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 .

Home Office Expense and Running Cost

You may be entitled to claim deductions for home expenses including a computer, phone or other electronic devices you are required to use for work purposes, as well as a deduction for running costs. As an employee, generally you can’t claim a deduction for occupancy expenses, including rent, mortgage interest, council rates and house insurance premiums. If you are an employee and required to use your computer, phone or other electronic device for work purposes, you may be able to claim a deduction for your costs.

If you perform some of your job from a home office, you may be entitled to a deduction for the costs you gain in running it, including:

  • for home office equipment, such as computers, printers and telephones, the cost (for items costing up to $300) or decline in value (for items costing $300 or more).
  • work-related phone calls (including mobiles) and phone rental (a portion reflecting the share of work-related use of the line) if you can show you
    • are on call, or
    • have to call your employer or clients frequently while you are away from your workplace
  • heating, cooling and lighting
  • the costs of maintenance to your home office furniture and fittings cleaning expenses

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.

Vehicle and Travel Expenses

You can claim vehicle and other travel expenses

  • Directly linked with your work,
  • Can’t claim for normal trips between home and work – this is considered private travel

To claim that expenses record should be maintained. While trips between home and work are usually considered private travel, you can claim deductions in some situation, as well as for some journey between two workplaces.

If your travel was partly private and partly for work, you can only maintain for the part related to your work.

Travel between home and work and between workplace

  • Travel between home and work are usually considered private travel.
  • You can claim deductions some travel between workplaces in some circumstances.
  • If your travel was partly private and partly for work, you can only claim for the part related to your work Car expenses
  • If you are claiming a deduction for using your own car (including a car you lease or hire), it is treated as a car expense.
  • If you use someone else’s car for work purposes, you may be able to claim the direct costs (such as fuel) as a travel expense.

What you can’t claim

You can’t claim the cost of driving your car between work and home just because:

  • you do minor job-related tasks – for example, picking up the mail on the way to work or home
  • you have to drive between your home and your office more than once a day
  • you are on call – for example, you are on stand-by responsibility and your manager contacts you at home to come into work
  • there is no public transport near where you work
  • you work outside normal business hours – for example, shift work or overtime
  • your home was a place where you ran your own business and you travelled straight to a place of work where you worked for someone
  • you do some work at home.

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.

Claiming a Computer, Phone as a Work-Related Expense

If you are an employee and required to use your computer, phone or other electronic device for work purposes, you may be able to claim a deduction for your costs.
If you perform some of your work from a home office, you may be entitled to a deduction for the costs you incur in running it, including:

  • for home office equipment, such as computers, printers and telephones, the cost (for items costing up to $300) or decline in value (for items costing $300 or more)
  • work-related phone calls (including mobiles) and phone rental (a portion reflecting the share of work-related use of the line) if you can show you are on call, or have to phone your employer or clients regularly while you are away from your workplace

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

Depreciation and Capital Expenses and Allowance

You generally can’t deduct spending on capital assets immediately; instead you claim the cost over time, reflecting the asset’s depreciation (or decline in value).This applies to any taxpayer who uses depreciating assets to earn assessable income, including:

  • businesses, small and large
  • rental property investors
  • employees (for equipment and tools they provide at their own expense for use in their work).

A depreciating asset is one that has a limited effective life and can reasonably be predictable to decline in value over the time it’s used. Land, trading stock and some intangible assets are not depreciating assets.

Small businesses (those with an aggregated annual turnover of less than $2 million) can choose to use easy depreciation rules, which among other concessions allow you to instantly write off assets that cost less than $20,000 each (up from the previous threshold of $1,000 as of 7.30 pm on 12 May 2015).

Other businesses and persons (including property investors and employees) use the general depreciation rules, which set out the amounts (capital allowances) that can be claimed, based on the asset’s efficient life.

Under the general depreciation rules, an direct write-off applies to:

  • items costing up to $100 used to earn business income (but note the higher immediate write-off limit for small businesses mentioned above)
  • items costing up to $300 used to earn income other than from a business (such as employee-provided tools and equipment)

 

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