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Speaker 1: It's that time, tax time. Jason Featherby's here from LEEU

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Speaker 1: and Wealth to help us. Hello, Hello, coming in, Thank

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Speaker 1: you for saving us from ourselves.

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Speaker 2: It's that time of year, isn't it. It's like Christmas

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Speaker 2: for financial advisors. Absolutely, you've got that hard deadline. Everything's

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Speaker 2: got to be done by thirty June. So that's over.

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Speaker 2: So what do we do next?

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Speaker 3: Yeah? What is on the agenda? What's the first thing

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Speaker 3: to think of? Because in layman's terms, people just want

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Speaker 3: to get a few tips.

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Speaker 2: Yeah, I guess the over arching thing when you go

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Speaker 2: to think about doing your tax return is to remember

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Speaker 2: three things yep. One, if you're going to put in

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Speaker 2: your tax return, you must have spent the money. Yes,

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Speaker 2: you can't make it up, so you must have spent

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Speaker 2: the money. You must it must be linked to your

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Speaker 2: work or the production of income. Okay, so it can't

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Speaker 2: be private expenses and things like that. So that's important

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Speaker 2: to remember. And the other thing that people do forget

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Speaker 2: from time to time or get confused about is that

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Speaker 2: if you've been reimbursed for you know, your mobile phone

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Speaker 2: or something, your work.

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Speaker 1: Yeah, Jason, should people do their own tax or should

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Speaker 1: they always?

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Speaker 2: Perhaps?

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Speaker 1: I mean, I wouldn't in a fit and mine's very straightforward,

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Speaker 1: but I just you know, I get a form and

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Speaker 1: I'm zoned out.

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Speaker 2: So it is easier than ever before to do your

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Speaker 2: own tax. If you're an employer and you've got not

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Speaker 2: a lot, a bit of interest and maybe a few shares,

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Speaker 2: you can probably get away with doing it yourself.

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Speaker 4: Yeah.

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Speaker 2: Having grown up in an accounting business, though, I'm a

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Speaker 2: bit conflicted. I think having an accountant means it's just

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Speaker 2: another layer of protection, isn't it. So you've got someone

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Speaker 2: with another set of eyes over your stuff, and you

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Speaker 2: get a little bit longer to lodge your tax return

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Speaker 2: as well. So I'm a bit conflicted, but I'd always

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Speaker 2: get a good accountant. They're like anything, you know, it's

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Speaker 2: worth the money you pay for it.

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Speaker 3: It's a bit of insurance as well, because legislation and

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Speaker 3: things can change as well.

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Speaker 2: They do. It's changing again. Things change every year. They'll

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Speaker 2: change again today, tax rates payment all changed today. What

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Speaker 2: you can and can't claim all of that for you.

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Speaker 4: They they even get your group certificate for you, isn't there.

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Speaker 5: It's not the paper thing that you get anymore.

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Speaker 2: But I thought you had to kind of access. I

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Speaker 2: think it's right in the tax office. It goes straight

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Speaker 2: into your pre fill. That's called it the tax office

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Speaker 2: pre fill. And so if you're patient enough then and

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Speaker 2: you wait for late July early August, all your stuff

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Speaker 2: is going to be in your tax return, ready to

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Speaker 2: ready to add a few extra bits and press a button.

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Speaker 2: Away you go, So you can do it.

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Speaker 1: You good, Yeah you could if you were so inclined. Now,

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Speaker 1: what's the actual cracking down on this year? What should people?

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Speaker 2: Yeah? Look, the big thing, the three big things this year,

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Speaker 2: and they're usually the common things, so work related expenses,

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Speaker 2: working from home expenses, so you need to be very

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Speaker 2: careful with those. A lot of us now work from

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Speaker 2: home since COVID.

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Speaker 1: All all ways to try it on.

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Speaker 2: To try it on. Yeah, just remember those golden rules.

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Speaker 2: You must be work related, you must have spent the money.

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Speaker 2: So coffee machines, no, they're not tax it up.

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Speaker 3: To work, dog food for the companion is helping your

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Speaker 3: work productivity.

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Speaker 2: I think that's the stretch. But you do need so,

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Speaker 2: and you can claim, like certain kilometers you can claim

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Speaker 2: is it three hundred dollars? I think you can claim

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Speaker 2: without receipts to get fulled, so you might be able

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Speaker 2: to claim without receipts, but you still need to keep

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Speaker 2: records because if the ato comes to knocking, you can

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Speaker 2: have to prove that you did spend that money and

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Speaker 2: that it was legit. So, for example, you guys, you

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Speaker 2: drive here and you do your work and you drive home,

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Speaker 2: and so your job is here, so you would be

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Speaker 2: struggling to claim kilometers. You can't claim trips to and

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Speaker 2: from work. Even I can during the day coming here,

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Speaker 2: for example, because I come from home to your curricular

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Speaker 2: Yes private, it's to and from work not deductible. It's

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Speaker 2: a common mistake.

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Speaker 1: But if we go out to maybe an event, yeah, yeah, that's.

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Speaker 2: Then yeah you can, then you can. Yeah, but that'd

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Speaker 2: be a mine. I'm not telling you what you can

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Speaker 2: be pretty mine.

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Speaker 1: I'd say car related travel did make up the bulk

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Speaker 1: of work related expenses last year, which surprised me because

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Speaker 1: there are so many people working from home so much

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Speaker 1: there there are.

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Speaker 2: And there are a lot of people that actually don't

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Speaker 2: need their their car for their job, but there is

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Speaker 2: that this. You know, everyone thinks I can. I can

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Speaker 2: claim five thousand kilometers without proving it. The tax office

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Speaker 2: now more than ever. It's always been pretty good at

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Speaker 2: data matching, and it knows what sorts of jobs do

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Speaker 2: need to drive and it knows what don't. So you

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Speaker 2: need to be really careful with that.

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Speaker 1: And it knows you've filled out that book with three

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Speaker 1: different pens using book.

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Speaker 5: It looked like you did it over it.

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Speaker 2: Yeah. Yeah, they had to do it for three months

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Speaker 2: in the last for five or seven years. Yeah yeah.

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Speaker 2: So the ATO you do need to keep you do?

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Speaker 2: They know that they can even use AI now to

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Speaker 2: know where you were. They can ask for oh my god,

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Speaker 2: I can ask for your calendar to prove that you

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Speaker 2: were where you were. You to scare people, but you

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Speaker 2: just it just needs to be legit and more than ever.

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Speaker 2: I heard the other day an account and telling me

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Speaker 2: about someone one of his accounts having a holiday house,

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Speaker 2: and the ATO says, well, we know you were there

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Speaker 2: on these dates, these days, these dates, and these dates

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Speaker 2: because we've got your metadata from your phone. Oh there

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Speaker 2: you go. I don't even know what pinged You've been

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Speaker 2: pined frightening that we know everything about it. They do, ye,

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Speaker 2: So don't don't try and be cleverer than that.

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Speaker 3: Okay, what about crypto currency. Not that everyone's delving into crypto,

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Speaker 3: but some rule changes, right, Yeah.

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Speaker 1: One hundred thousand people did, and and there's.

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Speaker 2: Been a good year. So there are some games in crypto,

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Speaker 2: And just because it is a digital currency doesn't mean

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Speaker 2: the tax offers doesn't know that you are making money

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Speaker 2: made a game, Yeah, made a gain. And a lot

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Speaker 2: of the more common platforms actually report straight to the

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Speaker 2: OHO as well. So you do need to be disclosing

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Speaker 2: your gains on crypto. And even if you swap from

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Speaker 2: bitcoin to e theorem for example, that's a transaction, right,

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Speaker 2: that's like selling p HP and buying rio, right, So

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Speaker 2: you do need to report that you can't get away with.

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Speaker 3: Can't away with much, can't get away with much any Yeah,

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Speaker 3: I know there's a lot of coverage of what we're doing.

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Speaker 2: We know where you are. I reckon.

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Speaker 1: This is one of those things though, that you know

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Speaker 1: in yourself.

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Speaker 3: Yeah, do you reckon? I can?

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Speaker 1: No, you can't.

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Speaker 2: And if you have to ask, like you've just done, yes,

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Speaker 2: probably probably know.

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Speaker 1: If you get a little grid on your face when

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Speaker 1: you're thinking I wonder if I could, probably.

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Speaker 2: It's probably, you know, and you're really more than ever

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Speaker 2: now you just can't get away with it. The tax

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Speaker 2: office has so much going for it in terms of

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Speaker 2: getting in front of you and the pain and the

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Speaker 2: penalties and the.

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Speaker 3: Stress embarrassment as well. If you get nabbed and you

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Speaker 3: haven't got the receipts.

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Speaker 2: You've got them coming in once they're in, so they

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Speaker 2: might come and see you for I don't know, some

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Speaker 2: sort of a three hundred dollar deduction that you don't

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Speaker 2: have a receipt for. Once they're in your business, they

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Speaker 2: are in, and so they will then look at everything. Yep.

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Speaker 2: So you don't want to let the time. Don't give it.

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Speaker 2: They've got the time. It is their job, and you

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Speaker 2: don't want to give it.

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Speaker 1: And they love it. That's what you don't want to

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Speaker 1: What is it they say about wrestling with pigs?

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Speaker 5: But you get dirty and the picture do it very

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Speaker 5: carefully on that note, Actually, we're going to be opening

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Speaker 5: up the text line and the phones here, so can

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Speaker 5: I throw just very quickly before you go sunglasses if

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Speaker 5: I'm seeing it the red hot summer tour.

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Speaker 2: No, look at his face. Maybe sunscreens okay, sunscreen happen

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Speaker 2: in their No even you, even even if you've got

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Speaker 2: all dress code at work, which everyone does. That's not deductor.

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Speaker 2: You've got to be really, really careful. That's the overarching message.

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Speaker 2: The other one is, what were the two golden rules?

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Speaker 2: I don't lie. You don't lie. You have to spend

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Speaker 2: the money you.

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Speaker 1: Have the worker, it's got to be work related.

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Speaker 2: Well done, LUSA, I'm not so well done. I'm glad

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Speaker 2: you did the test coming in