Tax Made Easy in Mitcham

Whether you’re a small business or an independent entity, taxes affect all of us. For tips and tricks in this regard, feel free to peruse some of our tax guidelines and tips. 
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2026 Individual Tax Checklist

As this new financial year gets underway we wish to thank you all for your continued support.

 

 Some of the things we will require you to provide are tax deductions, such as:

·        Details of any other income received, for example rental income, casual wages, business/ABN income, trust/partnership distributions; income from subcontracting, foreign income

  • Did you sell any shares/investments/bitcoin/ rental property during the year? We will need details of the purchase and sale price as well as cost of buying/selling for capital gains purposes
  • Details of work related expenses, for example motor vehicle log book, uniforms or protective clothing, tools, education, reference books, stationery etc.;
  • Union fees, Subscriptions to professional institutions;
  • Donations, Gifts to registered charitable institutions or school building funds;
  • Income Protection for the year;
  • Please contact us if you are unsure on a deduction prior to purchase as these can vary depending on your occupation/employment

 

New to 2025/2026:

 

       Individuals

*        Working from Home – Remains at fixed rate 70c per hour

*        ATO Interest charges – no longer claimable


       For Small Business

*        Instant Asset Write Off – $20,000 Threshold remains

*         Superannuation Guarantee – From 1/7/2026 superannuation will be payable per pay period known as ‘pay day super’ and remains at 12%

*        ATO Interest – no longer claimable

 

          Self Managed Superannuation Funds

*        Individual Balances above $3 million – Will attract a 30% concessional tax rate on realised gains only 


         ATO Audit Focus

*         Work related deductions – These continue to be an ATO focus, remember the claim must be directly related to your job, if reimbursed by                 your employer it must not be claimed

*         Working from home – Comprehensive records are required. Hours worked from home must be detailed in the form of a spreadsheet/diary.             Remains at 70 cents per hour

*         Rental properties – focus on incorrectly claiming Repairs & Maintenance, mainly whether it is allowed to be written off immediately or                    capital in nature. Claiming interest related to own home in addition to rental property.

*         Privately Owned and Wealthy Groups – focus on compliance, using business money for other purposes

*         Property & Construction – flipping properties or transferring to family members

*         Claiming Holiday home & Short term rental market – focus on claiming correct proportion for expenses

*         Including all income – Cryptocurrency, with the rise of this type of investment you must declare all profits. ATO still focused on Uber, Air

  Tasker, Air BNB

*          Employer obligations – ATO is focusing on superannuation payments and under reporting Income on BAS, as the ATO are able to cross                  reference a lot of different sources such as the banking sector and STP.  Cash income must be included.



SUBSTANTIATION

Generally deductions are only allowable for employment related expenses if documentary evidence is provided. You need to keep your tax related receipts and statements for 5 years in the event of an audit.

 

PENALTIES

Penalties may be imposed on tax returns lodged after the lodgement due date. Please ensure that you adhere to lodgement and payment dates to avoid unnecessary interest charges and late lodgement penalties.

 

As per previous years -PLEASE PROTECT YOURSELF FROM SCAMMERS

We ask that you all to please be vigilant with scammers. There has been such a rise in scammers pretending to be the ATO, your banking institution, from the Fraud department etc. We ask that unless you are calling the number directly to please be wary of someone calling you or even texting or emailing you. Any links sent should not be used and please feel free to call us to verify if the ATO has indeed tried to call you and we will be happy to check. 



We look forward to hearing from you soon. Please call to arrange an appointment at our office located at Building 1/ 18-20 Redland Drive Mitcham VIC 3132 . However if you usually mail in your documents please forward these to our post office box, PO BOX 1038, Waverley Gardens VIC 3170. Or for those of you who like to email your returns you can email us at tax@bluestoneaccounting.com.au .


Starting A Small Business

Here at Bluestone Accounting we make starting a new business easy, and can advise you on:
  • The right Business Structure
  • Tax Returns
  • Applying for an ABN
  • Applying for GST
  • Registering a Business Name
  • Setting up Employees
  • Organizing your Workcover
  • Reporting your Superannuation
  • Advise you on what Tax Deductions you can claim
  • Any Tax Offsets you may be eligible for and 
  • All your Reporting and Compliance.
As Certified MYOB Consultants we can advise and help you set up bookkeeping software, instruct you on the more in depth areas of bookkeeping and lodge BAS and PAYG Statements. In addition we can help you understand profit and loss statements and balance sheets to analyze how your business is performing all at an affordable cost.
For more information please call us on 03 9873 1000 or email us at tax@bluestoneaccounting.com.au
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