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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 Order,

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Speaker 2: Kernie Whoalbury and a waddery woman. And before we get

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

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

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

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Speaker 2: the ancestors and the next generation coming through as this

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Speaker 2: podcast is about connecting, empowering, knowledge sharing and the storytelling

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Speaker 2: of you to make a difference for today and lasting

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Speaker 2: impact for tomorrow.

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Speaker 1: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: for millennials who want financial freedom. My name is Georgia King,

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Speaker 4: and joining me as she does each and every Wednesday,

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Speaker 4: is Victoria to Fine V. How are we?

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Speaker 5: I'm well, I just had one of those Listerine pocket

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Speaker 5: pack fresh strips.

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Speaker 1: When was the last time you had one of those?

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Speaker 4: So retro I think in primary school. Man has craven

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Speaker 4: that fresh breath feeling.

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Speaker 5: I carry them everywhere I go And we were just

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Speaker 5: talking and I was like, when's the last time you

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Speaker 5: had one of these and you were like, absolutely never

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Speaker 5: because they are outdated. But they're delicious, underrated, they're not delicious.

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Speaker 5: But if you want fresh breath in an instant Listerine

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Speaker 5: pocket pack, going to get your sponsor us.

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Speaker 1: I reckon they should for a three dollar product.

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Speaker 4: They pack a lot of much not bad already, guys.

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Speaker 4: The last financial year has been a difficult one for many,

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Speaker 4: with significant changes in working conditions due to the ongoing pandemic,

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Speaker 4: and with the end of financial year looming, many Australians

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Speaker 4: are hoping for a bit of relief and wondering if

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Speaker 4: this might come in the form of a bigger tax

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Speaker 4: refund this year.

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Speaker 1: Oh very sexy. Today on the show Jojah King, I

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Speaker 1: am going to take you through a number of things.

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Speaker 5: Let's list them off. We are going to run through

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Speaker 5: what you as an individual need to prepare for tax time.

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Speaker 5: Very exciting. We're going to talk the tax offset. We're

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Speaker 5: going to talk about what you can claim and what

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Speaker 5: you can't claim. We're going to talk about what you

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Speaker 5: need to look out for and where you can get

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Speaker 5: some more information. We're going to take you through everything

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Speaker 5: you need to know when it comes to your investments.

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Speaker 5: When you need to get an accountant, and we're obviously

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Speaker 5: Jojia King also going to help you feel empowered about

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Speaker 5: this process because it can be so overwhelming.

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Speaker 4: Absolutely it can. Before we go anywhere, Statskills entering the chat.

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Speaker 1: Hello, stats girl, welcome to the show.

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Speaker 4: Did you know Vikidi you probably did that around fourteen

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Speaker 4: million people lodge a tax return each year in Australia.

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Speaker 1: I mean that makes sense. Thank you for that stat girl.

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Speaker 4: Of those who receive a refund, about two thirds on average,

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Speaker 4: they receive just over four thousand dollars each. That's so

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Speaker 4: much money, resulting in a collective refund of more than

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Speaker 4: three billion. But some tax cuts have been in clemented

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Speaker 4: for middle and low income earners over the course of

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Speaker 4: the pandemic. The perini, the pennine as you are really pushing, Aha,

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Speaker 4: who gets it and how does it work?

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Speaker 1: The pannini the pannini. The panini is a thing. We're

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Speaker 1: making it a thing.

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Speaker 4: I don't think it's caught on.

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Speaker 5: Justice only caught on with me and everybody I've said

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Speaker 5: it too, is like you're a loser.

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Speaker 1: Sit down.

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Speaker 5: Yes, So the Australian government created this tax offset a

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Speaker 5: few years ago to boost the incomes of low and

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Speaker 5: middle income Australians. The offset is still around this year,

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Speaker 5: money Win, meaning that millions of eligible tax payers across

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Speaker 5: the country are going to receive anywhere between two hundred

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Speaker 5: and fifty five and one thousand and eighty dollars as

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Speaker 5: an offset against their taxable income for this year, which is.

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Speaker 1: Kind of helpful.

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Speaker 5: I'm glad they've kept it around, especially after the past

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Speaker 5: few years that were and then for many this will

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Speaker 5: then flow into a larger tax refund that they were

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Speaker 5: probably already expecting. The offset amount really depends on how

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Speaker 5: much you already earn. For example, you need to earn

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Speaker 5: less than one hundred and twenty six thousand dollars to

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Speaker 5: actually qualify for this, and you don't actually have to

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Speaker 5: do anything in particular to receive it, just have to

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Speaker 5: earn under that amount. It will automatically be calculated as

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Speaker 5: part of your tax return when you do it. So Gee,

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Speaker 5: the sooner the better when it comes to doing this,

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Speaker 5: didn't know that was in place?

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Speaker 1: Money when?

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Speaker 4: What are some basic things I need to remember when

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Speaker 4: it comes to doing my tax return.

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Speaker 5: That one, it is important to actually do your tax

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Speaker 5: return if you've had your head in the sand for

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Speaker 5: a few years and have heard.

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Speaker 1: This recently because people like Victoria.

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Speaker 5: It's just so hard, And now it's overwhelming because it's

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Speaker 5: been five or six years and I haven't done a

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Speaker 5: tax refund, which actually does happen.

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Speaker 1: It's okay. You can see an accountant, which is exactly

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Speaker 1: what I would recommend you do, and start getting that

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Speaker 1: ball underway. You can still submit them, there's just a

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Speaker 1: bit of a different process to follow, and the sooner

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Speaker 1: you're on it, the sooner you're going to feel less

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Speaker 1: anxious about that process, like, just get it done.

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Speaker 5: Just get it done, and very likely it's not going

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Speaker 5: to be nearly as overwhelming as you think it's going

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Speaker 5: to be because you're probably going, oh my gosh, I'm

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Speaker 5: going to be fined and I'm going to do this,

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Speaker 5: and I'm going to do that.

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Speaker 1: But the refund often ends up offsetting how much the

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Speaker 1: penalties are, and if you've got a good accountant, they're

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Speaker 1: often a able to be like, look, gee really didn't

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Speaker 1: know what she was doing. Can we wipe this and

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Speaker 1: have a conversation and just get an accountant on your team,

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Speaker 1: because that's an anxiety you don't need to live with

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Speaker 1: back onto actually what you need to do when it

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Speaker 1: comes to your text return this year. Often getting your

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Speaker 1: refund back is held up a bit because people are

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Speaker 1: making really basic mistakes. G it's not because the ATO

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Speaker 1: are taking their time. A lot of this, as I've

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Speaker 1: said before, in the POD is data fed and if

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Speaker 1: the data isn't crystal clean and perfect, it needs to

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Speaker 1: go through a manual process, and that's the manual process

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Speaker 1: that takes a bit longer. So if your name or

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Speaker 1: address has changed, make sure that you update your ATO information.

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Speaker 5: Before lodging a return. If you're lodging your return under

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Speaker 5: different details, the ato's data matching technology isn't able to

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Speaker 5: match it to your TFN, so if they can't match

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Speaker 5: your tax file number, a manual person has to get involved.

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Speaker 5: And as you can imagine, when that happens at scale,

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Speaker 5: as you said before, fourteen million people submitting their tax returns,

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Speaker 5: even if just a small amount do it wrong, that's

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Speaker 5: a very long list of people that need to get

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Speaker 5: manually done, So don't put yourself in that bucket. You

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Speaker 5: need to make sure as well that your bank details

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Speaker 5: are correct. So if you've changed banking products or changed

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Speaker 5: banks recently, make sure you update those because all tax

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Speaker 5: refunds now are done by direct deposit, meaning nobody at

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Speaker 5: all ever is going to get a check in the

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Speaker 5: mail from the ATO anymore. So making sure your bank

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Speaker 5: details are correct is going to be important. You spell

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Speaker 5: check Georgia King, It's very important if you see the

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Speaker 5: little red squiggly lud kick it to my friend. So

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Speaker 5: if you've added an extra letter or accidentally spelt something

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Speaker 5: wrong in a key field, it's going to delay your

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Speaker 5: tax refund significantly because, as I said, manual matching process

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Speaker 5: has to occur. And I promise those people are probably

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Speaker 5: pretty pissed off that Georgia King had two a's on

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Speaker 5: her name and they just had to backspace it, and

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Speaker 5: that was the entirely of their job to do it

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Speaker 5: right the first time. My friend, Then what I want

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Speaker 5: you to do, g is also make sure you're adding

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Speaker 5: in all of your income, all of your shifts from

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Speaker 5: Uber that you did last October, for that one time

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Speaker 5: that you thought you were actually going to do that,

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Speaker 5: that shifted a cafe where you were like, oh, I'm

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Speaker 5: going to pick up this Sunday job, and then you

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Speaker 5: realize you didn't want to do that anymore and now

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Speaker 5: you just have a full time job. We can't forget

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Speaker 5: about these things because this is where you're going to

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Speaker 5: run into trouble. You do have to pay tax on

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Speaker 5: those jobs, even if they were really fleeting. So not

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Speaker 5: claiming income is something that the ATO has been coming

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Speaker 5: down on really really hard recently on especially with the

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Speaker 5: rise of the gig economy. They're trying to be far

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Speaker 5: more on top of it because they're like, well, we

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Speaker 5: need to really capture all of these income streams that

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Speaker 5: people are, you know, going out and earning and making

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Speaker 5: sure that we're taxing them appropriately. So just do the

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Speaker 5: right thing, not because I'm trying to tell you to

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Speaker 5: avoid tax or not. I'm literally just doing it because

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Speaker 5: it's going to take longer if you submit your tax

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Speaker 5: return and ge some random cafe out in woop woop

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Speaker 5: has your details because you worked one Sunday shift one

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Speaker 5: time and you.

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Speaker 1: Didn't claim it.

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Speaker 5: Yeah, exactly, because everything is data match to these days,

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Speaker 5: like somewhere somehow there it's going to be a record

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Speaker 5: of that.

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Speaker 1: Just make sure it is on your actual tax return.

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Speaker 4: So would you say, maybe keep a little spreadsheet with

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Speaker 4: the little in.

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Speaker 5: The journey out keeping a spreadsheet, so absolutely if that's

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Speaker 5: down your alley. But also the other thing is probably

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Speaker 5: don't try and be too fast to do your tax refund.

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Speaker 5: I think a lot of people really go, oh my god,

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Speaker 5: it's June thirty. I need to get my tax refund asap.

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Speaker 5: And I totally get it if you need the cash, totally.

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Speaker 5: But businesses actually have up until June thirty as like

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Speaker 5: that cut off date for reporting on their finances. It's

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Speaker 5: then going to take me a little bit to get

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Speaker 5: your group certificate together, ge. And this happens in my

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Speaker 5: business as well. So I'm going to sit down this

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Speaker 5: year with my accountant and I'm going to go, okay, cool,

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Speaker 5: it's tax time end of June thirty. I need to

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Speaker 5: get all of my team their group certificates so they

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Speaker 5: can submit their tax I need to upload everything to

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Speaker 5: the ATO and get it all done. As an employer,

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Speaker 5: that doesn't just happen on June thirty, because June thirty

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Speaker 5: is the last reporting day of all those finances. Like

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Speaker 5: what if you took annual leave on June thirty, or

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Speaker 5: what if you actually, you know, had some sick leave

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Speaker 5: balances or whatever. I need to work out I need

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Speaker 5: to do that for my whole team. So usually my

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Speaker 5: team get their group certificates, like at the end of

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Speaker 5: the first week of July, because I just need a

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Speaker 5: little bit of time to get my stuff together. It's

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Speaker 5: not just me who does that though. The bigger the business,

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Speaker 5: the more that can take. And it's very common to

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Speaker 5: not get your group certificate until late mid July or

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Speaker 5: even late July. I'm not saying it's appropriate. We want

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Speaker 5: it asap, but understand the process. It's not going to

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Speaker 5: be in your inbox on June thirty to submit it asap.

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Speaker 4: Just back to the gig economy as well. We did

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Speaker 4: do an episode a couple of weeks ago on tax

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Speaker 4: and side hustles. So if you have a qual to

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Speaker 4: that lieand so that you would have the resources you

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Speaker 4: needed by the time tax time came. All around tax times,

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Speaker 4: it's likely had a spreadsheeler gee, you know.

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Speaker 5: G Another thing to keep in mind is being proactive

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Speaker 5: about tax time instead of reactive. That's such good information

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Speaker 5: coming from somebody who's always reactive instead of proactive.

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Speaker 1: So cute from me.

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Speaker 5: But once June thirty has come and gone, by the way,

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Speaker 5: that's my birthday so if you don't say happy birthday

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Speaker 5: to me, I'll be kind of salty. You need to

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Speaker 5: wait another twelve months before you can claim it spence

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Speaker 5: on tax. So if you're looking at purchasing something for

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Speaker 5: your business or something that you're actually able to claim

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Speaker 5: kind of now is the time to shine my love, like,

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Speaker 5: go and organize that now instead of after June thirty,

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Speaker 5: because if you do it after June thirty, you have

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Speaker 5: to wait a whole other twelve months to claim it.

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Speaker 5: In saying that, can we please stop justifying June thirty

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Speaker 5: purchases as small business owners like you do not just

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Speaker 5: need a new laptop because you think you'll get a

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Speaker 5: tax refund. You still have to pay for the laptop,

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Speaker 5: like that's still coming out of your business cash flow.

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Speaker 5: So I think we need to be a lead to

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Speaker 5: a bit smarter about it, because my new iPhone is

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Speaker 5: telling me to tell you that.

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Speaker 4: Okay, while we're on the topic of claims fee, what

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Speaker 4: are your tips on making the most not doing a dodgy?

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Speaker 1: Not doing a dodgy? Yeah, just don't claim things you

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Speaker 1: can't claim fair enough. Don't claim things you didn't spend

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Speaker 1: money on.

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Speaker 5: Stop with this idea like this, This grinds my gears right,

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Speaker 5: So it wasn't in our Facebook group because our Facebook

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Speaker 5: group is full of very smart, very intelligent people who

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Speaker 5: do the right thing. This is other Facebook group that

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Speaker 5: I mean, and people like, oh, don't forget you can

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Speaker 5: claim up to x amount without receipts. Yeah you can,

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Speaker 5: but you still have to spend that money. Yeah, Like

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Speaker 5: that is so dodgy, it's not funny. And the ATO

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Speaker 5: is coming down on that. They're gonna go, g you're

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Speaker 5: a podcaster, what do you mean you spent fifty dollars

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Speaker 5: on sunscreen? Like, that's not related to your job. They'll

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Speaker 5: ask you for the receipts, and they are getting better

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Speaker 5: and better at asking for receipts because as data matching

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Speaker 5: gets more intelligent, AI starts to come into it. They

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Speaker 5: just like pop it up and send an automatic email

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Speaker 5: to you to be like, hey, gee, you claimed this.

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Speaker 1: Please provide with the receipts. You're gonna end up with

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Speaker 1: a penalty if you're claiming things that you weren't meant

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Speaker 1: to claim. Just do the right thing. Stop trying to

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Speaker 1: be a stinge.

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Speaker 4: Like, oh, let's move on. So our advice is not

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Speaker 4: to put mayo on our claims what.

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Speaker 5: Happened unless you're actually paid for that mayo and it

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Speaker 5: was related to your job, in which case you are

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Speaker 5: more than welcome to claim it, claiming things that you're

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Speaker 5: not eligible for just because you want a bigger refund,

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Speaker 5: because that ain't insists what happens. If we get audited,

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Speaker 5: you'll get in trouble. So don't embellish is the number

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Speaker 5: one rule. But obviously, as I said before, super common

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Speaker 5: misconception that you can quote claim up to three hundred

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Speaker 5: dollars without receipts like that is not it. People who

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Speaker 5: are lodging their own tax returns using the atos MY

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Speaker 5: tax software are monitored by the atos AI software as

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Speaker 5: they prepare their returns to make sure that people aren't

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Speaker 5: overclaiming and doing the wrong thing, like they actually track it.

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Speaker 1: It's kind of scary, but at the same time it

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Speaker 1: makes sense.

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Speaker 5: And they also have these buckets, right, so the way

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Speaker 5: that it works and this is just like a kind

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Speaker 5: of like the way it works in the back end,

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Speaker 5: in the technical way, I'm calling them buckets, but like

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Speaker 5: let's say you're an executive assistant. They're going to have

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Speaker 5: a group of people that they will compare you to

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Speaker 5: that are also executive assistants, and there will be common

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Speaker 5: claims and then there'll be uncommon claims. So if there

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Speaker 5: are uncommon claims coming through, that's going to raise a

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Speaker 5: red flag and you're more likely to be audited. It's

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Speaker 5: really important to get your job classification correct as well,

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Speaker 5: because it could put your risk of being audited or not,

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Speaker 5: or actually getting in trouble or not. So the best

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Speaker 5: thing to do is actually just the right thing.

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Speaker 1: So if you're then found to let's say you have

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Speaker 1: claimed something that you weren't entitled to, it doesn't just

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Speaker 1: mean you have to repay what you claimed back and

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Speaker 1: you just got caught out. You're actually then paying an

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Speaker 1: interest rate of nine percent perannum as well on top

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Speaker 1: of that as well, So you've got your nine percent.

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Speaker 1: You have to pay your stuff back. But if the

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Speaker 1: ATO then also believes that you are being super careless

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Speaker 1: and maybe a little bit naughty and doing it on purpose,

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Speaker 1: they'll then slap you with a penalty of anywhere between

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Speaker 1: twenty five and ninety five percent Georgia King of the

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Speaker 1: tax avoided.

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Speaker 4: Right, that's not worth it. It's not worth it.

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Speaker 1: Not worth it, friend, don't do it.

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Speaker 5: So the easiest way to keep track of your spending

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Speaker 5: from my perspective, one the ATO app is really helpful

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Speaker 5: because you can keep track of things that you're going

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Speaker 5: to claim throughout the year, can snap a quick picture

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Speaker 5: and upload it. If you're anything like me, you don't

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Speaker 5: want to have to have that app, even though it

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Speaker 5: works really well and it makes a lot of sense,

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Speaker 5: just trying to put another like step in the process

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Speaker 5: for no good reason. You have an album on your

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Speaker 5: phone where you just snap away at things and then

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Speaker 5: when tax come comes you actually just go into that

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Speaker 5: album and have a look.

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Speaker 1: And then obviously keeping a budget's a good idea. Always

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Speaker 1: just stick to it.

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Speaker 4: I did the old album trick.

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Speaker 1: Did it work?

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Speaker 4: I have one receipt in there, but at least you

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Speaker 4: set it up. I know my intention was good.

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Speaker 1: The intention is always good.

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Speaker 5: But I do that as a business owner because there's

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Speaker 5: so many different things that go different places. It's so

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Speaker 5: frustrating as well. Like you know, I could go on

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Speaker 5: about this, but we only have one debit card for

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Speaker 5: she's on the money the business, So sometimes I like

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Speaker 5: pay for things in my personal name because Jess's got

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Speaker 5: the card from work.

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Speaker 1: Or something, and then I need to claim it. It's

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Speaker 1: just it's a little bit confusing a headache.

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Speaker 5: It could be much easier if I just listened to

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Speaker 5: my accountant properly, But who's gonna do that?

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Speaker 1: That's so silly.

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Speaker 4: Do you know how much of your data is pre

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Speaker 4: filled on your tax return? Set and forget out?

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Speaker 5: It's not all set and forget It really depends on

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Speaker 5: one if you've done it before, and then how much

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Speaker 5: personal and financial information you've given to employers or to

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Speaker 5: the ATO. But essentially, when you log into the ato's

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Speaker 5: tax system, often a lot of your information is already there,

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Speaker 5: and you'll be like, where did they get that from?

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Speaker 5: And it's usually either from your previous employers, from your

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Speaker 5: current employer, or from you having done tax returns in

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Speaker 5: the past, which is kind of cool. It's actually really

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Speaker 5: helpful when it comes to prefill because it means that

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Speaker 5: you don't have to do it over and over again.

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Speaker 5: And if you've done this a few times, it kind

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Speaker 5: of becomes like second ag. You just log in, check

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Speaker 5: all your details and make sure everything's correct. Was that

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Speaker 5: my income this year?

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Speaker 1: Yes? It was? Was there anything I needed to claim? Yes?

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Speaker 2: Or no?

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Speaker 5: Or Hey, here's this petrol that I did xyz on

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Speaker 5: how much did my investments make this year?

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Speaker 1: Pop that into the boxes.

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Speaker 5: Like, it's actually much simpler than people seem to think

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Speaker 5: it is. I think we think back to like two

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Speaker 5: thousand and nine when you definitely weren't doing your own tax,

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Speaker 5: but I was George, and it was a lot more

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Speaker 5: complicated than it is today.

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Speaker 1: Okay, I don't know, have a look, give it a

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Speaker 1: go and have to submit it if you're overwhelmed.

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Speaker 4: Do we want to go to a little right here,

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Speaker 4: my girl, I would love to go to a break

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Speaker 4: because tax is boring. But on the other side, guys,

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Speaker 4: we'll be getting into the juicy stuff talking about what

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Speaker 4: we can actually claim.

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Speaker 5: Do Some people can claim dogs on tax, not me though, right,

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Speaker 5: we'll talk about it after.

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Speaker 1: All.

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Speaker 4: Right, we are back talking tax victoria.

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Speaker 1: Oh my gosh, what a dream.

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Speaker 4: Let's jump straight into what we can actually claim. You

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Speaker 4: mentioned before, we can claim dogs or someone.

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Speaker 5: Look, someone can someway someone has claimed a dog. But

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Speaker 5: you can claim a dog if a dog is actually

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Speaker 5: part of your work. So like mainly obviously people in

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Speaker 5: farming or security, they could claim their dog is related

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Speaker 5: expenses we should come into security.

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Speaker 1: Would be a good guard dog.

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Speaker 4: Absolutely, anyway, tell me what else we can claim.

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Speaker 5: Look, there are lots of things that you can claim. Again,

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Speaker 5: please don't take this as a list of things that

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Speaker 5: Victoria is suggesting you claim on it's not. It's just educational.

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Speaker 5: We're just talking about tax trying to make it a

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Speaker 5: little bit less dry than it actually is. But one

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Speaker 5: of the things that I can claim it's my handbag,

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Speaker 5: Georgia King, what what I can claim it? Stick your

396
00:17:17,160 --> 00:17:17,679
Speaker 5: laptop in it.

397
00:17:17,800 --> 00:17:18,800
Speaker 1: Yeah, it's a work bag.

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Speaker 5: It can't be a fancy designer bag though, because the

399
00:17:21,080 --> 00:17:23,200
Speaker 5: ato are going to have some buckleis with that. They're

400
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Speaker 5: not gonna like that. It does actually have to be

401
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Speaker 5: practical and reasonable in nature. So you can't just go

402
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Speaker 5: buy like a Chanelle boy bag and be like, it's

403
00:17:29,040 --> 00:17:32,399
Speaker 5: my work bag. It's actually to carry your work things

404
00:17:32,440 --> 00:17:35,199
Speaker 5: to and from work. If you carry a laptop. You

405
00:17:35,240 --> 00:17:38,520
Speaker 5: can claim shoes. We love shoes. We love shoes, except

406
00:17:38,560 --> 00:17:40,960
Speaker 5: you can only claim shoes if you're like a flight engine.

407
00:17:41,200 --> 00:17:43,400
Speaker 5: So it's not as good as what you would think,

408
00:17:43,480 --> 00:17:45,800
Speaker 5: like a good pair of Jimmy shoes ain't gonna happen.

409
00:17:45,840 --> 00:17:48,119
Speaker 5: This year for me or my tax return. If you

410
00:17:48,160 --> 00:17:51,040
Speaker 5: work outside, you can actually claim makeup that has SPF

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Speaker 5: in it.

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Speaker 4: Kind of cool, right wow.

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00:17:53,160 --> 00:17:56,399
Speaker 5: And SPF related products because obviously if you are in

414
00:17:56,440 --> 00:17:58,480
Speaker 5: the no you know you should be wearing SBF.

415
00:17:58,840 --> 00:18:01,639
Speaker 1: But also if you outside you get a little cheeky

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00:18:01,640 --> 00:18:04,600
Speaker 1: tax deduction on it because it's for your health. Cute

417
00:18:04,680 --> 00:18:07,840
Speaker 1: charity donations. Anything over two dollars you can claim, so

418
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Speaker 1: keep track of those. The interest you earn from your

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Speaker 1: investment income. That's very sexy. Sex toys, Georgia, you were

420
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Speaker 1: looking a little bit dry. Are all the things that

421
00:18:16,800 --> 00:18:18,320
Speaker 1: I was running through. So I'm just going to throw

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00:18:18,320 --> 00:18:18,920
Speaker 1: that one in there.

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Speaker 2: Yep.

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Speaker 1: If you work in the adult entertainment industry, AA too

425
00:18:22,080 --> 00:18:23,719
Speaker 1: have a special guide about what you can claim. If

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Speaker 1: you're an adult industry worker, interesting claim things like dance

427
00:18:27,359 --> 00:18:30,439
Speaker 1: lessons or haircare or oils or tissues or lingerie or

428
00:18:30,480 --> 00:18:33,240
Speaker 1: costumes up to you. Kind of cool that you can

429
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Speaker 1: do that. Another one, garden gnomes? Do you want to

430
00:18:37,040 --> 00:18:40,000
Speaker 1: claim your garden gnomes? This obviously is its own dot

431
00:18:40,000 --> 00:18:42,639
Speaker 1: point in itself. Like this has made it as a

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Speaker 1: line item in our spreadsheet for this planning episode, but

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Speaker 1: landlord's very able to claim garden gnomes because obviously it

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Speaker 1: is a property related expense.

435
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Speaker 4: That is incredible. Wait, what's the deal with garden homes?

436
00:18:55,280 --> 00:18:58,040
Speaker 4: Are they I'm not get rid of snails or something.

437
00:18:58,200 --> 00:19:01,720
Speaker 1: I have no idea that a guard like a little scared.

438
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Speaker 1: Do you know?

439
00:19:02,720 --> 00:19:05,080
Speaker 5: There's this house that I walk past every single morning.

440
00:19:05,119 --> 00:19:06,840
Speaker 5: And if you live near me and you've seen me

441
00:19:06,880 --> 00:19:08,600
Speaker 5: walking in the morning, you know this house. You know

442
00:19:08,600 --> 00:19:10,760
Speaker 5: what I'm talking about. You walk past it, it's got

443
00:19:10,760 --> 00:19:12,640
Speaker 5: like a low picket fence, and then you look into

444
00:19:12,680 --> 00:19:16,240
Speaker 5: the garden and the entire front garden is like full

445
00:19:16,320 --> 00:19:20,800
Speaker 5: of garden gnomes. It's not that weird about that, so strange,

446
00:19:20,840 --> 00:19:23,600
Speaker 5: And this house also has like gargoyles on the top

447
00:19:23,640 --> 00:19:23,920
Speaker 5: of it.

448
00:19:23,920 --> 00:19:27,120
Speaker 1: It's kind of creepy. But the creepiest part about.

449
00:19:26,800 --> 00:19:29,800
Speaker 5: This is all of these garden homes have quite clearly

450
00:19:29,840 --> 00:19:32,880
Speaker 5: been very dodgily hand painted, so.

451
00:19:32,960 --> 00:19:35,560
Speaker 4: Like it's low pe creepy.

452
00:19:35,840 --> 00:19:36,080
Speaker 1: Joy.

453
00:19:36,320 --> 00:19:38,400
Speaker 4: No, but maybe they're just really smart when it comes

454
00:19:38,400 --> 00:19:39,000
Speaker 4: to tax stiff.

455
00:19:39,119 --> 00:19:44,439
Speaker 5: If that is your house, I'm so sorry. I'm so sorry.

456
00:19:44,440 --> 00:19:46,679
Speaker 5: But then obviously there are some smart things that you

457
00:19:46,760 --> 00:19:49,040
Speaker 5: can claim. So if you've been working from home over

458
00:19:49,119 --> 00:19:51,119
Speaker 5: the last few years. You can claim your home internet

459
00:19:51,119 --> 00:19:53,840
Speaker 5: and any of those working from home expenses. Have a

460
00:19:53,880 --> 00:19:56,680
Speaker 5: look on the ATO website. There is an entire guide

461
00:19:57,040 --> 00:19:59,600
Speaker 5: for working from home and claiming what you can claim.

462
00:20:00,080 --> 00:20:02,320
Speaker 5: So two ways of going about it. You can either

463
00:20:02,359 --> 00:20:06,840
Speaker 5: claim a set amount or a CeNSE per dollar, and

464
00:20:06,880 --> 00:20:09,080
Speaker 5: I think you need to do the calculations on which

465
00:20:09,080 --> 00:20:11,240
Speaker 5: one works out better for you instead of just looking

466
00:20:11,240 --> 00:20:14,240
Speaker 5: at that big shiny set amount dollar and going let's

467
00:20:14,280 --> 00:20:16,399
Speaker 5: do that. So definitely have a look into that. You

468
00:20:16,440 --> 00:20:19,600
Speaker 5: can obviously also claim financial planning expenses and your accounting

469
00:20:19,640 --> 00:20:22,200
Speaker 5: fees and stuff like that, but there's an entire list.

470
00:20:22,240 --> 00:20:23,880
Speaker 5: There is a blog on our website that I wrote

471
00:20:23,880 --> 00:20:25,440
Speaker 5: a couple of years ago about what you can and

472
00:20:25,480 --> 00:20:27,080
Speaker 5: can't claim, so I would be checking that out.

473
00:20:27,080 --> 00:20:27,520
Speaker 1: George King.

474
00:20:27,640 --> 00:20:31,080
Speaker 4: You've also got subscriptions to work related magazines and journals

475
00:20:31,200 --> 00:20:32,440
Speaker 4: if you work in the media.

476
00:20:32,240 --> 00:20:35,640
Speaker 5: Yep, so like you can claim Vogue. Yes, thanks, I'm

477
00:20:35,640 --> 00:20:37,119
Speaker 5: gonna go sign up for that asap.

478
00:20:37,400 --> 00:20:39,439
Speaker 4: This is great. Before we move on v when we

479
00:20:39,480 --> 00:20:43,639
Speaker 4: say claim is a percentage of the cost of whatever

480
00:20:43,680 --> 00:20:46,520
Speaker 4: we bought and are claiming or paid for.

481
00:20:46,720 --> 00:20:48,920
Speaker 5: No, it's not going to ever be the whole thing.

482
00:20:48,960 --> 00:20:52,680
Speaker 5: It would be the tax component of that. So if

483
00:20:52,720 --> 00:20:54,920
Speaker 5: your marginal tax rate is thirty two cents in the dollar,

484
00:20:54,960 --> 00:20:56,840
Speaker 5: that is what you're claiming. You're not claiming like, oh

485
00:20:56,880 --> 00:20:58,320
Speaker 5: my god, I spend a dollar, I get the whole

486
00:20:58,320 --> 00:21:00,440
Speaker 5: dollar back it's free. Like that's not how tix works.

487
00:21:00,480 --> 00:21:00,840
Speaker 4: Perfect.

488
00:21:00,840 --> 00:21:01,560
Speaker 1: Sorry, I'm sorry.

489
00:21:01,600 --> 00:21:04,760
Speaker 4: Good to know. So V do we need to pay

490
00:21:04,800 --> 00:21:08,439
Speaker 4: tax if we receive gifts as payment? I'm talking about

491
00:21:08,480 --> 00:21:10,680
Speaker 4: influencers specifically.

492
00:21:11,240 --> 00:21:14,160
Speaker 5: It's such a thing to bring up as somebody who

493
00:21:14,160 --> 00:21:15,919
Speaker 5: does have a lot of clients who work in that

494
00:21:16,000 --> 00:21:20,160
Speaker 5: social media sphere and earn a lot of money but also.

495
00:21:20,080 --> 00:21:21,160
Speaker 1: Get a lot of gifts.

496
00:21:21,359 --> 00:21:24,160
Speaker 5: Yes, they are actually taxable, and I have actually spent

497
00:21:24,560 --> 00:21:26,320
Speaker 5: I think I mentioned this on the podcast last year.

498
00:21:26,359 --> 00:21:28,560
Speaker 5: I have been going back and forth with our lawyers

499
00:21:28,840 --> 00:21:30,919
Speaker 5: to work out how this works because it's such a

500
00:21:31,000 --> 00:21:34,160
Speaker 5: new space that the ATO hasn't come out and directly

501
00:21:34,200 --> 00:21:37,880
Speaker 5: said this is taxable. This is not because obviously, gee,

502
00:21:37,920 --> 00:21:40,199
Speaker 5: if I turned around and said, hey, gee, here's a

503
00:21:40,240 --> 00:21:43,680
Speaker 5: Listerine pocket pack of fresh breath strips, you are welcome.

504
00:21:44,119 --> 00:21:47,639
Speaker 5: That's like a genuine gift. But if an influencer given

505
00:21:47,680 --> 00:21:50,080
Speaker 5: that with the intention of posting about it and generating

506
00:21:50,119 --> 00:21:54,320
Speaker 5: incomes that is actually then taxable. So it's quite confusing.

507
00:21:54,400 --> 00:21:56,680
Speaker 5: And a couple of years ago I had a client

508
00:21:57,160 --> 00:21:59,920
Speaker 5: who ended up in a bit of a pickle because

509
00:22:00,359 --> 00:22:05,359
Speaker 5: they had been gifted this gorgeous bougie overseas holiday. It

510
00:22:05,440 --> 00:22:07,520
Speaker 5: was to a very big theme park in the US,

511
00:22:07,800 --> 00:22:11,080
Speaker 5: and that would be so fancy, you go, gee, do

512
00:22:11,119 --> 00:22:12,679
Speaker 5: you want to go to the theme park for free?

513
00:22:12,960 --> 00:22:15,480
Speaker 1: But tax time came. The atier knocked on their door

514
00:22:15,520 --> 00:22:16,240
Speaker 1: and said.

515
00:22:16,000 --> 00:22:19,119
Speaker 5: Hey, we saw you did your tax, but we didn't

516
00:22:19,160 --> 00:22:21,960
Speaker 5: see that trip that we saw on your Instagram. Could

517
00:22:22,000 --> 00:22:24,280
Speaker 5: you let us know how much it was worth because

518
00:22:24,280 --> 00:22:26,119
Speaker 5: you have to pay the tax component of that.

519
00:22:26,160 --> 00:22:27,000
Speaker 4: It's insane.

520
00:22:27,280 --> 00:22:31,440
Speaker 5: Yes, So it is very complex when it comes to gifts.

521
00:22:31,520 --> 00:22:34,040
Speaker 5: If your parents want to give you money and stuff

522
00:22:34,040 --> 00:22:36,959
Speaker 5: like that, let's strip it back to non influencer life. No,

523
00:22:37,320 --> 00:22:40,320
Speaker 5: gift money doesn't form part of your accessible income, so

524
00:22:40,359 --> 00:22:42,919
Speaker 5: you don't have to declare it. Regardless of the amount,

525
00:22:42,920 --> 00:22:45,240
Speaker 5: whether it was a dollar or five million dollars, you

526
00:22:45,280 --> 00:22:48,480
Speaker 5: don't have to do that. However, if it is something

527
00:22:48,520 --> 00:22:51,920
Speaker 5: that was used to generate income, that is where tax

528
00:22:51,960 --> 00:22:54,720
Speaker 5: does come into it, and that's where influencers actually need

529
00:22:54,760 --> 00:22:57,719
Speaker 5: to be kind of careful. Obviously this is very niche content,

530
00:22:57,760 --> 00:23:00,359
Speaker 5: but even if you're a baby content creator, like you

531
00:23:00,440 --> 00:23:02,879
Speaker 5: need to be making sure that if you're agreeing for

532
00:23:02,920 --> 00:23:06,880
Speaker 5: a sponsorship with a company or a paid collaboration, if

533
00:23:06,880 --> 00:23:09,920
Speaker 5: they're just gifting you products, they need to take care

534
00:23:09,920 --> 00:23:12,399
Speaker 5: of the tax component of that, because it shouldn't be

535
00:23:12,440 --> 00:23:15,680
Speaker 5: on you to like take their product, post about it.

536
00:23:15,640 --> 00:23:18,120
Speaker 1: And then at tax time have to pay. Like that's

537
00:23:18,160 --> 00:23:18,560
Speaker 1: a lot.

538
00:23:19,480 --> 00:23:21,840
Speaker 4: The other thing as well to remember, guys, is that

539
00:23:21,880 --> 00:23:24,680
Speaker 4: we do need to be paying tax on our investments,

540
00:23:24,720 --> 00:23:27,760
Speaker 4: and we did a whole episode on that. Listen back

541
00:23:27,760 --> 00:23:30,960
Speaker 4: to our Reporting season ep if you haven't already any.

542
00:23:30,560 --> 00:23:31,560
Speaker 1: Years of episodes.

543
00:23:32,240 --> 00:23:35,800
Speaker 5: June is always so dense when it comes to content.

544
00:23:36,160 --> 00:23:38,960
Speaker 5: Sorry not sorry, Let's have some like fluffy July episodes

545
00:23:39,000 --> 00:23:39,239
Speaker 5: for them.

546
00:23:39,280 --> 00:23:40,040
Speaker 1: We'll plan those later.

547
00:23:40,080 --> 00:23:44,159
Speaker 4: Absolutely absolutely, all right, V. When is the right time

548
00:23:44,480 --> 00:23:46,840
Speaker 4: to put our tax in the hands of the professionals

549
00:23:46,920 --> 00:23:49,040
Speaker 4: versus just doing it ourselves.

550
00:23:48,760 --> 00:23:51,200
Speaker 5: When you feel comfortable to do so. I think there

551
00:23:51,320 --> 00:23:53,680
Speaker 5: is a very good reason why more than seventy five

552
00:23:53,720 --> 00:23:56,360
Speaker 5: percent of Australians actually use a tax agent to do

553
00:23:56,400 --> 00:23:59,560
Speaker 5: their tax returns. And that's because tax is arguably not

554
00:23:59,640 --> 00:24:02,480
Speaker 5: very sick. If you don't know exactly what you can claim,

555
00:24:02,520 --> 00:24:05,040
Speaker 5: you actually might be missing out on some sweet returns,

556
00:24:05,359 --> 00:24:07,159
Speaker 5: and if you do get it wrong, you could be

557
00:24:07,200 --> 00:24:10,400
Speaker 5: in for some pretty hefty fines. So from my perspective,

558
00:24:10,440 --> 00:24:12,280
Speaker 5: it does pay to talk to somebody who knows what

559
00:24:12,320 --> 00:24:14,720
Speaker 5: they're talking about when it comes to tax. It's also

560
00:24:14,840 --> 00:24:18,159
Speaker 5: just really important to feel empowered through that process. I

561
00:24:18,200 --> 00:24:20,800
Speaker 5: know it can be expensive, but don't forget that. You know,

562
00:24:20,880 --> 00:24:23,080
Speaker 5: if you're paying somebody two hundred and fifty dollars to

563
00:24:23,119 --> 00:24:25,680
Speaker 5: do your tax return, that two hundred and fifty dollars

564
00:24:25,680 --> 00:24:27,760
Speaker 5: next year can be claimed, So it's not as big

565
00:24:27,800 --> 00:24:31,040
Speaker 5: of a cost as you might think it is. But

566
00:24:31,119 --> 00:24:33,600
Speaker 5: also usually an accountant's probably going to be able to

567
00:24:33,680 --> 00:24:36,120
Speaker 5: find two hundred and fifty dollars worth of claims for

568
00:24:36,160 --> 00:24:38,760
Speaker 5: you that you probably weren't able to find yourself.

569
00:24:38,800 --> 00:24:40,720
Speaker 4: If I'm being spased for itself.

570
00:24:40,440 --> 00:24:41,600
Speaker 1: Yeah, like hopefully.

571
00:24:41,840 --> 00:24:45,040
Speaker 5: And basically, the only way to get definitive tax return

572
00:24:45,119 --> 00:24:47,960
Speaker 5: advice is from a registered professional, Like you can't just

573
00:24:48,040 --> 00:24:49,760
Speaker 5: jump on the ATR website and read all their blog

574
00:24:49,840 --> 00:24:51,640
Speaker 5: articles and be like, yep, cool, I read that, guys.

575
00:24:51,720 --> 00:24:54,200
Speaker 5: That's why I claimed it, like a tax professional is

576
00:24:54,240 --> 00:24:55,960
Speaker 5: going to actually be able to put you in the

577
00:24:56,000 --> 00:24:57,440
Speaker 5: best possible position.

578
00:24:57,359 --> 00:25:00,000
Speaker 4: Before we head v Was there anything else we should

579
00:25:00,160 --> 00:25:00,840
Speaker 4: keep in mind?

580
00:25:01,040 --> 00:25:04,000
Speaker 5: Yes, my friend, so you know how he said, Obviously

581
00:25:04,080 --> 00:25:06,159
Speaker 5: June thirty, you can't lodge it on the day if

582
00:25:06,200 --> 00:25:06,640
Speaker 5: you don't have.

583
00:25:06,600 --> 00:25:07,720
Speaker 4: Your group certificates.

584
00:25:08,119 --> 00:25:10,000
Speaker 5: Is actually a date that you need to be aware of,

585
00:25:10,040 --> 00:25:12,440
Speaker 5: and that is the thirty first of October. You need

586
00:25:12,480 --> 00:25:15,399
Speaker 5: to lodge your tax returns before then. You might be

587
00:25:15,440 --> 00:25:18,520
Speaker 5: able to be eligible for an extension beyond that date

588
00:25:18,600 --> 00:25:20,919
Speaker 5: if you are registered with a tax accountant by the

589
00:25:20,920 --> 00:25:23,600
Speaker 5: thirty first of October. But if you aren't registered and

590
00:25:23,720 --> 00:25:25,679
Speaker 5: you haven't done your tax you might be up for

591
00:25:25,720 --> 00:25:28,320
Speaker 5: some penalties, which is not very good. I would factor

592
00:25:28,320 --> 00:25:30,720
Speaker 5: in about two weeks for your tax return to come through.

593
00:25:30,920 --> 00:25:32,960
Speaker 5: And the other thing is don't pester to your tax

594
00:25:33,000 --> 00:25:34,800
Speaker 5: accountant when it's actually gone through.

595
00:25:34,920 --> 00:25:37,240
Speaker 1: They can't tell you the progress. There's no progress updating.

596
00:25:37,480 --> 00:25:39,800
Speaker 1: There's no like logging into the ATO portal to see

597
00:25:39,800 --> 00:25:42,200
Speaker 1: status like it will just be done when it's done.

598
00:25:42,359 --> 00:25:44,880
Speaker 1: So I'm just quick shout out for all the accounts

599
00:25:44,920 --> 00:25:47,320
Speaker 1: in our community who are probably sick of people, you know,

600
00:25:47,400 --> 00:25:49,480
Speaker 1: two days after their tax return has been lodged to

601
00:25:49,520 --> 00:25:51,439
Speaker 1: be asked, oh my, oh gee, where's the app? They

602
00:25:51,520 --> 00:25:53,359
Speaker 1: don't know, they don't know, they can't see it.

603
00:25:53,480 --> 00:25:53,800
Speaker 4: Sorry.

604
00:25:53,840 --> 00:25:54,199
Speaker 1: Sorry.

605
00:25:54,240 --> 00:25:56,760
Speaker 5: And then also COVID nineteen is not going to change

606
00:25:56,760 --> 00:25:59,120
Speaker 5: those dates, so it's just standard procedure for lodging tax

607
00:25:59,160 --> 00:25:59,800
Speaker 5: returns this year.

608
00:26:00,080 --> 00:26:03,120
Speaker 4: Moral of the story, paying tax is a privilege, don't

609
00:26:03,119 --> 00:26:05,840
Speaker 4: play seek privilege, Like.

610
00:26:05,880 --> 00:26:07,399
Speaker 1: Let's change our mindset around this.

611
00:26:07,480 --> 00:26:09,720
Speaker 5: I've said it a million times on the broadcast, like

612
00:26:10,040 --> 00:26:13,440
Speaker 5: how lucky are we to live in a country where

613
00:26:13,440 --> 00:26:16,560
Speaker 5: we have access to absolutely everything that we have access

614
00:26:16,560 --> 00:26:19,040
Speaker 5: to and the support we have access to, and that's

615
00:26:19,040 --> 00:26:20,240
Speaker 5: what tax affords us.

616
00:26:20,680 --> 00:26:22,280
Speaker 1: Like it's sick. I think it's great.

617
00:26:22,359 --> 00:26:25,400
Speaker 4: So but you said earlier, don't stress if you haven't

618
00:26:25,440 --> 00:26:27,520
Speaker 4: lodged your tax because you won't go to jail. It

619
00:26:27,600 --> 00:26:28,920
Speaker 4: might all even now out of jail.

620
00:26:29,000 --> 00:26:30,520
Speaker 5: The atier is going to come down on me for

621
00:26:30,600 --> 00:26:32,720
Speaker 5: saying that as well, because you should have done it

622
00:26:32,760 --> 00:26:34,960
Speaker 5: by the thirty first of October. Obviously you could be

623
00:26:35,040 --> 00:26:35,960
Speaker 5: up for some penalties.

624
00:26:36,040 --> 00:26:37,440
Speaker 4: When you say penalties what does that mean?

625
00:26:37,520 --> 00:26:40,639
Speaker 1: Fine, fine money, honey. Look, they can be hefty demands.

626
00:26:40,680 --> 00:26:42,320
Speaker 1: How much tax you've avoided? My friends?

627
00:26:42,400 --> 00:26:44,400
Speaker 5: Okay, but at the end of the day, I don't

628
00:26:44,440 --> 00:26:46,480
Speaker 5: want you to be stressing if you haven't done it.

629
00:26:47,040 --> 00:26:48,960
Speaker 5: I just want you to pull your finger out and

630
00:26:48,960 --> 00:26:51,040
Speaker 5: get it done. This year, we say the thirty first

631
00:26:51,040 --> 00:26:53,440
Speaker 5: of October because that's the date that after that date

632
00:26:53,440 --> 00:26:55,760
Speaker 5: you'll start to get penalties and the atier might chase

633
00:26:55,760 --> 00:26:58,240
Speaker 5: you for doing that, and like people have gotten letters

634
00:26:58,280 --> 00:27:01,040
Speaker 5: before for you know, not lodging their tax. But I

635
00:27:01,080 --> 00:27:03,160
Speaker 5: would just be trying to do it by that date,

636
00:27:03,240 --> 00:27:05,400
Speaker 5: getting it done, and if you haven't done your tax

637
00:27:05,440 --> 00:27:07,760
Speaker 5: from last year, just maybe pulling your finger out and

638
00:27:07,800 --> 00:27:10,520
Speaker 5: speaking to an accountant, because they are going to be

639
00:27:10,600 --> 00:27:11,760
Speaker 5: the ones that are got to put you in the

640
00:27:11,760 --> 00:27:15,119
Speaker 5: best possible position to avoid having any penalties to actually

641
00:27:15,160 --> 00:27:16,240
Speaker 5: pay on that, because they'll go.

642
00:27:16,240 --> 00:27:17,920
Speaker 1: Look, we're just organizing it for them.

643
00:27:18,119 --> 00:27:20,720
Speaker 4: Perfect easy, easy, easy peace.

644
00:27:21,000 --> 00:27:23,840
Speaker 5: Let's wrap the even more boring but important stuff.

645
00:27:24,359 --> 00:27:25,679
Speaker 4: That's the way already.

646
00:27:25,680 --> 00:27:25,880
Speaker 3: Guys.

647
00:27:25,920 --> 00:27:28,240
Speaker 4: Remember that the advice shared on She's on the Money

648
00:27:28,320 --> 00:27:31,960
Speaker 4: is general in nature and does not consider your individual circumstances.

649
00:27:32,320 --> 00:27:35,399
Speaker 4: She's on the money exists purely for educational purposes and

650
00:27:35,440 --> 00:27:37,800
Speaker 4: should not be relied upon to make an investment, or

651
00:27:37,800 --> 00:27:39,240
Speaker 4: a financial decision.

652
00:27:38,920 --> 00:27:39,480
Speaker 1: Or a tax one.

653
00:27:39,520 --> 00:27:42,119
Speaker 4: Don't do that, and we promise Victoria to fine. And

654
00:27:42,200 --> 00:27:45,960
Speaker 4: She's on the Money are authorized representatives of Infocused Securities

655
00:27:45,960 --> 00:27:49,960
Speaker 4: Australia Proprietary Limited ABN four seven zero ninety seven seven

656
00:27:50,080 --> 00:27:53,520
Speaker 4: nine seven zero four nine AFSL two three six five

657
00:27:53,600 --> 00:27:54,000
Speaker 4: two three.

658
00:27:54,119 --> 00:27:57,879
Speaker 1: Oh, she's legit. If you would like to join our

659
00:27:57,920 --> 00:28:00,919
Speaker 1: Facebook group where our community shares money and tricks every

660
00:28:00,960 --> 00:28:03,680
Speaker 1: single day, free of judgment, search Cheese on the Money

661
00:28:03,800 --> 00:28:06,120
Speaker 1: a US and join us. We would love to see

662
00:28:06,160 --> 00:28:08,119
Speaker 1: you there. If you're not on Facebook, you can join

663
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Speaker 1: us on Instagram. And if you're not on Instagram or

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Speaker 1: on Facebook, that's cool. You're here on the pod. We

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Speaker 1: love you anyway.

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Speaker 4: Also, don't forget to rate, review and subscribe. If you're feeling.

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Speaker 5: That's such a good idea. Leave really good compliments for

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Speaker 5: Georgia King

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Speaker 1: Today on the show Be good guys to hear on

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Speaker 1: Friday