Minimise your stress
Haven’t done your tax return yet? Well, don’t worry, we are here to help! The team at Peacocke Accountants has the skills to provide you with the best tax advice and to ensure accurate and on-time lodgements for all your compliance needs. With our up to date knowledge of Australian and international taxation, we can offer a variety of tax minimisation strategies for your specific industry and business.
Crackdown on work-related expense claims
There is more scrutiny of work-related expenses by the Australian Tax Office this tax time after an increase of 20 per cent on claims related to clothing and laundry expenses. Common mistakes include claiming ineligible clothing (ie any clothing that can be worn in a normal social situation), claiming for something without spending the money, and not being able to explain how the claim was calculated. The message from the ATO is to declare all income, not to claim a deduction unless the money has actually been spent, not to claim on private expenses and to keep appropriate records to back up claims. Remember, only uniforms or protective clothing are claimable.
Travel expenses change for truck drivers
The ATO’s reasonable amount allowed for travel expenses for employee truck drivers required to sleep away from home will drop from $97.40 per day to $55.30 for the 2017/18 tax year. The costs will also need to be substantiated with written evidence, so a driver can either claim the exact amount with all receipts or use the reasonable amount accompanied by diary entries, bank records and some receipts.
We love Xero
It’s no secret that we love Xero. It’s easy, convenient and tailored to suit your needs. We also understand that one solution does not fit all. We can provide you with a range of services that are best for your needs too – with options on business management, superannuation, succession planning, tax strategies and profit optimization.
One of our main focuses is on client relationships, not conversion rates. Our objective is to please our clients so that they would never consider leaving us, and because of this, our retention rate is high. Several of our clients have been with us for a long time and continue to refer new business to us. Because clients are people, not numbers.
We will host a seminar on investing in a low interest rate environment on Thursday evening 6pm, September 28. Anyone with a self-managed super fund that’s primarily in cash and fixed interest investments is encouraged to attend. Some investors may have taken on more risk than is desirable by aiming to increase yield. In this seminar, Jon McGrath from JBWere will explain how to improve yield while maintaining a very low level of risk. Clients, friends and newcomers are all welcome to attend.
Service with a smile
“They are wonderful, really friendly, efficient, professional. Nothing is ever a problem,” client Kellie Sweeney says.
You’re welcome. We love to help you. Contact us at
http://peacockeaccountants.com.au/helping-you/ or call the office on 6885 5594.