Faraci & Co
Certified Practising Accountant
Meeting Times
If you wish to have a meeting our preference is via video conferencing (Zoom, Microsoft Teams, or Google Meet). You can contact our office to arrange a suitable time our you can click on the link below to book a time. Appointments will not be taken via SMS please call or email the office with a few preferred times.
Link to book a meeting - https://calendly.com/faraci_co
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Our meeting times are for both online and face to face meetings are
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Monday – 1pm to 5pm last appointment
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Tuesday to Thursday – 9am to 5pm last appointment
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Friday – no appointments
BEWARE OF SCAMMERS
The ATO will never send you a link to log in to your myGov account or to update your bank details — and neither will your bank or any other government organisation.
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So please, do not click on any links in emails or text messages that request personal or banking information. Do not respond to these messages — they are scams designed to steal your personal information.
The ATO may send you an SMS or email advising that you have a new message in your myGov Inbox. However, they will never include a direct link to log in. Always access your account by logging in directly via the myGov app or by visiting the official website.
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Genuine Australian government websites will end in .gov.au (e.g., ato.gov.au or services.vic.gov.au). Be cautious — never log into a .com.au website thinking it’s a government site, as it is not.
Income Statement / Payment Summaries
All employers are now required to report your pay, tax and super information direct to the ATO each payday via Single Touch Payroll (STP).
Your employer needs to have your payment summary information finalised as “Tax Ready” by 31 July 2025. Accessing this information prior to it being “Tax Ready” risk changes been made without your knowledge.
Other institutions such as Centrelink, government agencies and health funds generally report their information to the ATO by the end of July.
Bank Interest / Managed Funds Information
Bank interest - generally reported to the ATO within the month of July
Managed Funds Statements (i.e - Colonial, BT, Vanqguard) - funds managers need to lodge the Annual Investment Income Report by early August
HECS/HELP Debt
Indexation is applied to your HECS/HELP Debt at the balance at 1 June of each year. Current Indexation Rate is 3.2%
The 20% HECS/HELP reduction, as promised by the Government, will be applied after legisalation has been passed on 22 July 2025
If you have made repayments from 1 June 2025 the ATO will refund you
Expenses Claims
We enchourage you to review our checklist for a list of expense claims available to you - click here
As with prior years the ATO are continuing to review expense claims by employees.
In particular their area of focus are.
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Motor Vehicle Expenses,
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Laundry and Work Clothing
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Work Related Expenses
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Home Office Claims
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​We are required to detail each line item of claim on your behalf and to do this we require you to provide the appropriate evidence for each claim. - click here for what the ATO expect from you to support your claim
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​The ATO also provide and more detailed list of expenses you can claim - click here​​​​
Standard Deductions?
​The saying “Just do the same as last year” or “I would have spent $100 on boots” will not be accepted as item of claim unless you have evidence of the expense or can provide the evidence of the expense.
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And there is no such thing as "Standard Deductions". Meaning claiming $150 for laundry or $300 on incidentals is not automatic you still need to have spent the money and prove it.
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The Governements annoncement at the the most recent federal election of the $1000 standard deduction does not come into effect until the financials year 2026/2027. Therefore this is not applicable for the financials year 2024/2025 and 2025/2026.
Share Sales / Crypto Trading
​Shares
We might get advised by the ATO of your share disposal during the financial year but you need to advise us on the purchase details. So if you are have sold shares during the past financial year please provide details of the purchase.
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Crypto
if you have traded in Crypto during the year, please provide an Profit & Loss Report, Income Report or Capital Gain Report from your platform provider (i.e coinspot.com, crypto.com). This report should be a summary of total sales and purchases for the year and also show your holding balance at 30 June. ​
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Profits/Gains are taxable income, whether you are entitled to the 50% general discount depends on whether you have held the security for over 12 months or not.
Losses are not tax deductible and can only be offset against profits/gains and a carried forward into future tax years.