates are as follows:
- For taxable income between $0 and $18,200, there is no tax on this income.
- For taxable income between $18,201 and $45,000, the tax is 19 cents for each $1 over $18,200.
- For taxable income between $45,001 and $120,000, the tax is $5,092 plus 32.5 cents for each $1 over $45,000.
- For taxable income between $120,001 and $180,000, the tax is $29,467 plus 37 cents for each $1 over $120,000.
- For taxable income of $180,001 and over, the tax is $51,667 plus 45 cents for each $1 over $180,000.
The above rates do not include the medicare levy of 2%.
Notable items for 2024
One notable change for the 2024FY is the change in the rate at which you claim motor vehicle expenses under the cents per KM method. This rate has risen to 85 cents/km for the 2024FY.
Outside of this, most of the 2024FY remains similar to 2023FY, which had the key changes to claiming home office expenses. The only remaining two methods are touched on again below:
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. E.g. calculating unit costs of electricity, calculating square meterage of your home office as a proportion of your home, etc.
Fixed Rate (67 cents/hr)
Covers:
- data and internet
- mobile and home phone usage
- electricity and gas
- computer consumables (e.g. printer ink)
- stationery
Under this method 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 to claim a deduction form and lodge this with your super fund before lodging your tax return.
Many funds allow for this form to be fully completed online through member services these days, however, if not available the form will need to be manually prepared and sent to the fund. The form can be found HERE and will need to be sent directly to your respective super fund.
If you have any questions don’t hesitate to drop an email!
