Christmas & New Year closure

We’ve enjoyed working with all of our valued clients during the year but we’re going to take a break.  Therefore, we’ll close at 3.30pm on Wednesday, 21 December 2022 and will re-open at 9.00am on Tuesday, 3 January 2023.

We wish you a happy and safe festive season and we look forward to working with you again in 2023.

Merry Christmas!

Kevin and the team

Commonwealth seniors health card

The Commonwealth seniors health card (CSHC) provides access to Australian Government concessions on medical and pharmaceutical costs for Australian residents over pension age but not entitled to income support payments.

The income thresholds for the CSHC have been increased significantly from 4 November 2022 and are as follows:

Singles                                                     $ 90,000

Couples                                                   $144,000

Couples separated by illness               $180,000

Please note that there is no asset test applied for the CSHC, just the income test which includes:

• Your adjusted taxable income
• Deemed income from account based pensions
• Your partner’s income

The CSHC is issued to the individual applicant, hence in the case of a couple, each party will need to make application to receive the card.

The eligibility requirements need to be satisfied each year to retain the card.

CONTACT US TODAY at BSN & Co if you need assistance with the income test information.

Pensioner income thresholds have increased

Pensioner income thresholds have increased so pensioners (age and veteran) will soon be able to work extra hours without affecting their Centrelink payments.

Legislation introduced into Parliament recently will extend the $4,000 boost to the work bonus scheme for an extra six months to 31 December 2023.

The move is aimed at boosting workforce participation among older Australians in the face of nationwide worker shortages by giving pensioners the choice to supplement their income, and work more hours, should they wish to do so. The ability to increase work hours without affecting pension payments will be welcome in light of the rising cost of living.

Are you eligible to receive the age pension?

On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive.

If your birth date is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.

Read more about Age Pension age requirements on the Department of Social Services website.

CONTACT US TODAY for assistance with your transition to retirement

Claims for additional running expenses

The ATO is making changes to the methods of claiming working from home expenses.

The temporary shortcut method of claiming for working from home expenses (all inclusive 80c/hr) is no longer available after the 2021/2022 financial year!

The fixed rate is increasing from 52c to 67c/hour, however the new rate will include the following home office expenses:

• Home and/or mobile phone and internet expenses
• Computer consumables and stationery
• Heating, lighting and cleaning costs

Claimants will need to have a representative record of the total number of hours worked from home in the first half of 2022/2023 and a record of the total number of actual hours worked for the second half of 2022/2023 – estimates will not be acceptable and the record of hours may be timesheets, rosters, diary or similar maintained contemporaneously!

You can’t claim a deduction for the following expenses if you’re an employee working at home. These include:

• coffee, tea, milk and other general household items, even if your employer may provide these at work
• costs that relate to your children’s education such as equipment you buy – for example, iPads and desks, subscriptions for online learning
• items your employer provides – for example, a laptop or a phone
• any items where your employer pays for or reimburses you for the expense

CONTACT US TODAY so we can help you maximise your claim!