Happy end of the financial year 2022 (FY22)! If you are planning to turn over a new leaf this financial year, then tax is a good place to start.   Here are our top 8 tips for FY22 for individual taxpayers, whether you are an employee or a sole trader:

1. Records - before you even start thinking about claiming, think about how you are going to collate the info and retain it. For how long? Read our update on Retention of Records.
2. Car expenses - if you use your car for work, ensure you keep good records. Read more in our update on - Claiming car expenses.
3. Home office - the ATO has updated the rules for home office due to Covid-19, read our update on the backflip on home office claims.
4. Donations - keep your deductible gift recipient (DGR) receipt and remember donations cannot create or increase a loss, so plan carefully.
5. Self-education - start planning for FY23 there be no better time to spend some time and/or money on your future, read our update on dream career - upskill now. 
6. Super - check your super contributions and ensure you are not exceeding the cap due to salary sacrifice or any other reason. The concessional contributions cap (CCC) recently increased to $27,500 - read more here.
7. Assets - unless you are in business the instant-asset write off does not apply to you and you will need to depreciate any tools, computers, equipment, etc costing more than $300 - read more here.  If you are in business, read our recent update to the instant asset write-off.
8. Other - remember you may have genuine expenses you incur for your work that do not fit neatly into any of the boxes, this is where you need to check with your tax agent in the context of your particular circumstances to understand more about the potential deductibility of these items.

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au