{"id":7150,"date":"2022-07-01T09:52:33","date_gmt":"2022-06-30T23:52:33","guid":{"rendered":"https:\/\/brighten.com.au\/resources\/media-centre\/brokers-beware-tax-time-is-here\/"},"modified":"2022-07-01T09:55:13","modified_gmt":"2022-06-30T23:55:13","slug":"brokers-beware-tax-time-is-here","status":"publish","type":"media-centre","link":"https:\/\/brighten.com.au\/zh-hant\/media-centre\/brokers-beware-tax-time-is-here\/","title":{"rendered":"Brokers beware: tax time is here"},"content":{"rendered":"\n<p>Publication Date: Thursday, 30 June 2022<br><em>This article originally appeared in&nbsp;<a href=\"https:\/\/www.brokernews.com.au\/news\/breaking-news\/brokers-beware-tax-time-is-here-280506.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Australian Broker<\/a><\/em><\/p>\n\n\n\n<p>We are officially halfway through 2022, which means that much-dreaded process is about to hit us again \u2013 tax time.<\/p>\n\n\n\n<p>As brokers begin scurrying to lodge their tax returns, Natalie Sheehan (pictured), head of distribution at non-bank lender Brighten Home Loans, has compiled a checklist brokers can use to close out the financial year on a high.<\/p>\n\n\n\n<p>Sheehan said with the mortgage sector still reeling from back-to-back interest rate increases and the new era of federal leadership being ushered in, there has never been a more important time to ensure brokers are ready to maximise their tax return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Let your tech do the heavy lifting<\/strong><\/h2>\n\n\n\n<p>Sheehan said gone are the days brokers had to make do with pen and paper for wrapping up client activity, lodging records with the ATO and finalising accounts.<\/p>\n\n\n\n<p>\u201cWith brokers busier than ever, many are putting their trust in technology to drive efficiencies and speed up&nbsp;processes,\u201d she said.<\/p>\n\n\n\n<p>\u201cTechnology is evolving at breakneck speed and it\u2019s now less a question of which processes can be levelled up, but which should be. This is where automation comes into play as automation software can streamline your processes, drastically reducing complexity and time spent on EOFY admin.\u201d<\/p>\n\n\n\n<p>Sheehan said automation software could also chip away at accounts daily rather than quarterly or yearly.<\/p>\n\n\n\n<p>\u201cThe right tool will allow for processing of income entitlements, provide daily reconciliation of transactions and enable instant and automated tax statements,\u201d she said.<\/p>\n\n\n\n<p>\u201cMeanwhile, integrating other digital services such as receipt recording, time tracking or expenses management \u2013 all are great methods of saving broker\u2019s time.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Decoding deductions<\/strong><\/h2>\n\n\n\n<p>Sheehan said brokers wanting to maximise their return should consider all deductions they are eligible for.<\/p>\n\n\n\n<p>\u201cTravel expenses, home office expenses, education and event internet and mobile phone connection expenses can be written off,\u201d she said.<\/p>\n\n\n\n<p>\u201cIt\u2019s worth talking to a tax professional to determine which apply to you as it will help you remain compliant and the cost of tax advice is deductible too.\u201d<\/p>\n\n\n\n<p>Sheehan said brokers with their own business could take advantage of the instant asset write-off.<\/p>\n\n\n\n<p>\u201cFollowing the pandemic, the Australian government increased the threshold from $30,000 to $150,000, allowing brokers to claim an immediate tax deduction for all capital purchases costing less than $150,000,\u201d she said.<\/p>\n\n\n\n<p>\u201cThis can help recoup any large purchases made this year such as tech items, office furniture and equipment.\u201d<\/p>\n\n\n\n<p>Sheehan said brokers who had been working from home the year, either part time or full time, could claim a portion of home-related expenses.&nbsp;<\/p>\n\n\n\n<p>\u201cSome expenses you can claim include rent or mortgage interest, heating and cooling bills and home office equipment.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>New financial year, new me<\/strong><\/h2>\n\n\n\n<p>Sheehan said the end of the financial year shouldn\u2019t be all reports and numbers.<\/p>\n\n\n\n<p>\u201cIt\u2019s easier said than done, but early preparations for next year can ensure you\u2019re receiving the deductions you\u2019re entitled to as well as discovering new ways to increase your refund next time.<\/p>\n\n\n\n<p>\u201cIt can also be time to reassess and tweak your business plan to ensure you\u2019re on the right path for next year. Familiarise yourself with any regulation and law changes and implement these business changes before the start of the new financial year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Publication Date: Thursday, 30 June 2022This article or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5640,"menu_order":0,"template":"","meta":{"_acf_changed":false},"categories":[35],"tags":[],"class_list":["post-7150","media-centre","type-media-centre","status-publish","has-post-thumbnail","hentry","category-media-centre-zh-hant"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brokers beware: tax time is here | Brighten<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/brighten.com.au\/zh-hant\/media-centre\/brokers-beware-tax-time-is-here\/\" \/>\n<meta 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