Restructure now: Labor will limit your tax deductible accounting and taxation fees to $3000 p.a.

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Should voting for a change in government mean you allow a new Government to reduce your ability to pay unnecessary tax by limiting your tax deductions to $3,000 p.a?

And, by the way, possibly also increasing your risk of paying more unnecessary tax or losing a tax audit for not getting the right advice?

Is this interfering in your freedom of choice?

You have a right to educate and minimise your tax so long as it is within the law, and that includes using experienced and educated accountants!

Is this a sign of how a new Government intends to interfere with your basic rights on how to live and pay taxes?

The lesson is, you had better get your tax structures in place now before Labor gets in. It may become more expensive if and when they are elected.

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Why?

First ask; what does your accountant do for you? We have provided you a list below for consideration.

If he or she performs the following the tasks below, then your tax deductions may be limited to $3,000 p.a.

Cost of managing tax affairs

Managing tax expenses for the preparation and lodgement of your tax return and activity statements include costs associated with:

– buying tax reference material

– tax return preparation courses

– lodging your tax return through a registered tax agent

– obtaining tax advice from a recognised tax adviser

– dealing with the ATO about your tax affairs

– purchasing software to allow the completion and lodgement of your tax return

– the preparation and lodgement of your tax return and activity statements

– travel to obtain tax advice from a recognised tax adviser

– obtaining a valuation needed for a deductible donation of property the preparation and lodgement of your tax return and activity statements

travel to obtain tax advice from a recognised tax adviser

obtaining a valuation needed for a deductible donation of property or for a deduction for entering into a conservation covenant; for more information, see Gifts of property in Special circumstances and glossary 2018.

Expenses for the preparation and lodgement of your tax return and activity statements include costs associated with:

  • buying tax reference material
  • tax return preparation courses
  • lodging your tax return through a registered tax agent
  • obtaining tax advice from a recognised tax adviser
  • dealing with us about your tax affairs

Source: https://www.ato.gov.au/Individuals/Tax-Return/2018/Tax-return/Deduction-questions-D1-D10/D10-Cost-of-managing-tax-affairs-2018/?=redirected

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So now is a good time to consider if there is any tax advice you need before the tax deductions are capped, and give your adviser a call.

For more information contact us at Health and Life  pa@healthandlife.com.au or for a no obligation free consult.

(c)Health and Life Pty Ltd

1 comments on “Restructure now: Labor will limit your tax deductible accounting and taxation fees to $3000 p.a.”

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