Jacob Fenech

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958 appearances 3 recordings 1 series first heard Jun 2021 last heard Jun 2022

Jacob Fenech’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Tax time 2022: things to know (to get the best return) · 23 Jun 2022 podcast

And so...

Doing these returns, I mean, all the time we get to the end of the year and I'm like, okay, so we sent you that.

There's an Excel kind of document that you can get on AirTags or there's a heap around online that you can basically download for free to keep.

yeah, let's have a look at the logbook.

Let's work out what we can claim based on all your expenses that you might be incurring in your travel.

And they just haven't done one.

And it's pretty risky to try and just fake a business portion because if it was ever reviewed, you do need to actually provide like some sort of substantiation around how you've got to your business percentage.

So we end up just going, say, with the 5,000 Ks method, which is really, and what that is for people, I mean, there's probably people that know about it, but for people that don't,

It's claiming a set amount.

So it's usually a bit over 70 cents you can claim for each kilometer that you're traveling when you are, say, as a tradie going site to site.

But, I mean, if you think about you, so you can only claim up to 5,000 Ks per year, which once again, as an employee, when you might be going to a client site every now and again, it's not that.

It's pretty good.

You can still claim all those trips.

But if you are a tradie and you're doing a lot of driving, you really are selling yourself short just by using that method.

So I think with everything like fuel prices going up, all that sort of stuff, the ATO hasn't really adjusted the 72 cents for a little while.

So I think keeping a logbook is the really big one for tradies that they may already know about but don't do.

And so that's the one that I suppose I want to highlight today as well.

Yeah, so you only have to, it's usually a 12-week period really importantly.

that we suggest so um what i would say is pick your busiest 12 weeks that you know you're doing a lot of driving um and you can then roll that forward because that gives you the best deduction um you don't need to do it forever so that's the other really good thing um a good point too on that it's not like a nightmare in terms of admin for yourself you do it for a little while and then you use it and you roll that roll that bad boy forward so i think um

That's really useful for people to know going into it that there is light at the end of the tunnel in terms of it shouldn't feel like you're casting your mind back to when you needed that set amount of hours.

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