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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the

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Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we

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Speaker 2: get started on She's on the Money podcast, I would

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Speaker 2: like to acknowledge the traditional custodians of the land of

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Speaker 2: which this podcast is recorded on a wondery country, acknowledging

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Speaker 2: the elders, the ancestors and the next generation coming through

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Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 2: the storytelling of you to make a difference for today

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Speaker 2: and lasting impact for tomorrow.

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Speaker 1: Let's get into it. She's on the Money. She's on

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Speaker 1: the Money. Hello and welcome. She's on the Money podcast

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Speaker 1: for millennials who want financial freedom. My name is beck

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Speaker 1: Syed Victoria Divine is with me. We are twelve. You

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Speaker 1: were just trying to jump straight into the towers, so

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Speaker 1: you almost forgot that I'm just as passionate about tax

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Speaker 1: as you are, and I forgot you were here. Oh really,

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Speaker 1: that's crazy, because you know, I am actually, like, you know,

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Speaker 1: a bit of an expert in finance. So yeah, I

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Speaker 1: heard you were like kind of becoming a tax expert. Yeah,

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Speaker 1: I would you know, it's not a stretch.

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Speaker 3: So what date are we working towards?

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Speaker 1: So June thirty is fast approaching, so we're going to

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Speaker 1: be talking about tax time. Are you excited?

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Speaker 3: Yeah?

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Speaker 1: Because June thirty is my birthday. Oh yeah, so ten

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Speaker 1: out of ten always excited. Can you think of a

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Speaker 1: better birth date for this finance Galie, I can't a

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Speaker 1: single date. Maybe like the first of July, maybe new

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Speaker 1: tax year would be a good one, but like June thirty.

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Speaker 1: My dad's an accountant, so I was born to ruin

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Speaker 1: his accounting each and every single year, and I just

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Speaker 1: live for that.

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Speaker 3: I still live for that. But I'm very excited.

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Speaker 1: I can imagine that a lot of people are probably

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Speaker 1: just really excited about this time of year, Beck, But

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Speaker 1: I do imagine it's a time of dread for a

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Speaker 1: lot of people. Yeah, Becklook, it can feel a little

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Speaker 1: bit intimidating if you don't feel like you're on top

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Speaker 1: of your income tax, which is exactly why we're doing

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Speaker 1: an episode today to get you ready for tax time,

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Speaker 1: the sexiest time of the entire year. We're going to

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Speaker 1: be looking at some changes that you really should be

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Speaker 1: aware of, and also some things that the at O

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Speaker 1: are cracking down on this year, and then we're going

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Speaker 1: to give you some tips and tricks to help this

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Speaker 1: time of year run a little bit smoother. I feel

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Speaker 1: like that's a good way to kind of like do

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Speaker 1: a tax episode if we're being honest. Yeah, perfect, nice

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Speaker 1: and easy, nice and gentle. And did you know that

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Speaker 1: the Taxman cracks down is taxman tax person? Unsure of

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Speaker 1: what we're going to be identifying them as, but did

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Speaker 1: you know that each and every single year we'll get

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Speaker 1: to it later this episode, they actually announce what they're

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Speaker 1: looking out for this year, just red hearing or yeah,

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Speaker 1: just like a little warning like, hey, guys going to

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Speaker 1: be looking out for this this year, and hey guys,

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Speaker 1: like this is what we're gonna be cracking down on

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Speaker 1: this year. So it's good to know because often the

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Speaker 1: things that they're cracking down on are related to recent

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Speaker 1: changes which we will get too very soon, and they

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Speaker 1: are this year as well, so I'm not surprised by them.

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Speaker 1: They're not just picking random things. They actually have some

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Speaker 1: method to their madness. But it's good to just be

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Speaker 1: in the know. It's not maybe the sexiest episode, let's

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Speaker 1: be honest, but it's one of those episodes where you're

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Speaker 1: gonna walk away being like, no, I can actually do

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Speaker 1: that myself. I do feel like I'm completely in control

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Speaker 1: of this process and I'm no longer overwhelmed. So we

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Speaker 1: love that. Wow, that is a perfect outcome. I hope

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Speaker 1: they're not just like trying to throw us off the scent.

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Speaker 3: But they're not trying to throw us off the scent promise.

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Speaker 1: They actually really want us to pick up on the

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Speaker 1: scent so that they get to do less work.

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Speaker 3: It's quite intelligent, to be honest.

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Speaker 1: Oh that's very smart. Yeah, exactly. V. This might actually

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Speaker 1: surprise you, but I have prepared some stats for you.

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Speaker 3: Are you trying to take my job as resident statscal?

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Speaker 1: I thought I was being subtle about it, But maybe

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Speaker 1: I'm not being so subtle.

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Speaker 3: Maybe time don't announce it?

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Speaker 1: A good idea next time. So did you know that

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Speaker 1: in twenty nineteen slash twenty twenty, Australians paid four hundred

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Speaker 1: and forty six million point four billion billion in tax.

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Speaker 1: That's so many dollar rules. But the atier recons that

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Speaker 1: if what are you doing with that albow? Yeah that's

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Speaker 1: a very what are you doing with that Albut do

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Speaker 1: you want to call him. I've got him on speed dial.

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Speaker 1: Oh my gosh. Do you know what if anybody has

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Speaker 1: Elbow on speed dial, it absolutely would be you, no doubt,

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Speaker 1: no doubt. I mean we work for arn wasn't here

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Speaker 1: Kyle Sandlanz's wedding true, So we basically have him on

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Speaker 1: speed dial. We could get in touch with them. So

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Speaker 1: that's could if we wanted to. If we don't want to,

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Speaker 1: we just want to do this tax episode exactly. So

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Speaker 1: the atier reconds that if all Australians were paying the

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Speaker 1: correct amount of tax, they would have received four hundred

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Speaker 1: and seventy nine point eight billion dollars. Yeah, so some

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Speaker 1: people are being a little bit cheeky. That's not actually

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Speaker 1: too bad. What do you mean doing the four hundre billions?

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Speaker 1: Oh yeah, sure, that's not a big discrepancy at all.

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Speaker 1: Like if those were my bank account details, I would

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Speaker 1: not be mad about that at all. Beck each year

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Speaker 1: the Eightier actually makes the lists of things that they're

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Speaker 1: going to be paying closer attention to, which I mentioned before,

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Speaker 1: and for the next round of tax reporting, that's actually

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Speaker 1: going to be all about improving their systems and also

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Speaker 1: our awareness or let's be honest, the honesty to get

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Speaker 1: more money back into treasury. That figure that you mentioned

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Speaker 1: Beck still means that ninety three percent of people in

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Speaker 1: Australia are paying what they owe. Those percentages are pretty

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Speaker 1: good because if you compare it to the USA, their

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Speaker 1: figures actually sit at around the eighty five percent mark.

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Speaker 1: Who've said this on the podcast before. Please substantiate your claims.

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Speaker 1: Like if you're just going in and being like, ah,

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Speaker 1: I work as an executive assistant, Oh, look, I can

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Speaker 1: claim up to two hundred dollars on you know, some

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Speaker 1: care products without receipts, I'll just claim that that's actually illegal. Like,

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Speaker 1: you need to be able to substantiate that with proof,

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Speaker 1: with a receipt with something. Even if they're not asking

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Speaker 1: you to submit those receipts, they can actually audit you.

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Speaker 1: And we have had people in our community get audited

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Speaker 1: and they're like, oh, but I just claimed up to

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Speaker 1: the threshold. It's like yes, but the atier can come

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Speaker 1: back and ask you to prove that. And each year

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Speaker 1: they take a bucket of random people and they ordered

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Speaker 1: them to make sure that we're doing the right thing

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Speaker 1: and being good people. So essentially the golden rule at

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Speaker 1: tax time for everybody in our community is if you

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Speaker 1: can't substantiate it, don't claim it. That's so scary. It

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Speaker 1: can be scary, but I just also think it shouldn't

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Speaker 1: be scary if you're doing the right thing. Yeah, Like,

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Speaker 1: if you haven't claimed things that you haven't spent, then

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Speaker 1: it is what it is. And I mean, if you

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Speaker 1: know the taxman came knocking and said, hey, that you've

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Speaker 1: been picked up in the audit and we're just going

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Speaker 1: to audit all your expenses and some care came up right,

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Speaker 1: like suncare sounds so small, but it's something that so

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Speaker 1: many people can be picked up on because it's like

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Speaker 1: a very low threshold where you go, oh, that's another

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Speaker 1: two hundred bucks. I don't have to prove that I spent.

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Speaker 1: They're going to ask you to prove that you spent it.

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Speaker 1: If you don't, you're going to be up for one

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Speaker 1: paying it back, but you'll have to pay it back

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Speaker 1: with interest. That's essentially a fine beck and that is scary.

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Speaker 1: I don't want to be in trouble with the tire trouble.

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Speaker 1: Then you have a little red flag against your name

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Speaker 1: for next year and all of it. It's just not

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Speaker 1: worth your time, I promise. Yeah, that actually makes sense,

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Speaker 1: So I guess we should go into the changes for

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Speaker 1: this year. We else So there are a few changes,

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Speaker 1: so I've round up the big ones for individuals first.

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Speaker 1: The first one's not that great. The low and middle

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Speaker 1: income tax offset. It didn't get extended, so as a result,

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Speaker 1: low to middle income earners they might see their tax

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Speaker 1: refund from July twenty twenty three reduced between six hundred

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Speaker 1: and seventy five dollars and fifteen hundred bucks for incomes

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Speaker 1: up to ninety thousand dollars, but phasing out up to

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Speaker 1: one hundred and twenty six thousand dollars. Just feel like

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Speaker 1: they could have extended that each to their own. The

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Speaker 1: Medicare low income threshold for twenty twenty two to twenty

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Speaker 1: twenty three year is going to be increased, so we

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Speaker 1: do like this. For singles, this will be increased to

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Speaker 1: twenty four thousand, two hundred and seventy six dollars, which

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Speaker 1: is up from twenty three thousand, three hundred and sixty

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Speaker 1: five dollars for the twenty twenty one twenty twenty two year.

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Speaker 1: And then for couples with no children, the family income

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Speaker 1: threshold is going to be increased up to forty thousand,

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Speaker 1: nine hundred and thirty nine dollars, which is an increase

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Speaker 1: from thirty nine thousand, four hundred and two dollars from

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Speaker 1: the twenty twenty one to twenty twenty two year. So

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Speaker 1: the additional amount for threshold for each dependent child or

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Speaker 1: student is also going to be increased to three thousand,

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Speaker 1: seven hundred and sixty bucks, up from three thousand, six

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Speaker 1: hundred and nineteen dollars. Personally, I think that could have

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Speaker 1: gone a little bit further, but you know what, at

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Speaker 1: this point in time, Beck, you get what you get,

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Speaker 1: and you don't get upset. Sorry, V. I know that

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Speaker 1: we have a full episode to go through, but I

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Speaker 1: just wanted to quickly ask I have no idea one

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Speaker 1: what a tax offset is into what a lowcome threshold is. Okay,

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Speaker 1: so so I am reacting like I do, but I

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Speaker 1: don't actually know that's literally so classified as a low

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Speaker 1: income threshold. So this might sound like a lot of money,

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Speaker 1: but to receive the low income tax threshold, your taxable

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Speaker 1: income needs to be less than one hundred and twenty

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Speaker 1: six thousand dollars. You also have to be an Australian

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Speaker 1: resident for tax purposes. If you earn under that, you're

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Speaker 1: going to get access to a few different like tax

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Speaker 1: off sets. So a tax offset is something that you

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Speaker 1: can claim that other people might not be able to claim.

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Speaker 1: So they're saying, look, because you have a lower income,

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Speaker 1: we're going to allow you to claim a little bit

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Speaker 1: more than a higher income earner just to kind of

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Speaker 1: make life easier for you. And often they do this

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Speaker 1: during periods of like turmoil, where you know, gas and

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Speaker 1: electricity and stuff are really expensive, to hopefully get some

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Speaker 1: more money back in your pockets. One hundred and twenty

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Speaker 1: six thousand dollars sounds like a lot of money, but

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Speaker 1: in reality, I won't say it's not, because it is

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Speaker 1: a lot of money for a lot of people. But

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Speaker 1: if you're a you know, a dual income household and

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Speaker 1: your total household taxable income is one hundred twenty six

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Speaker 1: thousand dollars and you have kids and stuff that does

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Speaker 1: not go as far as you think it does, so

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Speaker 1: these offsets kind of come in to boost you up

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Speaker 1: a little bit. The other benefit there is often you

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Speaker 1: can get access to things like healthcare cards and stuff

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Speaker 1: like that. So if we say you're on a low

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Speaker 1: income threshold. It means that you basically have access to

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Speaker 1: a few different I guess let's call them bells and

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Speaker 1: whistles that other people might not have access to purely

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Speaker 1: because you don't earn more than a certain amount. It's

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Speaker 1: the government trying to put you in a better position

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Speaker 1: because you know, we want you to be paying less

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Speaker 1: tax if you have less income, which I think is

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Speaker 1: a fair system that makes a lot of sense. Thank you, V.

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Speaker 1: Sorry you may continue, Oh, thank you so much, but

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Speaker 1: I think it's important, Beck. And you know, there are

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Speaker 1: a lot of people that listen to this podcast, and Hi,

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Speaker 1: if you're new here, I'm Victoria and this is Beck

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Speaker 1: and we love what we do. But someone might have

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Speaker 1: picked up this episode because they're like, oh, fire out,

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Speaker 1: tax time's coming. I'm a little bit stressed and this

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Speaker 1: is their first introduction. Like, those are really good questions

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Speaker 1: to be asking. And I've said there's no such thing

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Speaker 1: as a silly question in this community, especially from you,

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Speaker 1: because if you're thinking it, our community are thinking it.

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Speaker 1: So please always, always, always, buddy, And I think it's

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Speaker 1: really really important. Thank you V.

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Speaker 3: Of course.

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Speaker 1: So the next thing I wanted to address was for

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Speaker 1: single seniors and pensioners eligible for the Seniors and Pensioners

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Speaker 1: tax offset, so they get, you know, some more cash

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Speaker 1: in their back pocket because they are a senior. The

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Speaker 1: Medicare levy low income threshold is going to be increased

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Speaker 1: to thirty eight thousand, three hundred and sixty five dollars,

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Speaker 1: which is up from thirty six thousand, nine hundred and

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Speaker 1: twenty five dollars from the twenty twenty one to twenty

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Speaker 1: twenty two year. The family threshold for seniors and pensioners

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Speaker 1: is going to be increased. This is like dual income

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Speaker 1: increased to fifty three thousand, four hundred and six dollars,

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Speaker 1: up from fifty one thousand, four hundred and one dollars,

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Speaker 1: which is a nice little bonus. Plus three thousand, seven

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Speaker 1: hundred and sixty dollars for each dependent.

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Speaker 3: Child or student. Ah, so that's nice.

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Speaker 1: Again. The next to are a little bit further down

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Speaker 1: the track, but they are to me a pretty big deal.

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Speaker 1: So under the Stage three tax changes from the first

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Speaker 1: of July twenty twenty four, the average marginal tax rate

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Speaker 1: is thirty two point five percent. It's going to be

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Speaker 1: cut beck and we're going to be paying less tax

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Speaker 1: if you're in that bracket. It's going to be cut

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Speaker 1: to thirty percent for one big tax bracket between forty

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Speaker 1: five thousand, get this all the way up to two

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Speaker 1: hundred thousand dollars. That is a far wider range than

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Speaker 1: it was before because historically it was up to about

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Speaker 1: one hundred and twenty so that's so much more money.

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Speaker 1: This will then more closely align to the middle tax

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Speaker 1: bracket of the personal income tax system with corporate tax rates,

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Speaker 1: so the thirty seven percent tax bracket will be entirely

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Speaker 1: abolished at this time, which is kind of cool. But

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Speaker 1: this means that from the first of July twenty twenty

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Speaker 1: four beck there's only going to be three personal income

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Speaker 1: tax brackets, so nineteen percent, thirty percent and forty five percent.

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Speaker 1: So from the first of July twenty twenty five more

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Speaker 1: taxpayers earning between forty five grand and two hundred grand

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Speaker 1: they'll face a marginal tax rate of thirty percent. And

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Speaker 1: with these changes, around ninety four percent of Australian taxpayers

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Speaker 1: are projected to face a marginal tax rate of thirty

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Speaker 1: percent or less.

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Speaker 3: That is so good.

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Speaker 1: That is really such a low average tax rate and

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Speaker 1: I think that that's really sexy if you didn't keep

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Speaker 1: up with that, because I feel like I do talk

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Speaker 1: very quickly when I get excited about something. More people

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Speaker 1: better off when it comes to tax, Yes, full stop,

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Speaker 1: end of story. More people paying less tax. That's pretty sexy. Back,

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Speaker 1: that's so good. More people less tax. What a good outcome?

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Speaker 1: What a great outcome? I really really like that. There

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Speaker 1: is another update, Beck. I just wanted to share this

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Speaker 1: because I thought it was real cool. It doesn't happen

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Speaker 1: until twenty twenty six, but I mean time flies when

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Speaker 1: you're having tax fun Are you ready? Superannuation as of

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Speaker 1: the first of July twenty twenty six, will actually be

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Speaker 1: paid on your pay day, not quarterly, not annually. It

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Speaker 1: will be paid every time you get paid, which at

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Speaker 1: the moment, for most people I would say that their

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Speaker 1: employers pay tax on a quarterly basis, so once every

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Speaker 1: three months. This is actually really good for you because

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Speaker 1: the more consistently that you're investing, the more opportunity you

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Speaker 1: have to make use of something called dollar cost averaging.

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Speaker 1: We've spoken about this on the podcast before, but dollar

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Speaker 1: cost averaging is essentially where you're investing more regularly and

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Speaker 1: your subernuation, as we know, is a tax structure that

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Speaker 1: you're investing within. And if you're investing more regularly, what

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Speaker 1: that means is you're making the most of the highs

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Speaker 1: and the lows of the market. So instead of investing

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Speaker 1: four times a year, you'll be investing probably twelve if

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Speaker 1: you get paid monthly, and you'll be investing twenty six

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Speaker 1: times if you get paid fortnightly. I think that's pretty sexy. Yeah, okay,

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Speaker 1: that's top girlshit. I love that all right. Beck you

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Speaker 1: have a little graphic design business. If people want to

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Speaker 1: check out your graphic design business. What's the Instagram you? Oh,

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Speaker 1: this is so nice. Well, Sorr, shouldn't call you that?

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Speaker 1: If you can call me whatever you want, but ideally

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Speaker 1: you call me a nice name when I'm being nice

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Speaker 1: to you. Yeah, that's true, beautiful queen, thank you. It's

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Speaker 1: designed by Beku. Becku is spelt b Ecu. It's really cute.

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Speaker 1: If you haven't checked out beck before, she has just

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Speaker 1: recent is it recent? It's quite new, like it's been

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Speaker 1: around ages, but like you've just started taking it seriously.

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Speaker 1: That is true. I kind of like ebbs and flows,

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Speaker 1: but recently I have been more active on, but you've

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Speaker 1: become a small business owner technically recently I started to

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Speaker 1: take it very seriously, so I thought, right here would

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Speaker 1: be a good spot to have some small business owner tips.

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Speaker 1: I know there are a lot of people in our

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Speaker 1: community who have either side hustles or small businesses, and

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Speaker 1: this is where you need to listen up because these

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Speaker 1: things are actually really important. I don't care if you

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Speaker 1: just drive an Uber a couple of nights a month,

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Speaker 1: but those things are not counted as hobbies. I do

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Speaker 1: not care what your accountant says if you're driving income.

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Speaker 1: When need to make sure that we are being transparent

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Speaker 1: to the government because I have seen too many times,

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Speaker 1: and you'll see in our Facebook group come tax time,

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Speaker 1: there will be an influx of posts like this, Oh

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Speaker 1: my accountant said that I earned less than five thousand

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Speaker 1: dollars salt was a hobby. No, you worked for Uber,

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Speaker 1: or you worked for DoorDash, or you did something that

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Speaker 1: was generating an income. That was definitely not a hobby.

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Speaker 1: The government's going to want to know about it. But

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Speaker 1: one of the things that I think is worth mentioning

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Speaker 1: here is the instant asset. Right off, it's going to

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Speaker 1: return with a twenty thousand dollars threshold per asset from

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Speaker 1: the first of July twenty twenty three to the thirtieth

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Speaker 1: of June twenty twenty four. So this is a relatively

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Speaker 1: good thing in general because instant asset right off means

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Speaker 1: that you can claim the depreciation of an asset, so

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Speaker 1: how much an asset is going to decrease in value

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Speaker 1: over time in a one off lumpsum, and that is

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Speaker 1: good for tax. If you had a good year where

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Speaker 1: you had a good amount of income come in, that's

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Speaker 1: a good way to write things off. Owners of people

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Speaker 1: who want to buy cars are not too impressed because

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Speaker 1: on the first of July this year, it is going

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Speaker 1: to drop down from about fifty nine thousand dollars worth

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Speaker 1: of instant asset right off for your car back down

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Speaker 1: to the twenty thousand. So if you're looking for potentially

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Speaker 1: a car, now's the time to have a quick chat

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Speaker 1: with your accountant to make sure that maybe you could

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Speaker 1: slip in before the new financial year. But small businesses

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Speaker 1: with aggregated turnover of less than ten million dollars, can

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Speaker 1: you believe that's what's constituted as a small business? I know, Oh,

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Speaker 1: I've got less than ten million bucks, so are you tiny? What? Tiny?

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Speaker 1: Little business? Wild? They're going to be immediately able to

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Speaker 1: deduct the full cost of eligible assets costing less than

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Speaker 1: twenty grand that are first used or installed ready for

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Speaker 1: use between the first of July twenty twenty three and

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Speaker 1: the thirtieth of June twenty twenty four. So that twenty

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Speaker 1: thousand dollars threshold is going to apply on a per

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Speaker 1: asset basis, So small businesses can basically instantly right off

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Speaker 1: multiple ascide not just one, yeah, right off a whole

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Speaker 1: heap of them. And you know what, you're like, Hey,

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Speaker 1: what could be twenty thousand dollars? If you're a small

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Speaker 1: business and you work in beauty. Maybe you're buying a

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Speaker 1: laser machine, Maybe you're buying like ipl Maybe you're buying

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Speaker 1: something like a facial machine or something that's really expensive

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Speaker 1: and you really want to reinvest in your business. This

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Speaker 1: is where you need to talk to your accountant to

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Speaker 1: make the most of these benefits, because if you don't

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Speaker 1: understand them and you don't know how to use them

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Speaker 1: as a small business owner, you're doing yourself a disservice.

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Speaker 1: We need to be putting ourselves first. And one of

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Speaker 1: the things that you can do to put yourself first

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Speaker 1: as a business that wants to grow is to actually

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Speaker 1: understand what you can and can't do when it comes

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Speaker 1: to tax. Yeah, because let's be honest, the instant asset

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Speaker 1: right off of up to twenty thousand dollars, you might

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Speaker 1: be like, what does that mean? That means that we

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Speaker 1: get to claim back the tax we paid on it.

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Speaker 1: That's a big, big discount on an item that you

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Speaker 1: needed to purchase anyway for your business. Sexy, Yeah, Okay,

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Speaker 1: that's making sense. Girls. So there's no minimum for assets. No, No,

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Speaker 1: it would need to be an asset though. You can't

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Speaker 1: just go buy a stapler claim depreciation on that. But

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Speaker 1: like I mean, it's usually bigger ticket items that small

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Speaker 1: business owners hesitate to purchase because they're like, oh, I

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Speaker 1: don't know if this is going to be like a

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Speaker 1: good thing or about I think talk to your accountant.

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Speaker 1: We're just sharing general information on this podcast to kind

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Speaker 1: of like trigger something or to kind of get you

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Speaker 1: to go talk to a professional. At the end of

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Speaker 1: the day, you cannot rely on just this podcast for

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Speaker 1: your tax advice this year. Go and talk to an

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Speaker 1: accountant and if you don't have an accountant, now is

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Speaker 1: the time to go. Maybe I need one because you

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Speaker 1: can actually claim accountants fees.

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Speaker 3: On tax next year.

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Speaker 1: Wow. So there's been plenty more stuff back for small

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Speaker 1: business owners announced I honestly, if I was a small

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Speaker 1: business owner, I would be heading to the at year

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Speaker 1: website to read up on them before it gets too

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Speaker 1: close to the thirtieth of June. Because when it comes

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Speaker 1: to assets before, I told you that it needs.

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Speaker 3: To be first used or installed.

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Speaker 1: You can't just buy something and have it delivered midway

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Speaker 1: through July and claim it in the previous year.

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Speaker 3: Like, that's not going to work.

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Speaker 1: It has to happen pretty soon, Okay, So it has

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Speaker 1: to happen before the thirtieth of June, otherwise it goes

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Speaker 1: into the next financial year. Time's a ticking, it is, indeed.

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Speaker 1: So do you know what you want to talk about next?

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Speaker 1: Unrelatable for you, but might be really relatable for a

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Speaker 1: lot of people in our community. Back sa Vie, I

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Speaker 1: really want to talk about something that I can certainly

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Speaker 1: relate to what's going to happen to us property investors. Also,

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Speaker 1: I'm just kidding because I'm not a property investor and

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Speaker 1: I don't earn any properties, but someone out there might

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Speaker 1: want to know. So what can property investors do this year?

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Speaker 1: What can they except be privileged? Track on it?

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Speaker 3: So I'm working on it.

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Speaker 1: The government is actually going to introduce tax incentive changes

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Speaker 1: to help increase the supply of housing, so that's pretty sexy.

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Speaker 1: The incentives are as follows. I've written them down there,

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Speaker 1: two of them, and they're quite complicated, and I knew

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Speaker 1: I wouldn't remember them. They're not that complicated, but I

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Speaker 1: knew I wouldn't remember them, so I wrote them down back.

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Speaker 1: So the first is an increase in the depreciation rate.

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Speaker 1: So for capital works purposes, depreciation is where things lose

432
00:21:01,880 --> 00:21:05,280
Speaker 1: value over time. And when we say for capital works purposes,

433
00:21:05,280 --> 00:21:07,400
Speaker 1: it might be like an extension that you're putting on.

434
00:21:07,680 --> 00:21:09,400
Speaker 1: So the extension you see, it might be worth two

435
00:21:09,480 --> 00:21:11,760
Speaker 1: hundred grand back, but in a couple of years, like

436
00:21:11,960 --> 00:21:14,600
Speaker 1: you know, a twenty ten kitchen's not that sexy anymore.

437
00:21:14,840 --> 00:21:17,000
Speaker 1: I just ripped one out of my house, and I'm

438
00:21:17,000 --> 00:21:19,760
Speaker 1: telling you right now, nobody is going to pay for

439
00:21:19,840 --> 00:21:22,760
Speaker 1: that red splash back back in twenty ten. Though, that

440
00:21:22,920 --> 00:21:25,560
Speaker 1: was a very good investment. That was a very nice kitchen,

441
00:21:25,600 --> 00:21:28,400
Speaker 1: so it was worth a lot. Then it depreciated over time.

442
00:21:28,440 --> 00:21:31,120
Speaker 1: Now nobody thinks it's worth anything with that lino floors.

443
00:21:31,200 --> 00:21:33,679
Speaker 1: I know. Look we ripped those out two also the

444
00:21:33,760 --> 00:21:36,639
Speaker 1: false ceilings they had to go, so there was just

445
00:21:36,680 --> 00:21:41,280
Speaker 1: a lot. But essentially that depreciation rate has been increased

446
00:21:41,320 --> 00:21:44,680
Speaker 1: from two point five percent to four percent per year

447
00:21:44,920 --> 00:21:49,159
Speaker 1: for eligible new build to rent projects where construction commences

448
00:21:49,200 --> 00:21:53,840
Speaker 1: after the ninth of May twenty twenty three, and the

449
00:21:53,960 --> 00:21:57,119
Speaker 1: reduction in the rate of the withholding tax for eligible

450
00:21:57,160 --> 00:22:00,560
Speaker 1: fund payments for managed investment trusts or am I So

451
00:22:00,640 --> 00:22:03,640
Speaker 1: like completely unrelated to you, but if you're following along

452
00:22:03,680 --> 00:22:07,120
Speaker 1: and going, well, that's me to foreign residents on income

453
00:22:07,200 --> 00:22:10,359
Speaker 1: for newly constructed residential build to rent properties after the

454
00:22:10,400 --> 00:22:13,600
Speaker 1: first of July twenty twenty four goes from thirty percent

455
00:22:14,000 --> 00:22:18,560
Speaker 1: down to fifteen percent, subject to further consultation on eligibility criteria.

456
00:22:18,760 --> 00:22:20,160
Speaker 3: Can you see why I wrote them down?

457
00:22:20,359 --> 00:22:22,840
Speaker 1: I can see. Yeah, yeah, so I had to write

458
00:22:22,840 --> 00:22:24,560
Speaker 1: them down because I was like, there's no way I'm

459
00:22:24,560 --> 00:22:27,879
Speaker 1: going to remember that mouthful. But essentially that means that

460
00:22:28,040 --> 00:22:31,200
Speaker 1: more people will be able to invest as foreign residents,

461
00:22:31,680 --> 00:22:34,960
Speaker 1: and that's a relatively good thing because it will increase,

462
00:22:35,119 --> 00:22:38,560
Speaker 1: hopefully the amount of rental properties that are available for access,

463
00:22:38,600 --> 00:22:41,840
Speaker 1: and as we know right now, rental properties are going

464
00:22:42,000 --> 00:22:45,679
Speaker 1: bonkers because there's not enough of them. The Home Guarantee

465
00:22:45,720 --> 00:22:48,119
Speaker 1: scheme is going to be expanded from the first of

466
00:22:48,200 --> 00:22:51,560
Speaker 1: July twenty twenty three. I think this is a very

467
00:22:51,600 --> 00:22:54,080
Speaker 1: good thing. So the government has announced an expansion to

468
00:22:54,119 --> 00:22:57,720
Speaker 1: the criteria enabling people to participate in the different home

469
00:22:57,800 --> 00:23:01,960
Speaker 1: guarantee schemes. Eligibility criteria for all elements of the scheme,

470
00:23:01,960 --> 00:23:05,720
Speaker 1: including the First Home Guarantee, the Regional First Home Buyers Guarantee,

471
00:23:05,720 --> 00:23:08,359
Speaker 1: and the Family Home Guarantee, they're going to be extended,

472
00:23:08,560 --> 00:23:11,600
Speaker 1: which is very very sexy. That's actually it kind of

473
00:23:11,600 --> 00:23:14,080
Speaker 1: sounds familiar, is that we're like, the government give twenty

474
00:23:14,080 --> 00:23:17,160
Speaker 1: five percent and you give five percent to a deposit

475
00:23:17,280 --> 00:23:19,000
Speaker 1: or Am I making this up? No, you're not making

476
00:23:19,040 --> 00:23:21,600
Speaker 1: it up. It's absolutely correct. It's actually a scheme that

477
00:23:21,720 --> 00:23:25,240
Speaker 1: exists to support eligible first home buyers purchase a home sooner.

478
00:23:25,600 --> 00:23:29,160
Speaker 1: The thing that personally I like about this is that

479
00:23:29,200 --> 00:23:32,640
Speaker 1: the government's basically underwriting you, but they don't own any

480
00:23:32,720 --> 00:23:35,840
Speaker 1: of your property. Where there are schemes out there where

481
00:23:35,840 --> 00:23:38,240
Speaker 1: the government kind of like co purchases with you and

482
00:23:38,280 --> 00:23:41,040
Speaker 1: when you sell the property, you owe them an amount

483
00:23:41,080 --> 00:23:45,080
Speaker 1: of money, and I don't particularly love the strings attached

484
00:23:45,080 --> 00:23:48,359
Speaker 1: to that, But essentially, there are only a limited number

485
00:23:48,400 --> 00:23:49,040
Speaker 1: of places.

486
00:23:49,119 --> 00:23:50,480
Speaker 3: So the places that.

487
00:23:50,440 --> 00:23:52,560
Speaker 1: Are going to be available in the twenty twenty two

488
00:23:52,680 --> 00:23:56,640
Speaker 1: slash twenty twenty three financial year are thirty five thousand places,

489
00:23:56,960 --> 00:23:59,760
Speaker 1: and it means that you could purchase a property with

490
00:23:59,800 --> 00:24:02,720
Speaker 1: a five percent deposit if you're a first home buyer

491
00:24:02,800 --> 00:24:05,760
Speaker 1: and you've like never purchased property before and you're purchasing

492
00:24:05,840 --> 00:24:08,639
Speaker 1: a new or an existing home. You could be single,

493
00:24:08,720 --> 00:24:12,040
Speaker 1: you could be a couple, But then depends where you're purchasing,

494
00:24:12,080 --> 00:24:15,560
Speaker 1: because obviously different properties in different areas of the country

495
00:24:15,600 --> 00:24:19,200
Speaker 1: have different amounts that they are worth. Maximum price purchases

496
00:24:19,240 --> 00:24:21,959
Speaker 1: will apply, so like Sydney is going to be higher

497
00:24:22,000 --> 00:24:25,320
Speaker 1: than you know Camera for example, So I think it's

498
00:24:25,400 --> 00:24:29,399
Speaker 1: important to just look into it if you're interested in that, though,

499
00:24:29,880 --> 00:24:31,879
Speaker 1: the best thing you could do is talk to a broker.

500
00:24:32,000 --> 00:24:34,800
Speaker 1: And obviously I'm quite biased. I own a mortgage broken

501
00:24:34,840 --> 00:24:37,120
Speaker 1: company and if you happen to be listening to this podcast,

502
00:24:37,160 --> 00:24:39,960
Speaker 1: you probably would get along really well with us. Go

503
00:24:40,040 --> 00:24:42,400
Speaker 1: check out Zella Money and we can sort you out

504
00:24:42,400 --> 00:24:44,760
Speaker 1: and tell you whether you can get into that or not.

505
00:24:45,200 --> 00:24:48,320
Speaker 1: Because when we say there are thirty five thousand places

506
00:24:48,400 --> 00:24:52,280
Speaker 1: each year, usually that thirty five thousand amount is divided

507
00:24:52,359 --> 00:24:54,520
Speaker 1: up among the years, so there might be you know,

508
00:24:54,920 --> 00:24:58,880
Speaker 1: a quarter each quarter available or open, and they're actually

509
00:24:58,920 --> 00:25:02,119
Speaker 1: only available through through certain banks, so there are like

510
00:25:02,160 --> 00:25:04,760
Speaker 1: a heap of hoops. But it can be a really

511
00:25:04,760 --> 00:25:07,280
Speaker 1: good way to get into your first home. And I'm

512
00:25:07,320 --> 00:25:11,200
Speaker 1: really glad that it's sticking around. Okay, I really like that.

513
00:25:11,520 --> 00:25:12,840
Speaker 1: I think it's pretty sexy.

514
00:25:12,800 --> 00:25:13,000
Speaker 2: Yeah.

515
00:25:13,000 --> 00:25:16,399
Speaker 1: I just really like that they've kind of prioritized and

516
00:25:16,480 --> 00:25:19,200
Speaker 1: I mean, I'm not asking for feedback here. We all

517
00:25:19,240 --> 00:25:21,280
Speaker 1: know that there are things that could be done better

518
00:25:21,320 --> 00:25:23,639
Speaker 1: and changed, but it does feel like they have tried

519
00:25:23,640 --> 00:25:27,520
Speaker 1: to put people who are currently not that enchanted with

520
00:25:27,600 --> 00:25:30,480
Speaker 1: their property market in a position where they might, you know,

521
00:25:30,560 --> 00:25:31,720
Speaker 1: get that in chairman back.

522
00:25:31,960 --> 00:25:32,240
Speaker 3: Yeah.

523
00:25:32,359 --> 00:25:35,479
Speaker 1: I love that each year the ATIO releases things ahead

524
00:25:35,520 --> 00:25:37,560
Speaker 1: of the eof hy.

525
00:25:37,600 --> 00:25:38,680
Speaker 3: End of financial year.

526
00:25:38,920 --> 00:25:43,520
Speaker 1: Oh, she's a genius. By me your coke? Okay, are

527
00:25:43,560 --> 00:25:46,840
Speaker 1: your coke? They will focus on certain things ahead of

528
00:25:46,920 --> 00:25:49,400
Speaker 1: the end of financial year. What are they cracking down

529
00:25:49,400 --> 00:25:49,600
Speaker 1: on this?

530
00:25:49,680 --> 00:25:49,880
Speaker 2: All?

531
00:25:49,920 --> 00:25:51,679
Speaker 1: Right, So they're cracking down on a few things, and

532
00:25:51,720 --> 00:25:53,960
Speaker 1: I alluded to this at the start of the episode.

533
00:25:54,400 --> 00:25:56,840
Speaker 1: This one is going to make sense, and that is

534
00:25:56,920 --> 00:26:00,800
Speaker 1: working from home. So obviously during COVID we all worked

535
00:26:00,880 --> 00:26:03,760
Speaker 1: from home a fair bit. But now everyone's heading back

536
00:26:03,800 --> 00:26:07,320
Speaker 1: to offices, but grudgingly, but we're all heading back to officers.

537
00:26:07,640 --> 00:26:10,840
Speaker 1: So the ATO is apparently sharpening it's focus in twenty

538
00:26:10,920 --> 00:26:15,520
Speaker 1: twenty three on capital gains, tax and work related expenses,

539
00:26:15,600 --> 00:26:19,520
Speaker 1: including changes to work from home claims. So from the

540
00:26:19,560 --> 00:26:23,480
Speaker 1: first of March, taxpayers claiming work from home related deductions

541
00:26:23,760 --> 00:26:29,199
Speaker 1: will be required to provide more detailed documentation. Fair the

542
00:26:29,280 --> 00:26:33,919
Speaker 1: COVID shortcut isn't happening anymore. It allowed you historically to

543
00:26:34,000 --> 00:26:36,880
Speaker 1: claim eighty cents each hour that you worked from home

544
00:26:36,960 --> 00:26:42,199
Speaker 1: and cover all deducting running expenses. Not a thing anymore effective.

545
00:26:42,240 --> 00:26:45,240
Speaker 1: From the first of July twenty twenty two, the ATO

546
00:26:45,280 --> 00:26:49,920
Speaker 1: announced a revised fixed claim of sixty seven percent per

547
00:26:50,080 --> 00:26:53,400
Speaker 1: hour worked from home. This is supposed to cover additional

548
00:26:53,440 --> 00:26:56,919
Speaker 1: like running expenses for things like internet and electricity, phone plans,

549
00:26:56,960 --> 00:26:59,400
Speaker 1: or like stationary and stuff you need at home. There

550
00:26:59,400 --> 00:27:02,240
Speaker 1: are separate deductions that can be made for other purchases,

551
00:27:02,240 --> 00:27:05,160
Speaker 1: so for things like desk chairs or computers or bookshelves

552
00:27:05,440 --> 00:27:08,480
Speaker 1: immediately if the price is below three hundred bucks, or

553
00:27:08,720 --> 00:27:12,600
Speaker 1: as depreciation over time if it costs more, so you

554
00:27:12,640 --> 00:27:15,800
Speaker 1: can pick which one there. The crucial point, though, is

555
00:27:15,800 --> 00:27:18,600
Speaker 1: that you need to demonstrate to the ato that you

556
00:27:18,760 --> 00:27:22,480
Speaker 1: did only incur these expenses because you are working from home.

557
00:27:22,960 --> 00:27:24,960
Speaker 1: So you can't just set up like a little at

558
00:27:25,000 --> 00:27:27,199
Speaker 1: home office because you think it'll look real chic in

559
00:27:27,200 --> 00:27:28,920
Speaker 1: the corner of your lounge room, and then you don't

560
00:27:28,920 --> 00:27:30,600
Speaker 1: work from home, and then you think you can claim

561
00:27:30,640 --> 00:27:33,560
Speaker 1: it because everybody else is no sis, That's not how

562
00:27:33,560 --> 00:27:35,680
Speaker 1: it's going to work. They're going to ask for proof.

563
00:27:36,280 --> 00:27:38,600
Speaker 1: To claim using the fixed rate, you actually need to

564
00:27:38,640 --> 00:27:41,480
Speaker 1: provide a record of all the hours worked from home

565
00:27:41,640 --> 00:27:45,720
Speaker 1: for the entire year, as well as receipts or invoices

566
00:27:45,760 --> 00:27:48,760
Speaker 1: to show you paid for these expenses covered by the

567
00:27:48,840 --> 00:27:49,840
Speaker 1: fixed rate method.

568
00:27:50,760 --> 00:27:51,600
Speaker 3: Do you have friends that.

569
00:27:51,560 --> 00:27:54,560
Speaker 1: Work from home? Yes? Do you think that they're actually

570
00:27:54,720 --> 00:27:57,160
Speaker 1: keeping a log book of how many hours that they're

571
00:27:57,200 --> 00:28:01,960
Speaker 1: working from home? Definitely not, so like that's something that

572
00:28:02,000 --> 00:28:04,440
Speaker 1: we should be aware of and before doing your tax

573
00:28:04,480 --> 00:28:07,719
Speaker 1: maybe pop a really simple one together and work it out, like,

574
00:28:07,880 --> 00:28:10,560
Speaker 1: just do the right thing, do the right thing, don't

575
00:28:10,600 --> 00:28:12,480
Speaker 1: just claim it. I know a lot of people will say, oh,

576
00:28:12,520 --> 00:28:15,000
Speaker 1: you can claim this, or you can. It's not that

577
00:28:15,160 --> 00:28:17,679
Speaker 1: simple anymore. And if you mess up or you do

578
00:28:17,760 --> 00:28:21,040
Speaker 1: the wrong thing, it can be relatively serious. I mean,

579
00:28:21,119 --> 00:28:23,679
Speaker 1: the tax man isn't as scary as people seem to

580
00:28:23,680 --> 00:28:26,119
Speaker 1: make him out to be. It can be not so

581
00:28:26,240 --> 00:28:29,120
Speaker 1: good when you're claiming things that you aren't entitled too, though,

582
00:28:29,320 --> 00:28:31,920
Speaker 1: and that's where I think professional help could come into it.

583
00:28:32,040 --> 00:28:34,680
Speaker 1: But if I'm being brutally honest, if you are a

584
00:28:34,800 --> 00:28:40,240
Speaker 1: salaried PAYG employee, it's relatively easy to work out. Haybeck,

585
00:28:40,360 --> 00:28:43,640
Speaker 1: did you incur any expenses this year? Did you have

586
00:28:43,680 --> 00:28:45,800
Speaker 1: to buy a desk chair to work from home? Yes? Okay?

587
00:28:45,840 --> 00:28:48,120
Speaker 1: Can you please look up in your bank statements because

588
00:28:48,160 --> 00:28:51,240
Speaker 1: bank statements are easily looked into how much you spend

589
00:28:51,280 --> 00:28:54,240
Speaker 1: it off as works great, you can claim that, no worries,

590
00:28:54,680 --> 00:28:56,960
Speaker 1: but we really need to make sure that we did

591
00:28:57,000 --> 00:28:59,400
Speaker 1: incur those things. We're not just writing down, oh, we

592
00:28:59,440 --> 00:29:01,720
Speaker 1: want to a little refund for this and this and

593
00:29:01,760 --> 00:29:04,200
Speaker 1: this even when we didn't incur it, Like, that's just

594
00:29:04,320 --> 00:29:05,680
Speaker 1: cheeky and not on.

595
00:29:06,400 --> 00:29:08,720
Speaker 3: Yeah, I'm just trying to make friends with the taxman.

596
00:29:08,800 --> 00:29:11,080
Speaker 3: So he's like smiling and he looks for my return.

597
00:29:11,160 --> 00:29:13,320
Speaker 1: Let's be honest, it doesn't order you this year. Yeah,

598
00:29:13,320 --> 00:29:15,960
Speaker 1: I'm just say, oh, hey, that ve girl, she's really nice.

599
00:29:16,040 --> 00:29:19,720
Speaker 1: We love her famous to Ato yeah, same same, but

600
00:29:19,920 --> 00:29:22,960
Speaker 1: essentially separate records for claims not covered by the fixed

601
00:29:23,040 --> 00:29:26,440
Speaker 1: rate will also be necessary, So just record keeping is

602
00:29:26,480 --> 00:29:29,680
Speaker 1: really important. There is an Ato record keeping app if

603
00:29:29,720 --> 00:29:31,560
Speaker 1: you want it, or if you're a little bit more

604
00:29:31,600 --> 00:29:34,320
Speaker 1: old school. I don't really want to have an app either.

605
00:29:34,720 --> 00:29:37,680
Speaker 1: I actually just take photos of things throughout the year.

606
00:29:38,080 --> 00:29:40,480
Speaker 1: I save it to a random album. Then when tax

607
00:29:40,520 --> 00:29:43,200
Speaker 1: time comes, I just go to that album and everything

608
00:29:43,240 --> 00:29:45,560
Speaker 1: I need is there. Once I've claimed it, I delete

609
00:29:45,600 --> 00:29:47,959
Speaker 1: everything and then I start fresh for the year. On

610
00:29:48,480 --> 00:29:49,240
Speaker 1: that's a great idea.

611
00:29:49,320 --> 00:29:50,800
Speaker 3: I think it's quite smart, to be honest.

612
00:29:50,840 --> 00:29:53,360
Speaker 1: Obviously, don't delete them forever, because you do need to

613
00:29:53,440 --> 00:29:55,840
Speaker 1: keep those things on record for seven years in case

614
00:29:55,920 --> 00:29:58,200
Speaker 1: you are audited. But I remove them from the album

615
00:29:58,240 --> 00:30:00,560
Speaker 1: because I don't need to, you know, quit check.

616
00:30:01,000 --> 00:30:04,680
Speaker 3: But also low key phone hack in your phone when

617
00:30:04,720 --> 00:30:06,960
Speaker 3: you're searching for photos, did you know you can just

618
00:30:07,000 --> 00:30:09,120
Speaker 3: like type in words now and a look true in

619
00:30:09,160 --> 00:30:09,600
Speaker 3: the photo.

620
00:30:09,800 --> 00:30:12,840
Speaker 1: I can type in people's name what and its your

621
00:30:12,880 --> 00:30:16,200
Speaker 1: people's having folder of Victoria divide. Oh my gosh, that's

622
00:30:16,240 --> 00:30:19,720
Speaker 1: really creepy. Let's move on. Let's move on, all right.

623
00:30:19,760 --> 00:30:21,800
Speaker 1: So the ATO this year is going to be like

624
00:30:21,920 --> 00:30:25,400
Speaker 1: narrowing in on people who are claiming a substantial amount

625
00:30:25,480 --> 00:30:29,000
Speaker 1: or all of their personal phone or internet plan as

626
00:30:29,040 --> 00:30:33,320
Speaker 1: work related because basically, the ATRO doesn't believe that deductions

627
00:30:33,360 --> 00:30:36,160
Speaker 1: for purchases like this can only be made for the

628
00:30:36,200 --> 00:30:39,920
Speaker 1: portion of time that is actually used for business. So like,

629
00:30:40,080 --> 00:30:41,400
Speaker 1: let's be brutally honest.

630
00:30:42,080 --> 00:30:42,880
Speaker 3: I don't even.

631
00:30:42,720 --> 00:30:46,760
Speaker 1: Bother claiming my phone anymore because I have an unlimited plan.

632
00:30:47,160 --> 00:30:49,760
Speaker 1: I pay a set amount each month, and you know what,

633
00:30:50,040 --> 00:30:53,560
Speaker 1: I mainly use it for TikTok. So I just have

634
00:30:53,720 --> 00:30:56,120
Speaker 1: stopped claiming that because I don't want to get in trouble.

635
00:30:56,440 --> 00:30:59,240
Speaker 1: But yeah, only claim what is worth it. And then

636
00:30:59,280 --> 00:31:03,680
Speaker 1: the ATIRO also concerned that too many taxpayers are automatically

637
00:31:03,680 --> 00:31:07,240
Speaker 1: claiming their five thousand kilometer limit regardless of the actual

638
00:31:07,280 --> 00:31:10,680
Speaker 1: amount that they have traveled. So it's seventy eight cents

639
00:31:10,680 --> 00:31:13,520
Speaker 1: per kilometer that can be claimed available for journeys of

640
00:31:13,600 --> 00:31:16,640
Speaker 1: up to five thousand kilometers. But essentially they're going to

641
00:31:16,640 --> 00:31:18,520
Speaker 1: be looking into that as well this year. But I

642
00:31:18,520 --> 00:31:20,240
Speaker 1: think I used to do that. I was like, where

643
00:31:20,240 --> 00:31:22,200
Speaker 1: am I going, I'm not going anywhere. I feel like

644
00:31:22,320 --> 00:31:24,880
Speaker 1: people historically have always been like, oh, well, if you

645
00:31:24,920 --> 00:31:27,040
Speaker 1: don't need to provide receipts, I'm just going to claim

646
00:31:27,120 --> 00:31:29,840
Speaker 1: up to the minimum threshold and let's be honest, like ATO,

647
00:31:29,960 --> 00:31:32,440
Speaker 1: please don't come for me. I'm sure like eighteen nineteen,

648
00:31:32,480 --> 00:31:34,960
Speaker 1: twenty year old Victoria was doing that. I can't remember,

649
00:31:35,360 --> 00:31:38,480
Speaker 1: but I totally feel like if someone said, oh, you

650
00:31:38,520 --> 00:31:40,560
Speaker 1: don't have to prove that, I'll be like, yeah, right,

651
00:31:41,120 --> 00:31:41,479
Speaker 1: I'm in.

652
00:31:41,920 --> 00:31:43,080
Speaker 3: Yeah, it isn't.

653
00:31:43,080 --> 00:31:46,440
Speaker 1: Let's be honest. But it's now a more complicated tax system.

654
00:31:46,680 --> 00:31:50,160
Speaker 1: It's a far more educated tax system. I mean, let's

655
00:31:50,160 --> 00:31:52,960
Speaker 1: be honest, with the likes of chat GPT. I'm not

656
00:31:52,960 --> 00:31:55,200
Speaker 1: saying that the ATO was using that, but with the

657
00:31:55,280 --> 00:31:58,760
Speaker 1: advancements of technology, I guarantee they are going to be

658
00:31:58,840 --> 00:32:02,640
Speaker 1: so much more I guess advanced at checking whether maybe

659
00:32:02,680 --> 00:32:04,880
Speaker 1: you are doing the right thing or not. Without actually

660
00:32:04,960 --> 00:32:08,240
Speaker 1: having to get too many humans involved. And the more

661
00:32:08,280 --> 00:32:10,240
Speaker 1: they're able to do that, the more they're able to

662
00:32:10,240 --> 00:32:13,120
Speaker 1: crack down on people, because I promise that would be

663
00:32:13,160 --> 00:32:17,720
Speaker 1: an automated process. Obviously am speaking completely out of tune

664
00:32:17,720 --> 00:32:20,280
Speaker 1: here because I don't work for the ATO, But if

665
00:32:20,320 --> 00:32:23,160
Speaker 1: the ATRO were smart, they would have created some kind

666
00:32:23,160 --> 00:32:27,480
Speaker 1: of aibot that overarchingly looks at everyone's stuff and if

667
00:32:27,480 --> 00:32:31,160
Speaker 1: any abnormalities come up, they automatically send an audit letter

668
00:32:31,200 --> 00:32:32,719
Speaker 1: to you and you then have to prove it.

669
00:32:32,960 --> 00:32:34,400
Speaker 3: Like that's how I would run.

670
00:32:34,200 --> 00:32:38,200
Speaker 1: It, No, but they make it make sense right, And like,

671
00:32:38,440 --> 00:32:40,720
Speaker 1: if I'm thinking of that, I guarantee someone at the

672
00:32:40,720 --> 00:32:43,320
Speaker 1: ATO is sure. Sure. So it's just it's better to

673
00:32:43,360 --> 00:32:46,080
Speaker 1: be safe than sorry. Just do it properly the first time.

674
00:32:46,200 --> 00:32:48,760
Speaker 1: That's what this episode is all about. That's very true.

675
00:32:49,160 --> 00:32:53,560
Speaker 1: V we've forgotten about one person or people? Oh have we? Yeah? Who?

676
00:32:53,600 --> 00:32:58,680
Speaker 1: What about our finance bros? Cryptocurrency? Oh the finance bros?

677
00:32:58,760 --> 00:33:00,440
Speaker 3: Do you reckon? They'll want to know about crypto.

678
00:33:00,760 --> 00:33:02,760
Speaker 1: I think they'll want to know about crypto. So you

679
00:33:02,800 --> 00:33:05,280
Speaker 1: think there are finance bros listening to this podcast? I

680
00:33:05,360 --> 00:33:06,920
Speaker 1: think do you know what?

681
00:33:07,600 --> 00:33:07,920
Speaker 3: Hello?

682
00:33:08,000 --> 00:33:10,960
Speaker 1: To the finance bros who are currently driving the car

683
00:33:11,080 --> 00:33:14,240
Speaker 1: where that girlfriend has control of the iPhone and what

684
00:33:14,360 --> 00:33:18,800
Speaker 1: is currently playing in the car. Yeah, well no, it's

685
00:33:18,880 --> 00:33:22,000
Speaker 1: quite clearly she's on the money. They're quite clearly she's

686
00:33:22,040 --> 00:33:24,880
Speaker 1: on the money. But you know what, that would have

687
00:33:24,880 --> 00:33:26,880
Speaker 1: been a better suggestion. I don't know why you.

688
00:33:26,840 --> 00:33:28,920
Speaker 3: Guys are still here, but let's talk about crypto.

689
00:33:29,280 --> 00:33:31,920
Speaker 1: The atier is also going to be taking a much

690
00:33:31,920 --> 00:33:36,200
Speaker 1: closer look at those making investments into cryptocurrencies like bitcoin,

691
00:33:36,600 --> 00:33:38,880
Speaker 1: So increasing numbers of taxpayers you're not going to be

692
00:33:38,920 --> 00:33:40,880
Speaker 1: surprised at jumping on the bandwagon.

693
00:33:41,000 --> 00:33:42,040
Speaker 3: And the Eightier.

694
00:33:41,760 --> 00:33:45,160
Speaker 1: Believes that some of them are failing to declare their

695
00:33:45,200 --> 00:33:48,080
Speaker 1: profits and in some cases their loss is beck that

696
00:33:48,120 --> 00:33:50,880
Speaker 1: they're making on their investments. So you need to remember

697
00:33:50,880 --> 00:33:54,440
Speaker 1: that investing in cryptocurrencies can give rise to capital gains

698
00:33:54,480 --> 00:33:58,720
Speaker 1: tax on profits. Traders can be taxed on their profits

699
00:33:58,760 --> 00:34:01,880
Speaker 1: as business inc as well, So we need to be

700
00:34:02,080 --> 00:34:06,000
Speaker 1: just very aware of that cryptocurrency, while it is not

701
00:34:06,200 --> 00:34:10,440
Speaker 1: a regulated financial asset here in Australia, it is an

702
00:34:10,560 --> 00:34:13,200
Speaker 1: asset that you need to declare any profit on, Like

703
00:34:13,239 --> 00:34:15,160
Speaker 1: if you make fifty bucks from it, you actually have

704
00:34:15,239 --> 00:34:18,120
Speaker 1: to tell the ATO about that, and it's illegal to

705
00:34:18,239 --> 00:34:20,759
Speaker 1: not do that. But the other thing you need to

706
00:34:20,840 --> 00:34:23,360
Speaker 1: understand when it comes to assets is how long you

707
00:34:23,440 --> 00:34:26,480
Speaker 1: hold them. So if you hold an asset, even if

708
00:34:26,480 --> 00:34:29,279
Speaker 1: it is cryptocurrency, make a whole heap of money on

709
00:34:29,360 --> 00:34:31,960
Speaker 1: it and sell it within the first twelve months, the

710
00:34:32,000 --> 00:34:34,160
Speaker 1: tax rate is going to be higher than if you

711
00:34:34,239 --> 00:34:37,040
Speaker 1: held it for longer than twelve months, So please be

712
00:34:37,120 --> 00:34:39,840
Speaker 1: aware of that before you decide I'm the best crypto

713
00:34:39,880 --> 00:34:42,600
Speaker 1: bro ever and I'm making all this money because you

714
00:34:42,680 --> 00:34:45,680
Speaker 1: might be bitten in the bottom with a nasty tax

715
00:34:45,680 --> 00:34:48,520
Speaker 1: bill which nobody wants like. Let's be honest, just be

716
00:34:48,600 --> 00:34:50,760
Speaker 1: aware of it to help them in their search.

717
00:34:50,840 --> 00:34:52,560
Speaker 3: The ATO is collecting.

718
00:34:52,239 --> 00:34:58,400
Speaker 1: Bulk records from Australian cryptocurrency designated service providers or DSPs

719
00:34:58,880 --> 00:35:01,760
Speaker 1: as part of a data matching program to ensure people

720
00:35:01,840 --> 00:35:05,640
Speaker 1: trading in cryptocurrency are paying the right amount of tax.

721
00:35:05,960 --> 00:35:09,840
Speaker 1: Data includes cryptocurrency purchase and sale information, and the data

722
00:35:09,840 --> 00:35:14,960
Speaker 1: will identify taxpayers who failed to disclose their income details correctly.

723
00:35:15,520 --> 00:35:17,480
Speaker 1: Isn't that a bit scary? That is a bit scary.

724
00:35:17,760 --> 00:35:20,400
Speaker 1: Just feels like it's getting real serious. Yeah, do you

725
00:35:20,400 --> 00:35:22,520
Speaker 1: know what I'm gonna repost this because it was a

726
00:35:22,560 --> 00:35:25,279
Speaker 1: good TikTok. It was like, Hi, tax man, I'm just

727
00:35:25,320 --> 00:35:27,879
Speaker 1: wondering how much taxio. They're like, oh, we don't know

728
00:35:28,080 --> 00:35:31,040
Speaker 1: how much tax do you woe? You calculated and tell us?

729
00:35:31,040 --> 00:35:33,200
Speaker 1: And then you say, oh, mister tax man, so you're

730
00:35:33,200 --> 00:35:35,239
Speaker 1: saying you don't know how much tax iiO, so can

731
00:35:35,239 --> 00:35:37,080
Speaker 1: pay whatever I want. They're like, oh, no, we know,

732
00:35:37,760 --> 00:35:40,279
Speaker 1: we know how much tax you want? Will tell us. Yeah.

733
00:35:40,400 --> 00:35:41,680
Speaker 3: At what point.

734
00:35:41,880 --> 00:35:43,919
Speaker 1: Are we going to not have to do our own

735
00:35:43,960 --> 00:35:47,400
Speaker 1: tax return because it's just going to be automated. M Like,

736
00:35:47,560 --> 00:35:50,319
Speaker 1: I'll give you access to my bank, mister ATO man,

737
00:35:50,440 --> 00:35:52,279
Speaker 1: go do my tax for me. I don't want to

738
00:35:52,280 --> 00:35:55,839
Speaker 1: do it. Can't that become an automated process? Nobody likes

739
00:35:55,920 --> 00:35:57,200
Speaker 1: tax time? Do you know what?

740
00:35:57,239 --> 00:35:59,120
Speaker 3: They like getting their refunds.

741
00:35:59,520 --> 00:36:02,120
Speaker 1: Yes, we just automate that, mister taxman, and we'll be

742
00:36:02,200 --> 00:36:03,120
Speaker 1: much happier with you.

743
00:36:03,960 --> 00:36:04,480
Speaker 3: Honestly.

744
00:36:04,880 --> 00:36:08,200
Speaker 1: The ATO estimates that they are between half a million

745
00:36:08,360 --> 00:36:11,840
Speaker 1: to one million Australians that have invested in crypto assets.

746
00:36:12,080 --> 00:36:14,440
Speaker 1: Oh wow, that's a lot of people, a lot of people.

747
00:36:14,480 --> 00:36:16,080
Speaker 1: That's a lot of people. And do you know what

748
00:36:16,200 --> 00:36:20,400
Speaker 1: still scares me. Obviously this is just personal opinion, but haha,

749
00:36:20,640 --> 00:36:24,640
Speaker 1: it's my show. But it just still baffles me that

750
00:36:24,680 --> 00:36:28,000
Speaker 1: there are so many people willing to invest in crypto

751
00:36:28,440 --> 00:36:31,080
Speaker 1: but are still too scared of the share market. Right,

752
00:36:31,160 --> 00:36:33,720
Speaker 1: They're like, oh my gosh, the share market. That's really scary,

753
00:36:33,840 --> 00:36:37,279
Speaker 1: and it's like crypto's worse. But okay, so I think

754
00:36:37,320 --> 00:36:40,440
Speaker 1: it's all about education. We've done episodes on crypto, we've

755
00:36:40,480 --> 00:36:43,160
Speaker 1: done introductions to the share market, go back and look

756
00:36:43,200 --> 00:36:45,160
Speaker 1: for them. The best way you can do that is

757
00:36:45,200 --> 00:36:48,440
Speaker 1: actually to just type in on your chosen podcast platform,

758
00:36:48,719 --> 00:36:50,840
Speaker 1: She's on the Money, and then the topic that you

759
00:36:50,920 --> 00:36:54,239
Speaker 1: want and will automatically come up with linked episodes. So

760
00:36:54,400 --> 00:36:54,960
Speaker 1: I think a lot of.

761
00:36:54,960 --> 00:36:56,040
Speaker 3: People don't know you can do that.

762
00:36:56,360 --> 00:36:58,760
Speaker 1: Yeah, that's actually you don't have to scroll through everything,

763
00:36:58,800 --> 00:37:01,000
Speaker 1: my friend. You can just type I few she's on

764
00:37:01,040 --> 00:37:03,960
Speaker 1: the money crypto and our crypto episodes will come up. There.

765
00:37:04,000 --> 00:37:04,920
Speaker 3: You go pretty sexy.

766
00:37:05,040 --> 00:37:07,200
Speaker 1: No one's for the finance pros. But another huge but

767
00:37:07,239 --> 00:37:10,799
Speaker 1: still emerging industry is the sharing economy. What have they

768
00:37:10,840 --> 00:37:14,080
Speaker 1: said about this? So, yes, data matching is coming in

769
00:37:14,239 --> 00:37:18,320
Speaker 1: hot here too, and there is a new statutory obligation

770
00:37:18,440 --> 00:37:23,040
Speaker 1: on sharing economy platforms to provide information on how many

771
00:37:23,200 --> 00:37:26,840
Speaker 1: sharing economy participants there are from the first of July

772
00:37:26,920 --> 00:37:30,319
Speaker 1: twenty twenty three, so if you're confused, Examples quoted by

773
00:37:30,360 --> 00:37:36,279
Speaker 1: the ATO include services lack ride sourcing, transporting passages for.

774
00:37:36,239 --> 00:37:37,400
Speaker 3: Affair i e.

775
00:37:37,640 --> 00:37:41,520
Speaker 1: Buber drivers, renting out a room or house for accommodation,

776
00:37:41,840 --> 00:37:45,800
Speaker 1: so airbnb hosts are the obvious example. Here. The atier

777
00:37:45,960 --> 00:37:49,799
Speaker 1: is believed to be particularly concerned about taxpayers claiming the

778
00:37:49,840 --> 00:37:55,040
Speaker 1: full CGT so Capital Gains Tax main residence exemption when

779
00:37:55,160 --> 00:37:58,480
Speaker 1: part of their main residence has been rented out through Airbnb,

780
00:37:59,080 --> 00:38:02,879
Speaker 1: and the law prevail. It's a full CGT exemption where

781
00:38:02,960 --> 00:38:05,720
Speaker 1: part of the main residents has been used to earn income.

782
00:38:06,040 --> 00:38:07,920
Speaker 1: So they're like, oh, we see you. We're going to

783
00:38:08,000 --> 00:38:11,520
Speaker 1: crack down on this. So things like renting out parking spaces,

784
00:38:11,640 --> 00:38:15,120
Speaker 1: providing skilled services, so you might be like doing web design,

785
00:38:15,440 --> 00:38:19,040
Speaker 1: graphic design. You might be on like air tasker for example,

786
00:38:19,320 --> 00:38:22,040
Speaker 1: you might be supplying equipment or tools or completing odd

787
00:38:22,080 --> 00:38:25,520
Speaker 1: jobs errants, deliveries, or you could be renting out equipment

788
00:38:25,600 --> 00:38:32,839
Speaker 1: such as tools, musical instruments, sports equipment, or clothing. Oh why,

789
00:38:32,960 --> 00:38:36,320
Speaker 1: like Jessica Ricci does this right, don't throw her straight

790
00:38:36,360 --> 00:38:39,319
Speaker 1: onto the bus. But I see, yes, that is a

791
00:38:39,360 --> 00:38:42,000
Speaker 1: small business. And if you are renting out your wardrobe,

792
00:38:42,040 --> 00:38:43,600
Speaker 1: it would be a good idea to have a quick

793
00:38:43,680 --> 00:38:46,839
Speaker 1: chat with your accountant because you might be making bank

794
00:38:46,920 --> 00:38:48,840
Speaker 1: on that very nice dress that you're renting out. But

795
00:38:48,880 --> 00:38:50,800
Speaker 1: at the end of the day, that is a business

796
00:38:50,840 --> 00:38:53,480
Speaker 1: and they are going to want to see whether that

797
00:38:53,719 --> 00:38:57,479
Speaker 1: is taxable or not. Wow, talk to your accountant, my friend,

798
00:38:57,719 --> 00:38:59,440
Speaker 1: talk to your accountant. I think this is a really

799
00:38:59,440 --> 00:39:03,000
Speaker 1: good place to have a little break and absorbit all

800
00:39:03,040 --> 00:39:05,160
Speaker 1: and come back in two seconds.

801
00:39:05,239 --> 00:39:06,560
Speaker 3: See you on the flip side, guys.

802
00:39:06,680 --> 00:39:15,440
Speaker 1: Bye, okay, So now we're onto some tips, if you

803
00:39:15,520 --> 00:39:17,000
Speaker 1: don't mind, I've got so many.

804
00:39:17,160 --> 00:39:17,640
Speaker 3: Tax tip.

805
00:39:18,560 --> 00:39:22,000
Speaker 1: Don't be fraudulent is my number one. That's the number one. Yeah. Yeah,

806
00:39:22,000 --> 00:39:25,160
Speaker 1: it's actually a very good tip in life. It's really good.

807
00:39:25,239 --> 00:39:26,520
Speaker 1: I mean it got me in a little bit of

808
00:39:26,520 --> 00:39:29,400
Speaker 1: hot water a couple of weeks ago on TikTok where

809
00:39:29,440 --> 00:39:32,400
Speaker 1: I said, oh, this could potentially be fraud when I

810
00:39:32,440 --> 00:39:37,480
Speaker 1: said something about people earning quantos points on particular credit

811
00:39:37,480 --> 00:39:41,280
Speaker 1: card transactions. You know what happened, terms and conditions got updated.

812
00:39:41,320 --> 00:39:43,600
Speaker 1: You can no longer do that feels good to be right.

813
00:39:43,680 --> 00:39:47,800
Speaker 1: Sometimes you're gonna lie. It's not gonna I was like

814
00:39:47,840 --> 00:39:51,720
Speaker 1: I told you so bed okay, a little bit spicy.

815
00:39:51,800 --> 00:39:53,680
Speaker 3: Moving on though, What was your question, my friend?

816
00:39:53,960 --> 00:39:55,839
Speaker 1: So? What kind of things will help us make this

817
00:39:55,920 --> 00:40:00,359
Speaker 1: whole process a lot smoother. Remain calm, Remain calm. Come

818
00:40:00,800 --> 00:40:03,880
Speaker 1: so often getting your tax refund back, it kind of

819
00:40:03,920 --> 00:40:07,400
Speaker 1: gets held up because people are making really basic mistakes

820
00:40:07,440 --> 00:40:10,080
Speaker 1: that could be avoided. So like if your name or

821
00:40:10,120 --> 00:40:13,440
Speaker 1: address has changed, Please make sure you update your ATO

822
00:40:13,560 --> 00:40:16,600
Speaker 1: info before lodging your return, because if you lodge a

823
00:40:16,680 --> 00:40:20,560
Speaker 1: return under different details, even by accident, beck, the ato

824
00:40:20,600 --> 00:40:23,040
Speaker 1: is data matching technology won't be able to match it

825
00:40:23,080 --> 00:40:24,759
Speaker 1: to your tax file number, and then it will have

826
00:40:24,800 --> 00:40:27,560
Speaker 1: to go through a longer, lengthy, unmanual process.

827
00:40:27,600 --> 00:40:28,080
Speaker 3: Not cool.

828
00:40:28,520 --> 00:40:30,920
Speaker 1: Make sure that your bank details are correct. So all

829
00:40:31,040 --> 00:40:34,120
Speaker 1: tax refunds are now done by direct deposits, so gone

830
00:40:34,120 --> 00:40:36,200
Speaker 1: to the days where you actually received like a little

831
00:40:36,280 --> 00:40:38,440
Speaker 1: check in the mail. You need to make sure that

832
00:40:38,480 --> 00:40:41,160
Speaker 1: your bank details on your return are correct. Maybe you've

833
00:40:41,239 --> 00:40:44,200
Speaker 1: changed banks recently and that account is empty. You don't

834
00:40:44,239 --> 00:40:46,520
Speaker 1: want to not get your money. Beck one out of

835
00:40:46,520 --> 00:40:50,640
Speaker 1: ten cannot recommend not being paid you spell check, so

836
00:40:50,640 --> 00:40:53,520
Speaker 1: if you've added an extra letter or accidentally spelled something

837
00:40:53,560 --> 00:40:55,719
Speaker 1: wrong in a key field, it's going to delay your

838
00:40:55,719 --> 00:40:58,719
Speaker 1: return significantly because the ATO has to go through and

839
00:40:58,800 --> 00:41:01,560
Speaker 1: manually match your detail. And as you can imagine, this

840
00:41:01,640 --> 00:41:05,120
Speaker 1: actually happens a lot. So there are time delays. They're

841
00:41:05,160 --> 00:41:07,759
Speaker 1: really substantial, and you might be a little bit frustrated,

842
00:41:07,760 --> 00:41:10,280
Speaker 1: But my friend, that is your fault. Ah. We triple

843
00:41:10,400 --> 00:41:12,920
Speaker 1: check things in this house. Make sure that you claim

844
00:41:12,960 --> 00:41:16,200
Speaker 1: all your income as well, including as we mentioned before,

845
00:41:16,280 --> 00:41:18,840
Speaker 1: those like three Uber shifts that you did last October

846
00:41:18,960 --> 00:41:20,800
Speaker 1: or that casual shift that you do at a cafe

847
00:41:20,840 --> 00:41:22,640
Speaker 1: on the weekends in addition to.

848
00:41:22,680 --> 00:41:23,840
Speaker 3: Your full time job.

849
00:41:24,000 --> 00:41:26,640
Speaker 1: Not claiming income is something that the ATO has been

850
00:41:26,680 --> 00:41:29,920
Speaker 1: cracking down hard on for the last few years, especially

851
00:41:29,960 --> 00:41:32,040
Speaker 1: with the rise of like the gig economy, so like

852
00:41:32,040 --> 00:41:34,960
Speaker 1: stuff like Uber and AIRBB and social media influencers and

853
00:41:35,000 --> 00:41:38,239
Speaker 1: stuff like that. Like the social media influencer crackdown was

854
00:41:38,280 --> 00:41:40,360
Speaker 1: like maybe four or five years ago, and I remember

855
00:41:40,400 --> 00:41:43,239
Speaker 1: that went wild because, as you guys know, I used

856
00:41:43,280 --> 00:41:46,040
Speaker 1: to be a financial advisor and the amount of clients

857
00:41:46,040 --> 00:41:48,840
Speaker 1: I had that were influencers, Like, let's be honest, that

858
00:41:48,920 --> 00:41:51,440
Speaker 1: was my bread and butter. The amount of people that

859
00:41:51,520 --> 00:41:55,520
Speaker 1: got audited that year was unfounded. Sure like it wasn't

860
00:41:55,560 --> 00:41:58,160
Speaker 1: unjust at all, but they were like, hey, you probably

861
00:41:58,160 --> 00:42:00,480
Speaker 1: should be paying tax on these gifts.

862
00:42:00,480 --> 00:42:02,400
Speaker 3: And that's why things have changed a little bit in

863
00:42:02,440 --> 00:42:03,239
Speaker 3: the last few years.

864
00:42:03,480 --> 00:42:06,719
Speaker 1: See for good reason, for very good reason, because you

865
00:42:06,760 --> 00:42:09,360
Speaker 1: shouldn't just be getting free stuff and just completely getting

866
00:42:09,360 --> 00:42:12,719
Speaker 1: away with it, especially if it's your job. Like, if

867
00:42:12,760 --> 00:42:15,160
Speaker 1: you get a gift, that's very different than being given

868
00:42:15,200 --> 00:42:19,360
Speaker 1: a product to promote. Right, I don't actually use an accountant,

869
00:42:19,560 --> 00:42:23,200
Speaker 1: stunning would you suggest that I do?

870
00:42:23,560 --> 00:42:24,960
Speaker 3: It's totally up to you.

871
00:42:25,040 --> 00:42:29,240
Speaker 1: So from my perspective, as I said before, if you're

872
00:42:29,280 --> 00:42:33,560
Speaker 1: just a salaried payg employee, I think you can probably

873
00:42:33,640 --> 00:42:36,480
Speaker 1: wrap your head around the my tax portal, Like it

874
00:42:36,560 --> 00:42:38,640
Speaker 1: is not too hard. Beck, I'm assuming you've been doing

875
00:42:38,640 --> 00:42:41,239
Speaker 1: it yourself for the past few years and it's not

876
00:42:41,440 --> 00:42:45,000
Speaker 1: something where grab a cup of tea, sit down, Like,

877
00:42:45,120 --> 00:42:47,120
Speaker 1: don't just try and rush through it. You know what,

878
00:42:47,280 --> 00:42:48,959
Speaker 1: have a wine if you're going to have a wine,

879
00:42:48,960 --> 00:42:51,680
Speaker 1: triple check, Like, just make sure all those details are

880
00:42:52,120 --> 00:42:54,520
Speaker 1: absolutely correct, and you're not a little bit wine happy.

881
00:42:54,640 --> 00:42:57,680
Speaker 1: Maybe let's cap it one glass of wine or like

882
00:42:57,760 --> 00:42:59,960
Speaker 1: one per hour. It's like driving, like if you're over

883
00:43:00,000 --> 00:43:02,400
Speaker 1: the limit, you probably shouldn't be doing your tax. But

884
00:43:02,760 --> 00:43:05,680
Speaker 1: there's a reason more than seventy five percent of Australians

885
00:43:05,760 --> 00:43:08,640
Speaker 1: use a tax agent, and that's because tax is not

886
00:43:08,680 --> 00:43:11,840
Speaker 1: that simple and it can feel really overwhelming. The tax

887
00:43:11,880 --> 00:43:14,839
Speaker 1: portal over the last few years, though, has really upped

888
00:43:14,840 --> 00:43:17,040
Speaker 1: its ante. A lot of it is pre filled, a

889
00:43:17,080 --> 00:43:19,560
Speaker 1: lot of it is automatic. They already have your details,

890
00:43:19,719 --> 00:43:21,560
Speaker 1: they have your tax phile number, they have all of

891
00:43:21,600 --> 00:43:25,440
Speaker 1: the information that your employer put into the tax portal.

892
00:43:25,640 --> 00:43:28,680
Speaker 1: They have everything right, so it's actually much easier than

893
00:43:28,760 --> 00:43:31,360
Speaker 1: it used to be. And obviously if you don't know

894
00:43:31,480 --> 00:43:34,960
Speaker 1: exactly what you can claim, it might be worth talking

895
00:43:34,960 --> 00:43:36,920
Speaker 1: to an accountant because you might be missing out on

896
00:43:36,960 --> 00:43:40,120
Speaker 1: some pretty sick returns. But if you get your return wrong,

897
00:43:40,160 --> 00:43:43,160
Speaker 1: you could also be in for some hefty fines. So honestly,

898
00:43:43,200 --> 00:43:45,800
Speaker 1: it does pack to talk to someone if you're worried

899
00:43:45,840 --> 00:43:49,480
Speaker 1: about it. But more often than not, I find, especially

900
00:43:49,520 --> 00:43:52,320
Speaker 1: having had what now five years experience with the Sheese

901
00:43:52,360 --> 00:43:55,040
Speaker 1: on the Money community. I think that a lot of

902
00:43:55,080 --> 00:43:57,399
Speaker 1: people if you sit down and have a good look

903
00:43:57,440 --> 00:44:01,080
Speaker 1: at it, you can pretty much do it yourself. The

904
00:44:01,120 --> 00:44:04,000
Speaker 1: only way to get definitive tax return advice, though, is

905
00:44:04,040 --> 00:44:07,279
Speaker 1: from a registered professional. So in an experienced accountant, they're

906
00:44:07,280 --> 00:44:08,960
Speaker 1: always going to be able to highlight to you what

907
00:44:09,000 --> 00:44:11,239
Speaker 1: you can and you can't claim on and what you

908
00:44:11,239 --> 00:44:13,279
Speaker 1: can be doing in the next financial year to really

909
00:44:13,360 --> 00:44:16,360
Speaker 1: ensure that you're maximizing the amount that you can claim back.

910
00:44:16,760 --> 00:44:19,680
Speaker 1: A good accountant is obviously an investment that can be

911
00:44:19,760 --> 00:44:22,400
Speaker 1: worth making, and you'll often find that they'll highlight things

912
00:44:22,440 --> 00:44:24,040
Speaker 1: that maybe you didn't know you could claim. And the

913
00:44:24,040 --> 00:44:26,799
Speaker 1: best part is that seeing an accountant is a tax

914
00:44:26,880 --> 00:44:30,400
Speaker 1: deductible cost to You could also just call the ATO

915
00:44:30,600 --> 00:44:33,120
Speaker 1: and ask questions. You could ask questions in our Facebook

916
00:44:33,120 --> 00:44:35,759
Speaker 1: group about what you're doing and how other people are

917
00:44:35,760 --> 00:44:39,480
Speaker 1: claiming it. The ATO website is a really, really good resource,

918
00:44:39,760 --> 00:44:42,840
Speaker 1: and it's in very simple terms like type into the

919
00:44:42,880 --> 00:44:45,719
Speaker 1: ATO search bar, can I claim x y z? Or

920
00:44:45,840 --> 00:44:48,680
Speaker 1: how do I claim xyz? And there will be tutorials

921
00:44:48,680 --> 00:44:52,120
Speaker 1: on it, Like I promise these things. They feel overwhelming,

922
00:44:52,600 --> 00:44:54,000
Speaker 1: but if you don't want to spend the money, on

923
00:44:54,040 --> 00:44:56,360
Speaker 1: an accountant, like my friend, you're probably smart enough to

924
00:44:56,360 --> 00:44:58,880
Speaker 1: do it yourself. Like genuinely, I think it's worth a

925
00:44:58,960 --> 00:45:01,279
Speaker 1: crack like you could probably chime in here.

926
00:45:01,640 --> 00:45:02,880
Speaker 3: Do you find it challenging?

927
00:45:03,600 --> 00:45:08,080
Speaker 1: I don't, but now knowing what I know about, for example,

928
00:45:08,239 --> 00:45:11,120
Speaker 1: not being able to just claim the three hundred dollars

929
00:45:11,480 --> 00:45:15,120
Speaker 1: laundry thing without any tax receipts, that makes it a

930
00:45:15,160 --> 00:45:17,520
Speaker 1: little bit more difficult. I know how to use it.

931
00:45:17,920 --> 00:45:19,880
Speaker 1: That's called the my tax portal, isn't it. Yeah, it

932
00:45:19,960 --> 00:45:22,960
Speaker 1: is on the MyGov website. It's not too hard to

933
00:45:23,000 --> 00:45:25,400
Speaker 1: wrap your head around. And if it feels overwhelming, it's

934
00:45:25,440 --> 00:45:27,680
Speaker 1: probably because you've never done it before, and everything that

935
00:45:27,719 --> 00:45:31,160
Speaker 1: we've never done before can feel really overwhelming. I would

936
00:45:31,239 --> 00:45:33,799
Speaker 1: then also just say look if it's feeling a bit

937
00:45:33,840 --> 00:45:37,600
Speaker 1: more complicated, like let's look at me. For example, Like

938
00:45:37,680 --> 00:45:39,440
Speaker 1: you guys know, I have shees on the Money. I

939
00:45:39,480 --> 00:45:42,560
Speaker 1: own a mortgage broking company's Ella money. I know, do

940
00:45:42,600 --> 00:45:45,240
Speaker 1: a million other things which I actually have another business

941
00:45:45,239 --> 00:45:47,520
Speaker 1: that you know. If you see me on Instagram doing

942
00:45:47,560 --> 00:45:50,080
Speaker 1: speaking events, that's not through shees on the Money. That's

943
00:45:50,080 --> 00:45:53,120
Speaker 1: through another business. I own a property. My husband and

944
00:45:53,160 --> 00:45:56,160
Speaker 1: I have recently bought an investment property. I do see

945
00:45:56,160 --> 00:45:59,120
Speaker 1: an accountant because my tax affairs are a bit more

946
00:45:59,160 --> 00:46:02,360
Speaker 1: complicated than the average bears now and I'm so grateful

947
00:46:02,360 --> 00:46:04,239
Speaker 1: to be in that position. And my accountant's not that

948
00:46:04,320 --> 00:46:06,880
Speaker 1: grateful to be in that position. He's just always like, Victoria,

949
00:46:06,920 --> 00:46:09,000
Speaker 1: what have you done this year? Like, ah, I'm so

950
00:46:09,080 --> 00:46:11,080
Speaker 1: sick of dealing with you. By the way, love you, Louis.

951
00:46:11,120 --> 00:46:13,640
Speaker 1: Please keep listening to my podcast. I really appreciate it.

952
00:46:14,000 --> 00:46:17,200
Speaker 1: But for people like me, seeing an accountant just makes

953
00:46:17,239 --> 00:46:20,200
Speaker 1: sense because my tax affairs are complicated and there's a

954
00:46:20,200 --> 00:46:22,640
Speaker 1: few businesses in the mix, and there's a few different things.

955
00:46:22,840 --> 00:46:25,279
Speaker 1: But as I said, if you're just a salary payg

956
00:46:25,400 --> 00:46:28,720
Speaker 1: employer with like one stream of income, it's usually pretty

957
00:46:28,719 --> 00:46:31,200
Speaker 1: easy to work out. And if you've been keeping track

958
00:46:31,239 --> 00:46:34,280
Speaker 1: of your expenses over the year and like taking photos

959
00:46:34,280 --> 00:46:37,160
Speaker 1: of things, or maybe you still operate on the shoebox method,

960
00:46:37,400 --> 00:46:39,399
Speaker 1: you're chucking it in a shoe box under your bed,

961
00:46:39,800 --> 00:46:43,200
Speaker 1: like it can be quite simple. Don't feel like it's

962
00:46:43,239 --> 00:46:46,880
Speaker 1: really overwhelming. And I mean, accountants, I adore you. I

963
00:46:46,920 --> 00:46:49,319
Speaker 1: think you do a really, really good job, but at

964
00:46:49,320 --> 00:46:52,120
Speaker 1: this point in time, I also think it's really worth

965
00:46:52,239 --> 00:46:55,600
Speaker 1: empowering people to give it a crack themselves, because one

966
00:46:55,640 --> 00:46:58,560
Speaker 1: thing that I don't think people understand about accountants is

967
00:46:58,560 --> 00:47:01,239
Speaker 1: as much as they are fantastic and they are the professionals,

968
00:47:01,239 --> 00:47:03,080
Speaker 1: and they are going to give you really good advice.

969
00:47:03,600 --> 00:47:06,160
Speaker 1: At the end of the day, Beck, you're the one

970
00:47:06,200 --> 00:47:09,239
Speaker 1: that signs your tax return. So if you still are

971
00:47:09,320 --> 00:47:12,720
Speaker 1: claiming something that you maybe shouldn't be claiming just because

972
00:47:12,760 --> 00:47:15,520
Speaker 1: you told your accountant that you did it, they're going

973
00:47:15,560 --> 00:47:18,960
Speaker 1: to go is everything true and correct? Beck, you sign this,

974
00:47:19,320 --> 00:47:22,719
Speaker 1: It's not on them. If the ATO comes back and says, hey, Beck,

975
00:47:22,800 --> 00:47:24,880
Speaker 1: we need to audit, you know it's not going to

976
00:47:24,920 --> 00:47:25,400
Speaker 1: get out.

977
00:47:25,280 --> 00:47:26,239
Speaker 3: Of jail free card.

978
00:47:26,280 --> 00:47:29,239
Speaker 1: Because you've used an accountant, everything that you say and

979
00:47:29,320 --> 00:47:32,399
Speaker 1: do can and will be used against you individually, if

980
00:47:32,440 --> 00:47:35,680
Speaker 1: that makes sense. So just by using an accountant doesn't

981
00:47:35,840 --> 00:47:38,440
Speaker 1: take the responsibility away. And I think that that's a

982
00:47:38,600 --> 00:47:42,200
Speaker 1: very big misconception where you assume, Okay, well I'm not

983
00:47:42,320 --> 00:47:43,799
Speaker 1: that good at it and I do want to claim

984
00:47:43,840 --> 00:47:45,360
Speaker 1: all those naughty things. I'm going to go to the

985
00:47:45,400 --> 00:47:48,080
Speaker 1: accountant and say I did do those things. At the

986
00:47:48,160 --> 00:47:49,880
Speaker 1: end of the day, you're the one signing off on it,

987
00:47:49,960 --> 00:47:52,319
Speaker 1: so if the ATO come back, it's on you. It's

988
00:47:52,320 --> 00:47:54,560
Speaker 1: not on your accountant, because they're going to turn around

989
00:47:54,600 --> 00:47:56,840
Speaker 1: and be like, well, everything that Beck told us, she

990
00:47:56,960 --> 00:47:58,880
Speaker 1: told us that was true and correct, and we just

991
00:47:58,960 --> 00:48:02,560
Speaker 1: processed it based on the information she provided us with. Yeah,

992
00:48:02,600 --> 00:48:04,239
Speaker 1: they've done what they needed to do. They're not a

993
00:48:04,280 --> 00:48:06,960
Speaker 1: safety blanket. They can be a safety blanket for like

994
00:48:07,040 --> 00:48:10,319
Speaker 1: getting good advice and making sure that oh can I

995
00:48:10,360 --> 00:48:10,759
Speaker 1: claim this?

996
00:48:11,280 --> 00:48:13,400
Speaker 3: You might go, oh, well, have you got the receipts?

997
00:48:13,560 --> 00:48:13,759
Speaker 4: Yeah?

998
00:48:13,760 --> 00:48:15,960
Speaker 1: I do, Oh of course you can back. It might

999
00:48:16,000 --> 00:48:18,560
Speaker 1: give you that peace of mind. But I think reminding

1000
00:48:18,600 --> 00:48:21,120
Speaker 1: you that they're not the get out of jail free

1001
00:48:21,200 --> 00:48:24,000
Speaker 1: card might be another reason why you go, you know what,

1002
00:48:24,000 --> 00:48:26,200
Speaker 1: You're right, V. I'll just do it myself. And I mean,

1003
00:48:26,239 --> 00:48:28,880
Speaker 1: at the end of the day, just downloading my tax

1004
00:48:28,920 --> 00:48:31,200
Speaker 1: portal and putting all your information in and then not

1005
00:48:31,280 --> 00:48:33,600
Speaker 1: hitting submit. You can go see an accountant after that.

1006
00:48:33,760 --> 00:48:35,600
Speaker 1: Why don't you give it a crack, Give it a crack,

1007
00:48:35,680 --> 00:48:38,560
Speaker 1: give it a crack, see what happens. If it is overwhelming,

1008
00:48:38,600 --> 00:48:42,040
Speaker 1: then maybe go see someone. But if it isn't, you

1009
00:48:42,120 --> 00:48:45,080
Speaker 1: tried your best. It worked out. Yeah, that's actually a

1010
00:48:45,120 --> 00:48:47,920
Speaker 1: really really good way to kind of explain it. It's

1011
00:48:47,960 --> 00:48:49,759
Speaker 1: not so overwhelming. Just give it a go. Just give

1012
00:48:49,800 --> 00:48:52,240
Speaker 1: it a go, and if you're really overwhelmed, don't hit submit,

1013
00:48:52,480 --> 00:48:55,080
Speaker 1: go talk to an accountant. Exactly right, So that's my

1014
00:48:55,360 --> 00:48:58,400
Speaker 1: tax portal. Yeah, you don't need to download any fancy

1015
00:48:58,480 --> 00:49:01,799
Speaker 1: software or anything and obvious. As I said before, the

1016
00:49:01,880 --> 00:49:05,440
Speaker 1: ATO can basically pre fiell most information from your employer

1017
00:49:05,520 --> 00:49:08,160
Speaker 1: and from banks and from government agencies and health funds

1018
00:49:08,160 --> 00:49:11,920
Speaker 1: and third parties by late July. So that's also a

1019
00:49:12,000 --> 00:49:15,440
Speaker 1: very common misconception that on the thirtieth of June everything

1020
00:49:15,480 --> 00:49:17,640
Speaker 1: will be there. Now it was due on the thirtieth

1021
00:49:17,640 --> 00:49:20,959
Speaker 1: of June, maybe it hasn't been processed or like input yet.

1022
00:49:21,239 --> 00:49:24,600
Speaker 1: So usually I would recommend, if you're doing your own tax,

1023
00:49:25,040 --> 00:49:27,600
Speaker 1: wait until closer to the end of July, because then

1024
00:49:27,640 --> 00:49:30,480
Speaker 1: you have a lot more certainty that everything that you

1025
00:49:30,560 --> 00:49:33,399
Speaker 1: need to process your tax is already pre filled, makes

1026
00:49:33,400 --> 00:49:35,840
Speaker 1: your life easier, makes the process go a lot quicker.

1027
00:49:36,160 --> 00:49:38,680
Speaker 1: The ATO use a whole heap of range of systems

1028
00:49:38,680 --> 00:49:41,520
Speaker 1: and controls to protect your information. So it's all good

1029
00:49:41,719 --> 00:49:44,040
Speaker 1: if you're you know, putting your tax pile number and

1030
00:49:44,080 --> 00:49:47,239
Speaker 1: stuff in. Make sure you are going to the legit website.

1031
00:49:47,400 --> 00:49:49,480
Speaker 1: There are a few websites right and I'm not going

1032
00:49:49,520 --> 00:49:52,640
Speaker 1: to name names, but if you type in my tax portal,

1033
00:49:53,400 --> 00:49:56,760
Speaker 1: double check please that it is the government website, because

1034
00:49:56,800 --> 00:49:59,880
Speaker 1: there are a lot of companies that kind of levery

1035
00:50:00,200 --> 00:50:02,880
Speaker 1: off that and call it like the my Tax log

1036
00:50:02,920 --> 00:50:06,080
Speaker 1: in or something, and then they're actually a company that

1037
00:50:06,120 --> 00:50:08,040
Speaker 1: do your tax return for you and they'll charge you

1038
00:50:08,080 --> 00:50:09,919
Speaker 1: for that, and you just have clicked on the wrong link.

1039
00:50:10,160 --> 00:50:12,000
Speaker 1: So just make sure it's the government one before we

1040
00:50:12,080 --> 00:50:15,919
Speaker 1: go and try and doy. Obviously, it's available twenty four hours,

1041
00:50:15,920 --> 00:50:18,319
Speaker 1: seven days a week, so if Saturday night at three

1042
00:50:18,360 --> 00:50:20,200
Speaker 1: am you can't sleep in your wander do tax.

1043
00:50:20,280 --> 00:50:21,360
Speaker 3: What a time to be alive.

1044
00:50:22,040 --> 00:50:25,000
Speaker 1: You're going to get your refund faster as well, so

1045
00:50:25,040 --> 00:50:28,560
Speaker 1: it's faster if it doesn't go through an accountant. Usually

1046
00:50:28,680 --> 00:50:32,040
Speaker 1: you'll get it back within two weeks or fourteen business days.

1047
00:50:32,440 --> 00:50:34,759
Speaker 1: You can then upload records that you keep in the

1048
00:50:34,840 --> 00:50:38,000
Speaker 1: my Deductions tool to pre fill your tax return, which

1049
00:50:38,040 --> 00:50:41,400
Speaker 1: is kind of sexy. Obviously, it's available for all individuals

1050
00:50:41,400 --> 00:50:43,920
Speaker 1: and soul traders who want to lodge their own tax

1051
00:50:43,960 --> 00:50:48,000
Speaker 1: return and you'll receive a very very nice lodgment receipt

1052
00:50:48,320 --> 00:50:51,439
Speaker 1: by email to confirm that they have your lodgment once

1053
00:50:51,520 --> 00:50:53,000
Speaker 1: it's in and you can kind of track.

1054
00:50:52,840 --> 00:50:53,359
Speaker 3: It from there.

1055
00:50:53,719 --> 00:50:55,120
Speaker 1: Awesome. I love that.

1056
00:50:55,400 --> 00:50:56,440
Speaker 3: I think I love that too.

1057
00:50:56,520 --> 00:50:59,440
Speaker 1: But I'm really over talking about tax and I'm pretty

1058
00:50:59,440 --> 00:51:04,120
Speaker 1: sure you're overhearing about it. Yes, I am up to Pussy's.

1059
00:51:03,760 --> 00:51:07,160
Speaker 3: Vo Gina, what with that? I think we're going to go, guys.

1060
00:51:07,200 --> 00:51:08,520
Speaker 3: We'll see you on Friday.

1061
00:51:08,680 --> 00:51:09,600
Speaker 1: Bye, guys.

1062
00:51:16,120 --> 00:51:18,680
Speaker 4: The advice shared on She's on the Money is general

1063
00:51:18,719 --> 00:51:22,560
Speaker 4: in nature and does not consider your individual circumstances. She's

1064
00:51:22,640 --> 00:51:26,080
Speaker 4: on the Money exists purely for educational purposes and should

1065
00:51:26,120 --> 00:51:29,280
Speaker 4: not be relied upon to make an investment or financial decision.

1066
00:51:29,680 --> 00:51:32,280
Speaker 3: If you do choose to buy a financial product.

1067
00:51:31,920 --> 00:51:35,920
Speaker 4: Read the PDS TMD and obtain appropriate financial advice tailored

1068
00:51:35,960 --> 00:51:39,359
Speaker 4: towards your needs. Victoria Divine and She's on the Money

1069
00:51:39,440 --> 00:51:44,040
Speaker 4: are authorized representatives of Money. Sheper Pty Ltd a BN

1070
00:51:44,160 --> 00:51:46,960
Speaker 4: three two one IS six four nine two seven seven

1071
00:51:47,080 --> 00:52:02,480
Speaker 4: zero eight AFSL four five one two eight nine