Navigating Tax Season: Filing Your 2024 Tax Return

by Business Activity Statement (BAS)Business TaxBusiness Tax DeductionsClaim a GSTGST (Goods and Services Tax )GST and PropertyGST CreditIncome Tax ReturnIndividual Tax ReturnLodge Tax Returnmygov 2024mytax2024Online Tax ReturnTax AccountantsTax AdviceTax AffairsTax AgentTax Refund 2024Tax Return 2024

When selecting a tax agent or accountant in Australia, it’s crucial to consider their qualifications, experience, and reputation. Tax Refund On Spot is certified tax agency in Sydney.

Our staffs here are qualified accountants and are experienced in handling all tax matters. Our objective is to maximize your deductions and rebates and get you the maximum tax refund.

We also offer unique service of providing same day tax refund

As the new financial year begins, it’s time to prepare for the annual tax season. Filing your 2024 tax return is a vital responsibility that ensures compliance with tax laws and offers opportunities to maximize deductions or refunds. Let’s explore the process, requirements, and key considerations when filing your tax return for the year 2024.

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Understanding the 2024 Tax Return Process

Gather Necessary Documents:
Collect essential documents such as PAYG summaries, receipts, bank statements, investment details, and any other relevant financial records.

Lodgement Options:
Choose your preferred method of lodgement, whether through the ATO’s online services, via a tax professional, or using certified tax software.

Contact us 1300 768 284 for more information.

Completing the Form:
Provide accurate details about your income, deductions, expenses, and other financial information required by the ATO for the 2024 tax year.

Review and Submission:
Review your completed form meticulously to ensure accuracy before submitting it to the ATO. Double-check all figures and data to minimize errors.

Tracking Progress:
Use the ATO’s online tools to monitor the progress of your tax return. This allows you to stay updated on the status and potential refund.

Register on our website and get $20 upfront!

Key Considerations and Tips for Filing

Stay Organized: Keep all relevant documents and receipts organized to facilitate a smooth and accurate filing process.
Utilize Deductions: Maximize deductions by including all eligible expenses, such as work-related costs, charitable contributions, and investment expenses.

Send queries to enquiry@taxrefundonspot.com.au and an accountant will call you.

Seek Professional Advice if Needed: For complex financial situations or specific queries, consider consulting a tax professional to ensure accurate filing.
Stay Updated on Changes: Be aware of any changes in tax laws or regulations that might impact your tax filing for the 2024 financial year.

Talk to our tax experts for more information.

Final Thoughts

Filing your 2024 tax return is a fundamental financial task that demands attention to detail and accuracy. By understanding the process, staying organized, and maximizing deductions, you can streamline the filing experience and potentially optimize your tax position.

As the tax season progresses, staying proactive, gathering necessary documentation, and ensuring accuracy in your filings will contribute to a hassle-free and efficient tax return for the year 2024.

Get access to a budget friendly but experienced tax agents.

As the new financial year begins, it’s time to prepare for the annual tax season. Filing your 2024 tax return is a vital responsibility that ensures compliance with tax laws and offers opportunities to maximize deductions or refunds. Let’s explore the process, requirements, and key considerations when filing your tax return for the year 2024.

This blog post aims to guide readers through the process of filing their 2024 tax return, emphasizing the importance of accuracy, organization, and staying updated on changes to optimize tax filings for the new financial year.

Kindly register on our website  for more information.
Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success. Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.
If you need any more information  to Start Online Income Tax Return, or want to know about Online Tax Return 2024,  Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

BAS and Jobkeeper

by Business Activity Statement (BAS)Jobkeeper

Most of the businesses use their business activity statement to check their eligibility criteria. But it depends on actual GST turnover of the company.

However, as the BAS deadlines are different it means that not generally due until the month after the end of the quarter. To check your eligibility criteria and requirement, you need to assess in advance of the deadlines of BAS reporting. So ATO can check wage conditions and eligibility for company’s employees.

In addition, the ATO may extend the time period so companies can pay their employees.

Alternative options are available for businesses and not-for-profit organizations who are not required to lodged BAS if the entity is a member of a GST group.

Alternative tests

Some businesses who is not to compare actual turnover in a quarter in 2020 with the quarter of 2019 have alternative options to test eligibility.

The Commissioner of taxation has authority to provide alternative options for basic tests.

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

BAS and GST record keeping tips

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How to keep records for your BAS and GST:
  •  Always Keep receipts and records of all sales, fees, expenses, wages and other business costs to claim
  • Keep records in order and very appropriately like stocktake records and if you used motor vehicle so keep logbook
  • Reconcile sales documents with related bank statement
  • Use appropriate GST accounting method
  • If ABN (Australian Business number) not provided 
  • Keep all your tax invoices in order from last five year to till financial year

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

Business Activity Statements (BAS)

by Business Activity Statement (BAS)Business TaxTax Return 2020Tax Topics

If you have business and also registered for GST, You need to lodged a Business activity statement.

Your BAS will report ATO and help to pay.

If you have a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • goods and services tax (GST)
  • pay as you go (PAYG) instalments
  • PAYG withholding tax
  • other taxes.

For registration of GST, you need Australian business number (ABN) n you register for an Australian business number (ABN)  and once you register with GST, ATO will automatically send you a BAS when it is time to lodgement.

How to lodge your BAS

Tax payers have a lot of options to lodge your BAS and register your GST through ATO. 

Most businesses prefer to lodged their BAS through online rather than other options. If you missed or not lodged on time. The penalty may apply on due lodgement through ATO.Even if you are not able to pay, You need to lodge on time to avoid penalty.

Due dates for lodging and paying your BAS

If you lodged your GST, the due date for lodging and payment due is available in your business activity statement (BAS).

In some cases the due date is the weekend or the day of public holiday, you can lodge by the next business day to do the lodgement.

Your GST reporting and payment cycle is listed below and you can do any either:

  • Quarterly – If your company GST turnover is $20 million or less- no need to do a report monthly.
  • Monthly – if your company or other GST turnover is $20 million or more.
  • Annually – if you are voluntarily registered for GST and your GST turnover is below $75,000  and $150,000 for not-for-profit bodies
  • A registered tax or BAS agent can help you lodge your activity statements.

You can put reminder for lodgement or our tax advisor team will help to  remind you to do lodgement for GSt return. Also, you can set reminder through ATO app.

In some cases like if some event happened like natural disaster, Tax payers may have different due date.See also:

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

Planning on Developing Property?

by Business Activity Statement (BAS)Property Tax DeductionsUncategorized

Did you know that if you
build and sell new residential premises you pay GST on the sale? And you can
generally claim GST credits for your construction costs and purchases related
to the sale.

We are identifying and
contacting developers early on in the planning process to help you understand
your GST entitlements and responsibilities.

When a new development
starts we sometimes verify significant refund claims. We may do this if you:

  • lodge a BAS without
    reporting property transactions, or
  • have an outstanding BAS.

If you haven’t lodged
your BAS we’ll remind you so you don’t get behind. When we do this we can
assist you with any questions you may have.

If you need advice from
the ATO about the tax treatment of your development you can lodge a request for
a private binding ruling.

Property development, building and renovating

If you’re renovating one
or more properties you need to work out if you are a personal property
investor, engaged in a profit-making activity of property renovations, or
carrying on a business of renovating properties.

If you build new
residential premises for sale, you’re liable for GST on the sale, and you can
generally claim GST credits for your construction costs and purchases related
to the sale.

Register of Private Binding Rulings

We publish edited versions
of written binding advice in the Register of Private Binding Rulings.

This enhances the
integrity and transparency of the private ruling system and confirms for the
recipient that it is official ATO advice. The advice is edited to protect the
secrecy and privacy of the applicant.

Status
of versions published in the Register

The edited versions of
written binding advice published in the Register can’t be relied on by
taxpayers or their advisers in any way. They can’t be relied upon as precedent
or used for determining how the ATO will apply the law. The records in this
Register are not binding and provide no protection.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , 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

When you Can Claim a GST Credit

by Business Activity Statement (BAS)GST CreditOnline Tax ReturnTax AdviceTax DeductionTaxationUncategorized

You must be registered for GST to claim GST credits.

You can maintain a credit for any GST included in the price you pay for things that you use in your business. This is called a GST credit (or input-tax credit, a credit for the tax included in the price of your business inputs).

You claim GST credits in your activity statement.

You can claim GST credits if the following four conditions apply:

  • you aim to use your purchase solely or partly in carrying on your business and the purchase does not communicate to making input-taxed supplies
  • the purchase price included GST
  • you provide, or are liable to provide, payment for the item you purchased
  • You have a tax invoice from your supplier (for purchases more than $82.50).

You cannot claim a GST credit:

  • without a valid tax invoice
  • for purchases that do not have GST in the price
  • for wages you pay to staff (there is no GST on wages)
  • For motor vehicles priced above a certain limit.

Goods and services that don’t have GST in their price include:

  • GST-free items (such as basic foods)
  • Input-taxed items (such as bank fees and loan interest)
  • Purchases from a business that is not registered for GST (and therefore cannot charge GST).

When you can’t claim GST credit

You also cannot maintain GST credits for the following, even if GST is included in the price:

  • purchases you intend to use for private or domestic purposes
  • purchases you intend to use to make input-taxed supplies, such as those associated with providing residential accommodation
  • some purchases that you can’t claim as an income tax deduction, such as entertainment expenses
  • Land purchases under the margin scheme.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Business Activity Statement

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The business activity statement (BAS) is a form submitted to the Australian Taxation Office by all businesses to report their tax obligations.

These include pay as you go instalments (PAYG), fringe benefits tax (FBT), wine equalization tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as “Income Tax Withholding (ITW),” PAYGI is sometimes known as “Income Tax Instalments (ITI)“.

There is a mixture of different BAS forms which an organization can complete. The form which a business receives depends on what taxation liabilities an organization has (these are referred to as roles). Statements are usually issued quarterly; some roles can be reported at different frequencies depending on business structure and income. Some roles such as GST can be reported annually, subject to eligibility criteria being met.

Although activity statements are frequently submitted quarterly, some entities are required to report obligations on a more frequent basis. Some entities may be required to report PAYG Withholding liabilities or GST monthly.

Every activity statement carries a unique document identification number (DIN). Activity statements can be submitted to the ATO on paper (mail), by phone, electronically (via a Tax Agent’s electronic lodgement system or “ELS”), or through the ATO business portal.

Activity statements are processed by the Australian Taxation Office through its operations sub-plan. Any errors which occur with activity statements are usually handled by a department known as activity statement product (exceptions {ASP(E)}). ASP(E) operates under the operations sub-plan, client account services (CAS) business service line (BSL). Errors may occur when a business client information figures incorrectly, where a client includes cent figures (only dollar figures are allowable), where an arithmetic error occurs, when a statement is submitted when no roles are active for the client, or when the handwriting on a paper statement is illegible.

The business activity statement (BAS) is a tax reporting requirement for businesses issued by us on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

When you record for an Australian business number (ABN) and GST, ATO will automatically send you a BAS when it is time to lodge.

All businesses registered for GST are required to lodge a BAS by the due date.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Wine Equalization Tax

by Business Activity Statement (BAS)Tax TopicsUncategorizedWine Equalization Tax

If you make wine, import wine into Australia or sell it by wholesale, you’ll generally have to account for wine equalization tax (WET).

WET is a tax of 29% of the wholesale value of wine. It is only payable if you are registered or required to be registered for GST.

It’s designed to be paid on the last wholesale sale of wine, which is frequently between the wholesaler and retailer. But it might apply in other situation – such as cellar door sales or tastings – where there hasn’t been a wholesale sale. WET is also payable on imports of wine (whether or not you are registered for GST).

If you’re a wholesaler or producer of wine and you’re registered (or required to be registered) for GST, you need to register for WET.

Your business activity statement (BAS) will then have labels for you to report WET payable and any WET credits for each tax period.

If you’re a wine retailer (such as a cafe or restaurant) you don’t need to register for WET except you make wholesale sales or bottle your own wine.

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