Trim Taxation & Accounting

Trim Taxation & Accounting Trim Taxation & Accounting is a small professional accounting practice specialising in all your tax and accounting needs.

If you've lodged your tax return and the status shows "balancing account", the ATO has worked out the outcome of your ta...
04/09/2026

If you've lodged your tax return and the status shows "balancing account", the ATO has worked out the outcome of your tax return and is finalising whether you will receive a refund or have an amount to pay.

As part of this process, the ATO may also check your account with other government agencies to see whether you have any outstanding debts or amounts that need to be taken into account. ☝️

Sometimes your tax return may move from "balancing account" back to "processing" if the ATO is still completing its checks or if information provided to them has been updated.

Tax return processing can be confusing, but you don’t have to work it out on your own. If you have any questions, please contact me using the details below. Otherwise, rest assured that as soon as I have more information, I’ll be in touch with you.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

If you casually play mobile games for fun and receive a small amount of money from time to time, it may be considered a ...
02/09/2026

If you casually play mobile games for fun and receive a small amount of money from time to time, it may be considered a hobby rather than a business. If the activity is genuinely a hobby, the money you receive is generally not treated as taxable income, and you don't usually need to include it in your tax return.

The important thing is how you carry out the activity. ☝️

When deciding whether something is a hobby or a business, the ATO will look at things such as:

🎮Whether you have a regular or organised system for earning money
🎮How often you carry out the activity
🎮The size and scale of the activity
🎮Whether you keep detailed business records
🎮Whether you are actively trying to make a profit
🎮Whether the activity is becoming more like a commercial operation

If you’re someone who is simply playing mobile games casually for enjoyment and occasionally receives a small payment, it will generally remain a hobby. 👌

If your gaming activity grows, you play regularly with the primary purpose of making money, develop a structured strategy, or significantly increase your earnings, then the income may become taxable.

If you're earning money from gaming regularly or your circumstances have changed, it might be a good idea for us to have a chat. Contact me via the details below.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

In most cases, you can't claim gym memberships or fitness expenses as a tax deduction because these are generally consid...
31/08/2026

In most cases, you can't claim gym memberships or fitness expenses as a tax deduction because these are generally considered private expenses.

I’m referring to gym membership fees, skipping ropes, weights, and other fitness equipment. This rule generally applies even if you need to complete regular medical examinations or fitness tests as part of your job. 💪

There are some very limited circumstances where you may be able to claim fitness expenses, especially if your job requires an extremely high level of physical fitness, where strenuous physical activity is an essential and regular part of your work.

If you're unsure whether your fitness expenses are deductible, check with your trusty tax agent (like me!) or speak to the ATO directly before claiming them. 👌

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

If you earn dividend or share income, you may be able to claim certain expenses connected with managing your investments...
28/08/2026

If you earn dividend or share income, you may be able to claim certain expenses connected with managing your investments and earning that income.

This includes:
📍Eligible financial advice and investment management fees.
📍Certain investment-related costs, such as relevant travel, investment publications, internet expenses and the decline in value of a computer used for managing investments.
📍Interest and borrowing costs in some circumstances.
📍50% of an LIC capital gain amount where the relevant requirements are met.

However, you generally can't claim:
👎Financial advice relating to future or proposed investments where it isn't connected to your current income-earning activities.
👎Certain interest costs associated with capital-protected borrowing arrangements.
👎Brokerage and other transaction costs as an immediate deduction. These costs may instead be included when calculating your capital gain or capital loss when you sell the shares.

Invest smart, keep good records, and don’t miss the deductions you’re entitled to.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

Tax time may be over, but there’s always another deadline around the corner. For now, I’ll enjoy the coffee, catch my br...
26/08/2026

Tax time may be over, but there’s always another deadline around the corner. For now, I’ll enjoy the coffee, catch my breath, and make the most of August. ☕☕☕

If tax time left you with questions, now’s the time to chat with me via the contact details below. 👇

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

When using AI tools, it’s important to be careful about the information you share. Avoid entering personal or sensitive ...
24/08/2026

When using AI tools, it’s important to be careful about the information you share. Avoid entering personal or sensitive details that could identify you or put your privacy at risk.

This includes:
⚡Your full name
⚡Tax File Number (TFN)
⚡Bank account or payment details
⚡Phone number
⚡Home or business address
⚡OR other information that could be used to identify you.

As a general rule, don’t enter personal or confidential information into an AI tool unless you’re confident it’s safe to do so, and if you need help with a tax question, remove or replace identifying details first.

Before you hit send, take a moment to check FIRST. 👌

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

If you have a tax bill that you’re unable to pay by the due date, the best thing to do is contact the ATO or inform your...
21/08/2026

If you have a tax bill that you’re unable to pay by the due date, the best thing to do is contact the ATO or inform your tax agent before the payment is due.

If your tax debt isn’t paid by the due date, the ATO may:

👉charge a General Interest Charge on the outstanding amount
👉contact you by SMS, through myGov, by letter or by phone
👉use any future tax refunds or credits to reduce the amount you owe.

If the debt remains unpaid, it may eventually be referred to an external debt collection agency. Where a debt continues to be overdue, the ATO may also take further steps to recover the money, including stronger collection action or, in more serious cases, legal action. ⚡

The main thing is not to ignore the debt. 🚨
If you know you’re going to have trouble paying, advising this sooner, rather than later, gives you the best chance of finding a manageable solution.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

Reminder for the 21st of August📍📍July monthly activity statement.Due date for lodgment and payment.📍Annual GST reporting...
19/08/2026

Reminder for the 21st of August📍

📍July monthly activity statement.
Due date for lodgment and payment.

📍Annual GST reporting election.
Final day for eligible monthly GST reporters to choose to report their GST annually.

Don't leave these lodgments until the last minute, and if you need a hand getting your reporting sorted, contact me today.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

If your employer doesn’t appear when you search ABN Lookup, there could be a few reasons, including that the business ma...
17/08/2026

If your employer doesn’t appear when you search ABN Lookup, there could be a few reasons, including that the business may not currently have a valid or active ABN.

👉An ABN is generally required for businesses carrying on an enterprise in Australia and is commonly used for invoicing and managing tax and superannuation obligations.

If you’re unsure about your employer’s details, I’d recommend:

📍Confirm the ABN directly with your employer and then use ABN Lookup to make sure the details match.
📍Search the business through ASIC to see whether it is registered under a company or business name.
📍Review your payslips to make sure they are being provided correctly and that the appropriate amount of PAYG withholding is being deducted from your wages.
📍Keep an eye on your superannuation through your myGov account and ATO online services to check that your employer is paying your super as required.

If the business details still don’t seem to add up, or you have concerns about how you’re being paid, it’s worth getting some further advice from the Australian Business Register or the ATO before assuming anything is wrong. 👌

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

Reminder 📍🚨14 August is the final date to lodge your PAYG withholding payment summary annual report.🚨If your business ha...
13/08/2026

Reminder 📍

🚨14 August is the final date to lodge your PAYG withholding payment summary annual report.
🚨If your business has an Employee Share Scheme, the 14 August deadline also applies to your ESS annual report.

Don't leave these lodgments until the last minute, and if you need a hand getting your reporting sorted, contact me today.

Tracie 👋
Ph: 0410 133 364
Email: [email protected]

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