Tax time has come around again but a Griffith accountant says with most payment summaries still being completed, things are yet to ramp up.
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"My busiest month is normally June but this year things haven't quite started yet," AKW accountant Michael Wakeling said.
"Regional people have a tendency not to do returns in the first two weeks but most of the details and pay summaries have yet to be finalised."
![AKW accountant Michael Wakeling. Picture by Allan Wilson AKW accountant Michael Wakeling. Picture by Allan Wilson](/images/transform/v1/crop/frm/200567879/96c0a726-9924-4c15-8559-df103765216e.jpg/r0_0_3548_2267_w1200_h678_fmax.jpg)
New tax cuts
The government's new tax cuts came into effect on July 1, meaning every taxpayer in Australia will receive more cash in every pay slip over the next 12 months.
"They will be attached to next years income so I'm not anticipating there will be much difference from last year this time around - which is unusual," he said.
"The big thing was the stage two tax cuts with the current government transferring from the previous government.
"Because this is the first week of the cuts people will notice less tax deducted."
Be mindful of working from home expenses...
Mr Wakeling says people should be mindful of claiming working from home expenses and any changes to their pay that could affect debts such as HECS.
They include incorrectly claiming work-related expenses, inflating claims for rental properties and failing to include all income when lodging.
"People need to be careful they are making the correct claim of working from home," he said.
"Heating and cooling - electricity - needs to be weighed against depreciation on office expenses.
"You need to take one or the other; heating or cooling or office and internet.
... and HECS debts
"People can also run into trouble where they have had increases in pay for the year and have a HECS debt," he said.
"They need to be mindful whether their pay increase has pushed them above the threshold for them to start paying it off.
"In that regard sometimes that wage increase half way through the year can be a trap if, by increasing the wage, they hit that threshold or haven't told their employer they have a HECS debt."