Tax Planning Recommendations

‘Tax time’ is really busy time for taxpayers as well as registered agents.

But if you have forward thinking and pre-planning, you could have yourself feeling confident, organised and ready to tackle the tax man and ready to any delay.

There is an old notion aiming to put a positive spin on tax liabilities that the more tax you pay means the more money you are making. 

We help to do your lodgement as soon as possible and try to get maximum refund.

You can contact us for any information.

  • Defer income: Please Consider delaying or bringing forward invoicing, excluding unearned assessable income, whether ‘cash basis’ accounting may be available to you. Bad debts: Write off any no collectable receivables before year-end.
  • Prepayments: Please consider any payments which occurred during the year.
  • Obsolete stock: analysis inventory for any non-sellable items that should be scrapped, or slow-moving items that could be written down to correct value at the end of the year.
  • Instant asset write-off: The higher threshold of $30,000 assets would be instant written off.
  • Obsolete fixed assets: analysis plant, equipment, furniture and other fixed assets (per your depreciation schedule) for any items no longer operative to be scrapped.
  • Capital gains tax: Consider realising capital losses to offset capital gains made during the year
  • Employee superannuation: please consider employees fund at the end of the year.
  • Personal superannuation: Apply 10% of the maximum earnings implementing so be careful about limits.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Self Managed Super Fund

A SMSF is a private superannuation fund which can be managed by yourself with the purpose of saving at the retirement Age. and regulated by ATO.

Well, it is important to known that everybody not able to save money that way. This things is depends on risk taking, bundle of money available for only investments and individuals skills.

There are some advantages and disadvantages of SMSF funds.

Advantages of SMSF

  • You hold have power over and manage yourself
  • You’re can invest in a different assets such as a bank account, shares or real estate as you like
  • Fees are not much high compare to other. so, you can save almost 1 percents or more
  • You could get good market value and can compare
  • It suits especially to investors
  • Art and Bitcoin are allowed in certain circumstances and market

Disadvantages are:

  • need caution and discipline for the trustee to manage fund
  • need an investment plan and strategy
  • Doesn’t suite to normal investor who don’t have match cash flow
  • Generally, more risky than normal investment
  • No access to superannuation complaints tribunal

Important

If you decide to set up a SMSF, You and only you liable for your investment, even if you get professional help for investments. so be careful whenever make any investment related decision

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

TPAR (Taxable Payments Annual Reports)

TPAR means taxable payments annual reports.

Payments which are made by Contractors can include subcontractors, consultants and independent contractors who may be operating as sole traders, companies, partnerships or trusts need to be disclose ATO.

The information is collected by the ATO and make sure that this payments are all true and can identify that those contractors who have not included all of their income on their tax return, not lodged tax returns or activity statements, not registered for GST and so they required to do all things and double check ABN on their invoices.

TPAR is for businesses who give information includes:

  • Building and construction services
  • Cleaning services
  • Courier services
  • Road freight services
  • IT services
  • Security, investigation or surveillance services
  • Mixed services includes a business providing one or more of the services
  • Pay contractors to provide those services on your behalf

TPAR is due by 28th August each year and in a case if you forget to lodged, You may penalise for not lodged or after due dute lodgedments.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

The Impact of Australia’s Income Tax System

The Australian income tax system on specially company ownership structure link between investors, tax liability and the corporation ownership of listed companies by ASIC.

There is issue that the higher proportion of share and superannuation fund  in company which is fully franked dividends which is specially hold by resident taxpayers, corporate associations and company.

As a result, Foreign investors that pay either unfranked or partially franked dividends, to other company in case of foreign investors hold a higher portion of shares in companies. The Non- resident investors also called foreign investors for tax purposes.

Finally, there’s some evidence that resident tapayer investors preserve a significantly higher percentage of stocks in capital appreciating, in place of dividend paying, companies, which is constant with resident individuals seeking to utilize the tax concessions they are afforded on long-time period capital gains.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Tax Policy and Changes

Tax policies which on 1 July 2019

The proposed tax changes did not become law, as the Bills which were previously pass through to Parliament have since lapsed on 1 July 2019:

  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • Superannuation Guarantee Amnesty, which was to provide employers with an amnesty during 24 May 2018 to 23 May 2019 .

Proposed superannuation tax changes re-introduced

The following self-managed superannuation fund tax measures were re-introduced into parliament.

  • Certain employees and workers with multiple employers to apply for an employer shortfall release certificate which stop their employer from having a superannuation guarantee shortfall.
  • This may allows the employee to negotiate with their employer to receive additional notes or non-cash wage.
  • Circumstances involving limited recourse borrowing arrangements.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Tax Evasion

The tax declaration decision is legal for taxpayer to disclose their income. There is no matter your income is less than certain threshold.

In a case of, if you are failed to report your income to tax authorities, you may  penalize in depends upon your case and you liable to pay tax liabilities.

The taxpayer has choice between two scenario. First taxpayer should declare his income and second is that taxpayer may declare less income than he actually get from employer. If taxpayer go with second choice , tax authorities will investigate the amount which he got from his employer. If he is not, it’s better to go with first choice for taxpayers.

The purpose of this section is to investigate the dynamic rather than the comparative static aspects of taxpayers income declarations. To illustrate,  whether for fixed parameters such as tax rates of the year, taxpayer’s  declarations will be changed by increase or decrease over time, rather than whether in a fixed period the declaration will increase or decrease if a parameter is changed.

The main issue about declaration is that there is co- related with each other in different ways. First of all, current decision must be influenced by pas declarations and activity, since the find out penalty by ATO, and second is a, if your decision to cheat ATO today, it will affect your future mortgaging for house since, the penalty not remove by ATO.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

ATO Stuns Gold Refiners with Victory in $250m GST Case

The country’s biggest Gold refining industry left reeling and case against the ATO. Now they are targeting a $1 billion tax fraud  with involving Middle Eastern criminal gangs. This report is published in Sydney Morning Herald on 20th December 2019.

According to the ATO, the tribunal found that the country’s biggest refiner, EBS, claimed wrongly input tax credits as well as unconcernedly claim on GST.

The refining industry has been in the ATO’s crosshairs for at least six years on scale tax fraud, in a scam made possible by loopholes in the GST Act.

Gold bullion no need to pay GST and it’s depend on their currency.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Super’s Double Reward will Help Swell Life Savings

Most of the employees and workers are boosting their superannuation fund  through salary savings by employer and potentially giving themselves hundreds of thousands of extra dollars at retirement age.

New research has depicts that the double reward savers can get from superannuation fund by their employer. on the other side you will get thousands of dollars at retirement age.

To be illustrated, one company found a 35-year-old employee with an average super balance of $46,500 and  his average salary of $86,000 could increase their retirement balance by almost $35,000 plus save almost $7500 of tax if his employer save super for his employee $100 a month – about $23 a week.

If company employer increase their salary sacrifice portion to $500 a month – or $115 a week – their final super balance would be $174,000 more and they would save an additional $37,000 in tax.

So we can said that taxpayer can increase their super fund with the help of increase salary sacrifice.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

SMSF (Self Management Super Fund)

If you would like to make investment decision for your fund and you’re held responsible for complying with the super and tax laws so you can set up a self-managed super fund (SMSF).

You can make a super savings by your employer and it’s major decision  and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants.

Be careful, Please don’t try to get early access of your refund unnecessarily such as to go on holiday, do your artworks to decorate your house. This is because this things are illegal.

It is important to have the time and skills to manage your SMSF. As a trustee of an SMSF you and only you are responsible to manage your SMSF within the law. in case of if you don’t , You may be penalize and you may have to face severe tax consequences.

You can find that the fees you pay for an SMSF is more than normal type of super fund.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Lodging Your Tax Return Early

All taxpayers are not eligible to lodged early tax return but If you’re leaving Australia before the end of the income year (30 June), You should contact to ATO or registered agent and you may be able to lodge your tax return early.

Eligibility to lodge an early tax return

We only accept early lodgment of tax returns for individuals before the end of the income year if you are either:

  • a non-resident for tax purposes
  • if you are leaving Australia permanently
  • you will no longer get Australian-sourced income such as interest, dividend and royalty income.
  • an Australian resident for tax purposes
  • if you are leaving Australia
  • if you are ceasing to be an Australian resident for tax purposes
  • you will no longer earned Australian-sourced income such as an interest, dividend and royalty income.

Lodge your tax return during the normal lodgment period (1 July to 31 October) in case of:

  • if taxpayer are not leaving Australia permanently
  • if taxpayer will receive Australian-sourced income such as an interest, dividends and royalties after leaving Australia
  • if you have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au