Tax time is here!

Christine Town • July 2, 2018

Another financial year has ended and its time to get your documents together for your 2018 tax return. At BMO, we recommend getting your tax return completed by a professional tax agent (accountant) to ensure you don’t miss out on legislative deductions you might not know you’re entitled to, therefore increasing your possible refund.

Work-related deductions are a key factor in any return and it’s important to remember that honesty is always the best policy. The Australian Tax Office (ATO) now conducts a large amount of data matching.  The ATO has the ability to check taxpayers’ deductions in real-time as their return is completed. It has methods to data match your claims and deductions against those in the same occupation and income brackets, so if there are anomalies, they may take a closer look, like checking into your social media accounts.

Car expenses is an area that often gets people. Remember you can only claim a deduction when you use your car to perform your job as an employee. Most people cannot claim the cost of travel between home and work because this travel is mostly deemed private.

Car expenses aren’t the only area in the firing line, the ATO said it would be paying extra attention to people whose deduction claims are higher than expected such as deductions for travel, internet, mobile phone and self-education.

It’s essential to keep records and receipts as it is your only proof of your claim and as the ATO tightens the belt, you could be asked to verify your claims.

Now is also a good time for you to revisit your personal or family budget and make sure that you have plans in place to grow your wealth and ensure your insurances are up-to-date.

There are different rules for different occupations, so once again, we suggest you use a registered tax agent or qualified accountant to assist with your tax return.

 

This article is general in nature. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.  Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative of McPherson & Associates Pty Ltd Australian Financial Services Licence (AFSL) 229883. McPherson & Associates Pty Ltd and its Authorised Representatives do not accept any liability for any errors or omissions of information supplied in documents, blogs or articles on this website.

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Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.