We are focused on optimising your individual tax return. Whether that be maximising your tax refund or minimising the tax payable.
If you have yet to submit your tax return details, we have prepared a 2020 Tax Return Checklist which outlines the items that may be claimed, details required and the documentation to supply. Opened in Adobe Acrobat, this document is editable, allowing you to tick each item. Alternatively, you can print it or simply use it as a reference document. This checklist is a guide and is not a comprehensive list. If you are unsure of what other items should be provided, please book a call with a Modoras Accountant.
The end of the financial year is approaching, so we asked a range of Modoras experts to share their top tips and tricks for individuals and businesses in the lead up to June 30. Make sure to come back as we update this section regularly.
Melbourne Director and Executive Planner, Ian Fox, talks about you can best prepare this tax season.
Modoras Executive Planner Katerina Sousalis shares her top tax tips for individuals.
Watch Accounting Manager, Natasha Guarino as she reveals her top business tip for tax time.
Are there any other tax tips I should be considering?
It is that time of year again! Modoras Professionals are here to help maximise individual tax returns. With the combination of videos and frequently asked questions below, these tax tips are designed to help you not pay a cent more than you need to. Be sure to take a look at the tax checklist for individuals and talk to your Modoras Professional about your 3 financial goals. After all, achieving more is possible... when you know how.
Claiming car-related expenses using the logbook method during COVID-19
Can I claim a deduction for gloves, face masks, sanitiser, anti-bacterial spray that I use at work due to COVID-19?
Can I claim for my rent or mortgage and will this affect capital gains tax if I sell my house?
My tenants have temporarily stopped paying rent because their income has been adversely affected by COVID-19. Can I still claim deductions on my rental property expenses?
I'd like to stop paying for advertising on my short-term rental property during COVID-19. Can I still claim deductions associated with holding the property?
I'm using my holiday home privately for myself during COVID-19. Can I continue to claim deductions for the property for this period, as I am unable to rent the property commercially?
I have maxed out my concessional contributions. How else can I get a tax deduction using super strategies?
I only paid $10,000 into super last year but have contributed $25,000 this financial year. Can I get any more tax deductions?
Should I take the additional $10k from super post 30 June? What’s the potential impact? If I have taken the first $10k, how do I catch up?
Under the COVID-19 early release of super arrangements, can I make more than one application in the same financial year as long as I don't withdraw more than $10,000 in total in either the 2019-20 or 2020-21 financial years?
I’ve had my hours cut back at work and I can’t afford to pay the bills. What assistance is available to me? And what is the impact of withdrawing super?
My income has decreased due to the downturn in the economy and I can’t afford to pay my expenses. Can I access my super?
A businesses tax position at tax time is a result of the decisions made 365 days a year. In saying that, there are a number of strategies for businesses to optimise the outcome. Take a look at the tax tips below and come armed with your 3 personal and business goals this tax time. After all... achieving more is possible... when you have insight on your side.
This End of Financial Year may feel different to previous ones. We’ve put together End of Financial Year FAQs to help you maximise tax time benefits. We know that there isn’t a one-size-fits-all solution to accounting, wealth management and business growth. So we’ve also outlined some tax-effective strategies that you may benefit from. We can help you find what strategies are right for you and/or your business.
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IMPORTANT INFORMATION: The information on this page was prepared on Monday 15 June 2020. The accounting information on this page has been prepared by Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215, Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521 and Modoras Accounting (VIC) Pty. Ltd. ACN 145 368 850. The financial planning information on this page has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (No. 233209), located at Level 3, 50-56 Sanders St, Upper Mt Gravatt Q 4122. The information and opinions contained on this page are general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to act on an accounting or wealth strategy, should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to implement and particular strategy. Modoras Pty. Ltd., Modoras Accounting (QLD) Pty. Ltd., Modoras Accounting (SYD) Pty. Ltd. and Modoras Accounting (VIC) Pty Ltd recommends that no financial product or service be acquired or disposed of and no financial or accounting strategy adopted without first obtaining professional personal advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained on this page can change without notice. Modoras Pty. Ltd., Modoras Accounting (QLD) Pty. Ltd., Modoras Accounting (SYD) Pty. Ltd. and Modoras Accounting (VIC) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within. Modoras Pty. Ltd., Modoras Accounting (QLD) Pty. Ltd., Modoras Accounting (SYD) Pty. Ltd. and Modoras Accounting (VIC) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.