Individual Tax Return Checklist 2018

Instructions on using the checklist:

This checklist is only available to Aston’s clients, for them to collate documents to forward on to us.

This is a general checklist only. Not all items on the checklist may be applicable to you, or you may have other items to declare/claim depending on your personal circumstances.

Click the link below to download the pdf file.

Checklist 2018

Xero subscription changes

Most of you may have received this news earlier last week: Xero has recently announced adjustments to their Subscription plans for Standard and Premium plan users, effective 28 September 2018.

Premium plan users

As Xero rolls out more features on reporting, payroll and mobile apps, the prices of the Premium plans will increase starting from 28 September 2018.

This means that in your September and October invoices you will see an adjustment made to your monthly subscription fee.

Standard plan users

Starting from 28 September 2018, Xero Standard subscription users will notice that they will be able to have up to two active payroll employees on the Standard $50 plan, as compared to one active payroll employee currently.

It is therefore a good opportunity to review your subscription plans to see if you can update your subscription plans depending on your business needs. If you need assistance in choosing the correct subscription plan, or to update your subscription plans, please contact us.

More information can be found on this blog post.

Superannuation Guarantee Amnesty

On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing.

The Amnesty gives employers a one-off opportunity to self-correct past super guarantee (SG) non-compliance without penalty. Catch-up payments made in the 12 month period will be tax-deductible.

To be eligible for the Amnesty and avoid harsher penalties the government requires employees to:

  • disclose their SG shortfall amount including nominal interest to us within the 12 month Amnesty period, and
  • not be subject to an audit of their SG for the relevant periods.

This won’t be final until the legislation is passed through Parliament however you can read more information about the government’s plan here.

Once the legislation is passed, we will be talking with clients that we believe may find this amnesty useful, or you are welcome to approach us for assistance.

Is it Goodbye to Rental Property Travel Expenses?

From 1 July 2017, an individual’s travel expenses relating to a residential investment property are not deductible, so you will not need to calculate kilometres and expenses when sending in your 2018 tax information.

Those who have commercial or industrial rental properties, or running a business of property investing will still be eligible to claim travel expenses as will companies that own residential property.

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