Australian Taxation Office And MyGov Account

From late March 2015, the Australian Tax assessment Office (ATO) made it conceivable to interface a person’s myGov2018 record to their ATO account.

In this event that you have connected your ATO record to your myGov18 account the dominant part of your ATO letters and reports will come specifically to your myGov18 inbox, instead of through the post or to your expense operator. You will be advised by email or SMS, contingent upon your picked settings, that there is another message in your inbox.

Your assessment operator won’t be informed that they are being sent specifically to you, nor get a duplicate by post. On the off chance that you would incline toward your archives to go straightforwardly to your expense operator you should unlink your myGov18 account as takes after:

1. Go to your myGov account
2. Go to the Administrations page
3. Select the unlink symbol by the administration you wish to evacuate.

Sometimes it creates a lot of confusion and you need some professional help for your assessment, after all this is the mater of financials and your tax refund, it’s worth paying money to professionals rather than doing it by ourselves where the chances for errors are big.

If you have done something wrong with your tax return, it might become a headache for us as ATO and your return has been linked up with other authorities such as centre link, family tax benefits etc.

For more details, contact our professional and experienced accountants at TAX REFUND ON SPOT on the off chance that you have any questions, please don’t hesitate to contact our office on 1300 768 284.

If you need any more information  to Start Online Income Tax Return, or want to know about myTax 2018, myGov 2018, Tax Return 2018 Please contact our professional and experienced accountants at TAX REFUND ON SPOT on the off chance that you have any questions, please don’t hesitate to contact our office on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au

Claiming Union Fees in Tax 2017

In big companies, there is association called Trade Union which protects workers interest
If you pay any membership or subscription to the Union, it is fully Tax Deductible

Most unions and associations send members statements of the fees or subscriptions paid.

Tax Deductible and NOT Tax Refundable- Union fees is not Tax refundable. Union fees is only a deduction and you don’t get full refund from ATO. You only get part of it back depending on which Tax slab you come in.

You can email or call us 1300768284 if you need any further Clarification

For more information on Etax, myTax ATO and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

ATO Penalty Letter

If you have received any letter from ATO – may be penalty letter, non -lodgment reminder or any other letter and you are unable to understand it.

Then you can email us the letter at  enquiry@taxrefundonspot.com.au
Our Tax expert will find out from Tax office the matter and get back to you. This service is FREE to our existing customers. If you do not respond to ATO letter within the time stipulated in there, then ATO may impose heavy penalties and fines

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Updating Your Business Details

It is a legal necessity to tell the Registrar of the Australian Business Register within 28 days of any changes in your registered business details, including:

  • postal, email or business address
  • associates
  • main business activity
  • Australian Company Number (ACN) or Australian Registered Body Number (ARBN)
  • public officer (must be in writing)
  • name of trustees.

You should also tell the ATO about any changes to your:

  • entity name or registered business name (registered with the Australian Securities and Investments Commission)
  • official contact person
  • financial institution account details.

It is your duty to maintain your Australian business number (ABN) details. You must update your details within 28 days of becoming alert of changes.

Once you are registered your ABN details become part of the ABR. It is important that your details are up-to-date so that other businesses can access and verify your information, for example, that you are operating a business or the status of your GST registration.

Your ABN details are also used by a range of management agencies to plan for community services and infrastructure development that can help business.

What can be updated

  • legal name of the entity, except for:
    • individuals and sole traders who need to contact the ATO directly and
    • companies in the business names register which need to contact the Australian Securities & Investments Commission (ASIC).
      (ATO and ASIC will write the changes to update the ABR.)

 

  • addresses – postal, business location, email
  • ANZSIC – main business activity and industry code
  • entity type – business structure, for example, private company to public company
  • contact details
  • associate  details.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Decisions you can’t dispute via an objection

There are some decisions ATO make that the tax laws don’t allow you to dispute by lodging an objection (though generally there are other ways of having these decisions reviewed).

You can’t use the objection process to dispute:

  • a general interest charge (but you can ask us to remit it – reduce or cancel)
  • a decision not to remit a general interest charge
  • a shortfall interest charge (but you can ask us to remit it)
  • a decision not to remit a shortfall interest charge (unless the amount of interest to be paid after the decision has been made is more than 20% of the shortfall amount – see example)
  • a late payment penalty (but you can ask us to remit it)
  • a decision not to remit some penalties (unless what you owe after the decision has been made is $340 or more)
  • a private ruling if an assessment has issued covering the period (you may object to the assessment instead)
  • an excise private ruling where there is another reviewable decision about the excise duty (or other amount payable) in relation to the same goods (you may object to the other decision)
  • administratively binding advice or advice about proposed changes to tax laws
  • a super co-contribution determination (you have to request a review).

Example – shortfall interest charge

You can object to our decision not to remit a shortfall interest charge if the interest you are left to pay is more than 20% of the shortfall amount. If your tax shortfall is $2,000, 20% is $400. If, after ATO have made a decision on remission, the shortfall interest charge (SIC) is $401 or more, you could object to that decision. Conversely, if it were $400 or less you could not object to it.

For more information on Etax, Mytax and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

 

Object to an ATO decision

Object to an ATO decision

You should consider lodging an objection to a decision ATO’ve made about your tax affairs if:

  • you disagree with the way we’ve interpreted the law; for example, you disagree with an amended assessment ATO have given you
  • you’re uncertain about your interpretation of the law (for example, you’re not sure whether you should have included some income on your tax return or claimed some expenses)
  • you want the option of seeking an external review if ATO don’t agree with you

You can also use the objection process if you are outside the time limits for amending your tax return.

As a general principle ATO expect you to pay all tax debts on time even if you are disputing the debt. If you don’t pay the tax debt by the due date it will attract a general interest charge (GIC) for late payment (except excise debts, which are not subject to interest charges).

Request remission of interest or penalties

Interest is charged on unpaid tax liabilities to ensure fairness for taxpayers who do pay on time and the community as a whole.

The penalty provisions encourage taxpayers to take reasonable care in complying with their tax obligations.

ATO can generally remit (reduce or cancel) interest charges and penalties where this is fair and reasonable.

If you’re dissatisfied with an interest charge or a penalty, you can ask us to remit it.

For more information on Etax, Mytax and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Remission of penalties

Tax laws authorise the ATO to impose administrative penalties for a range of conduct, including not taking reasonable care in claiming a deduction to which you are not entitled or making a false or misleading statement.

The purpose of the penalty provisions is to encourage taxpayers to take reasonable care in complying with their obligations.

The law specifies the conditions making you liable to a penalty and the amount of the penalty. However, ATO have discretion to reduce (remit) the penalty amount according to individual circumstances, so ATO frequently remit a penalty before advising you of your tax debt.

If you’re dissatisfied with a penalty imposed on you, you may, in most cases, ask us to remit it. You can also object to some penalties through the objection process.

How to request a remission of penalty

You can ask for a reduction or cancellation of any penalty (referred to as partial or full remission), including penalties for failing to:

  • lodge documents on time
  • withhold amounts as required (PAYG withholding system)
  • meet other tax obligations.

You can make your request:

  • through the online Business or Tax Agent portals (you must be registered)
  • by phone (for small penalties and simple cases)
  • by fax or mail to the address given in the letter advising you of the penalty.

For large penalties, or complicated cases, ATO recommend you write to us. In some circumstances, ATO may ask you to put your request in writing.

When requesting a review of a penalty, include the following information:

  • your full name
  • the name, postal address and daytime phone number (if convenient) of a person ATO can contact about this request
  • your tax file number (TFN) or Australian business number (ABN)
  • the reference number from the letter advising you of our decision
  • the reasons you think it is fair and reasonable for us to remit the penalty in your situation.

For more information on Etax, Mytax and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Owning real property in Australia

If you receive rental income from an Australian property, you must declare the income in an Australian tax return.

If you sell an Australian property, you must report the sale in an Australian tax return and pay capital gains tax in any profit.

Foreign Investment Review Board approval

If you are a foreign resident you cannot buy an established residential dwelling in Australia, either directly in your name or through a trust relationship or company structure. Penalties apply for breaching this rule.

You can buy other types of Australian residential property, such as new dwellings, vacant land and property that is to be redeveloped, but you must first get approval from the Foreign Investment Review Board.

If you are a temporary resident you can buy an established dwelling if you use it as your residence in Australia and get approval from the Foreign Investment Review Board.

Residential real estate applications

To apply to purchase residential real estate you will need to complete the application form on the Foreign Investment Review Board websiteExternal Link. However, the ATO will assess your residential real estate applications.

Residential real estate includes:

  • vacant land
  • an existing house
  • a new house.

To apply you will need to pay a fee. The fees apply for each application and the amount is determined by the value of the property.

There are limited circumstances where a fee waiver or remittance will be granted and each will be determined on a case-by-case basis. Fees will generally not be waived or remitted following an unsuccessful attempt to purchase property or if there has been a change of mind to invest in the targeted property.

Fee waivers will not be considered before an application has been submitted.

For more information on Etax, Mytax and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au