Wyndham Tax Advice

27/10/2022

03/08/2022

Do you know how the low and middle income tax offset (LMITO) works? 🤔

The LMITO reduces the amount of tax you need to pay, but any remainder can’t be refunded to you. The amount you’re entitled to will depend on your taxable income.

Learn how tax offsets could impact your return this tax time at www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-earner-tax-offsets/

03/08/2022

🚨 SCAM ALERT 🚨 Beware of scam text messages (SMS) about tax refunds.

These fake messages claim to be from the ATO and ask you to open a hyperlink to fill out a form for your income tax return. The link takes you to a fake website designed to steal your personal information and credit card details.

🛑 We’re seeing lots of variations of this scam, this image is just one example. If you receive an SMS like this, don’t click on any links. Instead, report the SMS to us and then delete it.

Warn your family and friends to stay scam alert. To report an SMS that doesn’t seem right, go to www.ato.gov.au/General/Online-services/Identity-security-and-scams/Verify-or-report-a-scam/

18/07/2022

18/07/2022

🧪 Taken more RATs than you can point a swab at? We have good news! COVID-19 tests you purchased for work purposes are tax deductible.

You can claim a deduction for any test you paid for from 1 July 2021, as long as you:
✔️ used the test for a work-related purpose
✔️ had a qualifying COVID-19 test – such as a PCR or rapid antigen test
✔️ have a record of your purchase
✔️ were not reimbursed for the cost by your employer.

Remember, you can only claim a deduction for the work-related portion of your COVID test expenses.

For more info, see www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-work-related-deductions/COVID-19-test-expenses/

17/07/2022

The ATO-led Serious Financial Crime Taskforce has taken further action this week in Sydney as part of Operation Protego, a major GST fraud. This follows last month’s coordinated strike in 12 locations across the country. Deputy Commissioner and SFCT Chief Will Day said, “Our action this week shows there is no place to hide. If you think you won’t be caught, think again.” Read our media release to find out more: www.ato.gov.au/Media-centre/Media-releases/Taskforce-takes-further-action-on-GST-fraud/

16/07/2022