Scam alert!

Recently we have had 9 instances of scam activity reported to us by non-clients who have had unauthorised amounts withdrawn from their bank accounts.  These scammers are using the reference ‘BSN & Co’ and transactions usually involve small amounts, possibly as a test run for future larger amounts.

We have assured these non-clients that we do not have any access or authority to debit bank accounts whether clients or non-clients.  It is not a practice adopted by BS Newton and Co, nor BSN & Co.  It never has been and never will be.

What can you do?

In each case reported to us, we have advised victims to immediately contact their bank to report the scam for recovery of the debited amount and to block further withdrawals of this nature.

We also urge our current clients to closely monitor their bank account transactions, in case the scam becomes more widespread.

Other scams

Have you received a suspicious email, phone call, text, social media message or letter allegedly from your bank, Auspost, or the ATO?  If you have any concerns we recommend you report them to a government agency immediately and find out about your rights and options.  Your report also helps to warn the wider community about the latest scams.

Please CONTACT US if you have any concerns about withdrawals from your bank account with the reference ‘BSN & Co’.

Revised fixed rate

The ATO has made changes to working from home expenses claims from 1 July 2022 with a new revised fixed rate.

The revised fixed rate (67c/hour) covers additional:-

• Energy costs (electricity and gas)
• Internet expenses
• Mobile and home phone expenses
• Stationery
• Computer consumables

In order to use the revised fixed rate (67c/hour), you must:

• Work from home while carrying out employment duties (not just completing minimal tasks), or carrying on business.
• Incur additional running expenses as outlined above, as a result of working from home.
• Keep and retain relevant records of the time spent working from home and for the additional running expenses being incurred.

Record keeping

You will now need to provide a representative record of the total number of hours worked from home for the period 1 July 2022 to 28 February 2023 in the 2022/2023 year and a record of the total number of actual hours worked for the 1 March 2023 to 30 June 2023 period.  Consequently, estimates will not be acceptable and the record of hours may be in the form of timesheets, rosters, a diary or similar, and be maintained in real time!

Decline in value of assets

Also, you will now be able to claim a separate deduction for depreciation of work related equipment and office furniture used when working from home.  You will need to provide records that show when and where you bought the item and its cost, when you started using the item for work related purposes and how you calculated the percentage of work-related use (e.g. using a diary).

The traditional requirement for the home office to be a separate and dedicated work area no longer applies in respect of any “working from home” claim.

Alternatively, you may use the actual cost method, however this method requires detailed calculations and records such as electricity bills showing unit costs and the average units used per hour.

CONTACT US TODAY for assistance with your claim.

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