Easy Income Easy Go

If you tax is a little high this year and you can beat the June 30th deadline you could boost your Refund for the year with Wage Protection Insurance Premiums to be claimed, and if you’re expecting a Tax Bill this year, maybe you should look to prepay yours.

Possibly your greatest financial asset is your ability to earn an income. Income protection insurance replaces up to 75% of your salary if you are unable to work due to sickness or an accident. The insurance premium is generally tax deductible, plus you get the benefit of protecting your family’s lifestyle if you cannot work due to sickness or an accident. It’s a small price to pay for peace of mind. Similar to rental property interest, income protection premiums can also be pre-paid for 12 months to increase your deductions.

Maximise your Tax Refund this year by keeping all your receipts for Work Related Expenses. Keep any receipts for work-related expenses such as uniforms, training courses and learning materials, as these may be deductible for tax purposes, simply enter in the details into the system and maximise your Refund this Tax season.

Let us help you maximise your deductions for expenses now! Click here to start the easiest tax return system you’ll ever use!

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 .

Claim Deductions For Some Expenses

When applying for tax return, you’re allowed to claim deductions for some expenses, most of which are directly related to earning your income.

Here is a list of common work-related expenses that may be able to be claimed, depending on your situation.

  • formal education courses provided by professional associations
  • seminars
  • journals, magazines, books
  • conferences or education workshops
  • tools and equipment
  • union fees
  • overtime meals
  • protective items such as sunscreen and sunglasses
  • computers and software
  • telephone and home office expenses, and
  • premiums on income protection insurance

To claim a work-related deduction:

  • you must have spent the money yourself and weren’t reimbursed
  •  Must be related to your job
  • For prove, person must have record of expenses.

If the cost was for both work and private purposes, you can only claim a deduction for the work-related section.

Income tax is paid on money you receive, such as salary and wages, Centrelink payments, investment income from rent, interest and dividends, and profits from selling shares or property.

You can cut the amount of tax you pay by claiming certain deductions that are directly connected to earning your profits.

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are straight related to earning your income.

To claim a work-related deduction:

  • you must have spent the money yourself and weren’t reimbursed
  • it must be connected to your job
  • you must have a record to prove it (there are some limited exceptions)

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

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.

Deduction that Can Claim

As we all know from 1st of July, we can logged our tax returns and we also can claim some work related expenses which are listed below

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.

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

Deductions Allowed in Income Tax Return Lodgement

The ATO is centred around helping citizens get their deductions right, but at the same time they’re watchful for warnings that distinguish individuals who are doing the wrong thing. Here’s a list of deductions you usually can’t claim on your tax return.

  • Travel between home and work – which is generally considered private travel.
  • Car expenses – unless you are transporting bulky tools or equipment
  • Car expenses – that have been salary sacrificed.
  • Meal expenses – unless you were required to work away from home overnight.
  • Private travel – including any personal travel portion of work-related travel.
  • Everyday clothes – you bought to wear to work
  • The cost of laundering eligible work clothes – unless you can show how you calculated the cost.
  • Higher Education Loan Program – contributions charged through the HELP scheme.
  • Self-education expenses – where there is no direct connection to your current employment.
  • Phone or internet expenses – that relate to private use.
  • Tools and equipment that cost more than $300 – however, you can depreciate the cost over a number of years.

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

 

Deduction for Business Income

If you are running Business like courier, UBER, retail shop, real estate agency or any other small business – there are some deductions which can be claimed.

These are rent paid, Interest on Loans, cleaning, salary, superannuation paid, accountant fees, contract payments, depreciation, marketing expenses, legal fees, subscriptions, car fuel , travel expenses and any other expense which is incurred to produce business income.

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

Claiming Mobile & Internet Expenses in Tax 2017

Average Australian spends around $600 to $2000 on Mobile & Internet expenses every year. This includes mobile instrument costs, call charges, data charges & home phone rental.

You can claim a deduction for work-related mobile/internet/home phone  expenses if you use incur these expenses in the course of performing your job as an employee.

You may have to calculate a percentage of work usage. Also remember that you need to keep records for a 4-week representative period in each income year to claim a deduction of more than $50. These records may include diary entries, including electronic records, and bills. Evidence that your employer expects you to work at home or make some work-related calls will also help you demonstrate that you are entitled to a deduction.

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

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

Income Deduction for Business

Most income your business receives is assessable income – which means you need to state it and its focus to tax.

You can claim tax deductions for most costs you get in running your business but there are exceptions.

For example, you cannot maintain deductions for private or domestic expenses. Entertainment, fines and some other expenses are also mostly excluded.

The rules for business income and deductions vary depending on your business structure, whether you hold and sell trading stock, and the nature of your income and expenses.

You must keep correct and entire records of all your measurable income and deductions you claim. If you make false or confusing statements, ATO may:

  • decide your revenue, based on trade benchmarks and other information, and issue an amended assessment
  • apply penalties
  • Commence action.

Most income your business receives is assessable (including foreign income). Though, there are some exceptions, such as amounts you make from a hobby, or prizes that are not connected to your business.

The accounting method you use might affect which amounts you need to take in for a particular income year.

The following formula is used to work out your business income tax:

Assessable income – allowable deductions = taxable income (the amount you pay tax on).

You may be allowed for a range of concessions to help decrease your taxable income.

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