Innholdsfortegnelse for Special Tax Edition i WFO

1. Don’t lodge too early (wait until late July) This allows the ATO to receive information on your wages, bank interest, private health insurance, dividends, and government payments – and pre-fill these into your tax return. Then, all you need to do is check the information is correct, add anything that’s missing (like other income you’ve earned, or deductions you can claim) and you’re good to go. ‘We do see more mistakes made in people’s tax returns when they lodge too early, so it’s best to wait. The ATO app is an easy way to check whether your income statement and pre-fill information is ready before you lodge’, says Rob. 2. Include all income you’ve earned (yes, that includes your side gig!) ‘You must include all income you received throughout…

There’s a silent tension growing between accountants and their clients. On one side, clients feel their accountant is reactive, hard to get hold of, and “just does the tax.” On the other side, accountants are frustrated by increasing expectations, tight turnaround times, and clients who don’t seem to value their input until it’s too late - or not at all. It’s a dangerous disconnect. And if we don’t address it soon, we’ll lose more good practitioners to burnout, frustration, and disillusionment. That’s something none of us can afford. I believe it’s time - past time for a relationship reset. A reset based on mutual respect, clearer expectations, and a shared understanding of value. Who’s the first phone call in a crisis? Think about the last time you had a business…

I Rebecca McCullagh, have been working for the Tax Clinic since June 2024. Even though this is a short time I can already see the impact we have on the community changing people’s lives one tax return at a time. The impact the Tax Clinic has had on the Tasmanian Community from 2023 until now. The UTAS Tax Clinic continues to demonstrate its value as both a community service provider and a student training hub. Since 2023 (as a sample period) the Clinic has delivered high-impact outcomes across Tasmania. The statistics gather include but are not limited to 811 clients served across direct services. This reflects a sustained and growing need for accessible tax help, particularly among those facing financial hardship, language barriers, or systemic disadvantage. Tax Returns and Business…

We’ve included the following checklists, to help you collate your information to bring to you accountant: Individual checklist Rental Property checklist Small Business checklist Investor checklist The checklists will be available on the website shortly. If you would like to receive a copy of the checklists send an email to sam@wfomag.co Individual Checklist Work Related Expenses Checklist Other Work Expenses Checklist Home Office Checklist Rental Property Checklist Small Business Checklist Investment Checklist…

Is this just a hobby business?” WHAT THE? Rachel had been running her online store for three years, employing two staff members, but her tax agent couldn’t see past the fact that she worked from home.” Her tax agent’s dismissive attitude wasn’t just unprofessional – it was undermining everything she’d worked to build. Wherever you are on your financial journey - whether it is growing a business from your dining table, working on your business between school drop-offs and pick-ups, or planning your next bold move – you deserve a tax agent that treats you like the powerful, intentional woman that you are! As a tax agent, I often hear women complaining at networking events, or on Facebook posts, that their current tax agent speaks down to them, overlooks them,…

At WFO Magazine, we’ve always been dedicated to more than just money and finance – we’re dedicated to the empowerment, upliftment, and betterment of women and families everywhere. As a leading financial magazine crafted by and for women, we’ve always recognised the importance of giving back. In each issue, we’ve shed light on three charities that support women and children. Now, we’ve taken a significant stride with our newest initiative. With immense pride, we’re thrilled to announce the launch of our Charity Wall on the WFO website! A virtual space, it’s more than just a showcase for cause; it’s a testament to the power of collective impact. Purpose of the Charity Wall Our mission has always revolved around empowering and enlightening our readership. While every WFO issue features three outstanding…