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AS tax time approaches, using a qualified accountant can make all the difference. 

At Ford McCarthy & Associates, clients benefit from tailored, professional advice that ensures compliance with the latest regulations — while maximising refunds or minimising tax liabilities, and reducing stress.

Tax laws and available deductions change often, and it is easy to miss valuable opportunities or make costly errors without expert help. 

The team at Ford McCarthy & Associates stays up to date with these changes and takes the time to understand each client’s taxation requirements.

Whether you are an employee, sole trader, retiree or business owner, they all apply current tax rules to your specific circumstances to get the best result.

For the 2024-25 financial year, several updates may affect your return. These include adjustments to personal income tax rates, with the 32.5 per cent tax bracket reduced to 30 per cent for incomes between $45,000 and $200,000. 

The cents-per-kilometre rate for work-related car travel has increased to 88 cents, and the home office fixed rate has risen to 70 cents per hour.

Small businesses may also benefit from the $20,000 instant asset write-off, available for eligible purchases until June 30, 2025.

Ford McCarthy & Associates offers a full suite of services, including tax return preparation for individuals, partnerships, companies and trusts; BAS and TPAR lodgements; SMSF administration; capital gains tax calculations; business advisory; bookkeeping; payroll processing; and software support across MYOB, Xero, QuickBooks and others.

To get the most from your appointment, bring your income details, receipts for deductions, and your spouse’s taxable income figure if relevant. New clients will also need to provide photo ID and your
Tax File Number.

For appointments or enquiries, contact: phone (08) 8825 2080, email adminmoonta@fordmccarthy.com, or see www.fordmccarthy.com.

Ford McCarthy & Associates’ head office is in Flinders Park and there are branches in Moonta, Yorketown, Riverton, Clare, Two Wells and Eudunda.

Tax tips from Ford McCarthy

The Australian Taxation Office is stepping up its use of advanced technology — such as data analytics and artificial intelligence — to review tax returns more closely. 

In 2024-25, the ATO is focusing on correct registration, timely lodgement and ensuring taxpayers pay the right amount.

Areas under increased scrutiny include rental property deductions, work-related expenses and undeclared income from the sharing economy, such as Uber driving or other gig work.

A major priority this year is the ‘shadow economy’ — where people or businesses deliberately underreport income to avoid paying tax; this includes cash jobs or failing to declare all sales. 

The ATO is matching data from banks, government agencies and online platforms to assess whether reported income aligns with lifestyle and spending patterns.

These checks help identify errors or deliberate tax avoidance and ensure fairness across the system.

Making personal super contributions and claiming a tax deduction can be a smart way to reduce taxable income while boosting retirement savings.

These contributions are taxed at 15 per cent within your super fund — often lower than your marginal tax rate — offering a potential benefit. 

To claim a deduction, you must lodge a Notice of Intent with your super fund and receive confirmation before submitting your tax return.

Be sure your total concessional contributions stay within the annual cap to avoid additional tax.

If you receive Centrelink payments such as JobSeeker, Youth Allowance, Austudy or the Age Pension, it is important to check that enough tax is being withheld. 

These payments are taxable in most cases, and under-withholding could result in an unexpected tax bill. 

You can ask Centrelink to withhold tax voluntarily to help manage this. 

It is especially important to review your tax position early if you have other income, such as from part-time work, investments or superannuation.