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Demystifying BAS Tax: Understanding Australia’s Business Activity Statement

January 19, 2024

by Acc Ramji Business Activity Statement (BAS)Income Tax Rates Income Tax Return Individual Tax Return Lodge Tax Return mygov 2024 mytax2024 Online Tax Return Tax Accountants Tax Advice Tax Agent Tax Refund Tax Refund 2024 Tax Return 2024

Tax Refund On Spot have lodged over 100,000 tax returns so far with Australian Taxation office.GST, Income tax returns of all types- PAYG, business, self-employed, company , trust , superannuation etc.

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In the realm of Australian business taxation, the Business Activity Statement (BAS) plays a crucial role, serving as a comprehensive document used by businesses to report and pay various taxes. Let’s delve into the significance, purpose, and key aspects of BAS tax for businesses in Australia.

Understanding BAS Tax

1. What is BAS?
The Business Activity Statement (BAS) is a document submitted by businesses to the Australian Taxation Office (ATO) to report and pay various taxes, including Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, PAYG installment, and more.

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2. Purpose of BAS
Tax Reporting: BAS helps businesses report their tax obligations to the ATO.
Tax Payments: It facilitates the payment of various taxes, ensuring compliance with taxation laws.

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Components of BAS

GST (Goods and Services Tax):
Businesses collect GST on sales and claim credits for GST paid on business expenses. The BAS reports the net GST owed or refundable.

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PAYG Withholding:
Involves reporting and paying the tax withheld from employees’ salaries or other payments.

PAYG Installment:
Businesses pay instalments towards their expected income tax liability for the current financial year.

BAS Lodgement and Deadline

Lodgement Frequency: The frequency of BAS lodgement depends on the business’s turnover, with options for
monthly, quarterly, or annual lodgements.

Submission Deadlines: Different lodgement schedules have specific deadlines outlined by the ATO, which businesses must adhere to avoid penalties.

Key Considerations for BAS Tax Reporting

Accurate Reporting: It’s crucial to accurately report all relevant figures to ensure compliance and avoid discrepancies.

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Record-Keeping: Maintain meticulous records of all financial transactions to support BAS lodgements.

Final Thoughts

The Business Activity Statement (BAS) tax in Australia is a fundamental aspect of taxation for businesses, encompassing various tax obligations under a single document. It serves as a comprehensive tool for reporting and paying taxes, ensuring businesses meet their tax liabilities and maintain compliance with ATO regulations.

For businesses, understanding BAS tax requirements, meeting lodgement deadlines, and ensuring accuracy in reporting are critical for smooth operations and compliance with taxation laws.

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This blog post aims to shed light on the significance and components of BAS tax in Australia, highlighting its purpose, reporting aspects, lodgement requirements, and the importance of accurate and timely reporting for businesses in meeting their tax obligations.

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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.

Unveiling the Benefits: Understanding Tax Claims in Australia

January 19, 2024

by Acc Ramji Business Activity Statement (BAS)GST (Goods and Services Tax )Income Tax Rates Income Tax Return Lodge Tax Return mygov 2024 mytax2024 Online Tax Return Tax Accountants Tax Advice Tax Agent Tax Rebate Tax Refund Tax Refund 2024 Tax Return 2024

In conclusion, Tax Refund on Spot (Tax agent in Sydney) is an invaluable resource for ensuring tax compliance, maximizing financial benefits, and minimizing stress. By partnering with a trusted tax professional, individuals and businesses can navigate the complexities of the Australian tax system with confidence and ease.

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

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Tax claims play a pivotal role in the financial landscape of individuals and businesses in Australia. These claims offer opportunities to reduce taxable income, maximize deductions, and potentially increase tax refunds. Let’s delve into the significance, process, and key aspects of tax claims in Australia.

Understanding Tax Claims

1. What are Tax Claims?
Tax claims refer to deductions or expenses that individuals or businesses can legally claim to reduce their taxable income. These claims help offset the tax liabilities by reducing the overall taxable amount, thereby potentially increasing tax refunds or reducing the tax payable.

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2. Types of Tax Claims

Work-Related Expenses: Expenses incurred while performing work duties, such as uniforms, tools, travel, or home office expenses, might be eligible for tax claims.
Investment-related Claims: Deductions related to investments, like interest on investment loans or management fees, can be claimed.

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Process of Making Tax Claims

Record Keeping: Maintain accurate records of all expenses and deductions eligible for claims throughout the financial year.
Identify Eligible Claims: Determine which expenses or deductions are eligible for claims based on Australian Taxation Office (ATO) guidelines.

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Include Claims in Tax Return: When filing tax returns, include eligible claims in the relevant sections of the tax return form.
Verification and Documentation: Ensure all claims are substantiated with necessary documents and receipts, as the ATO might request proof during audits.

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Key Considerations for Tax Claims

Eligibility Criteria: Understand ATO guidelines to ensure claims are compliant and eligible.
Accuracy and Records: Maintain accurate records and receipts to support all claimed deductions.
Consultation and Advice: Seek advice from tax professionals for complex claims or uncertainties to ensure accuracy and compliance.

Final Thoughts

Tax claims in Australia offer opportunities to legally reduce taxable income, maximize deductions, and potentially increase tax refunds. Understanding eligible deductions, maintaining accurate records, and ensuring compliance with ATO guidelines are crucial aspects of successful tax claims.

While claiming deductions can help optimize tax positions, it’s essential to exercise due diligence, accuracy, and compliance to navigate tax claims effectively.

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This blog post aims to shed light on the significance of tax claims in Australia, emphasizing their role in reducing taxable income, maximizing deductions, and potentially increasing tax refunds for individuals and businesses. It also highlights the process, key considerations, and the importance of accuracy and compliance in making successful tax claims.

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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.

Knowing Your Numbers: The Value of a Free Estimate for Your Tax Refund

January 16, 2024

by Acc Ramji Business Tax Etax Income Tax Rates Income Tax Return Individual Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Overseas Tax Refund Same Day Income Tax Return Tax Accountants Tax Agent Tax Refund Tax Refund 2024 Tax Return 2024

We, Tax Refund on Spot (Tax agent in Sydney) is an invaluable resource that takes care in ensuring tax compliance, maximizing financial benefits, and minimizing stress. By partnering with a trusted tax professional, individuals and businesses can navigate the complexities of the Australian tax system with confidence and ease.

Tax returns are an integral part of financial responsibilities in Australia, playing a crucial role in ensuring compliance with taxation laws and managing personal or business finances. Let’s delve into the significance, process, and key aspects of tax returns in Australia.

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Our aim is to provide a free and accurate tax estimate to our valued and prospect clients. Understanding the potential refund amount before filing your taxes can offer valuable insights and financial planning opportunities. Let’s explore the significance of obtaining a free estimate for your tax refund, how it works, and its benefits in managing your finances.

What is a Free Estimate for Tax Refund?

A free estimate for a tax refund is a preliminary calculation that helps individuals or businesses approximate the amount they might receive as a tax refund before officially filing their tax returns.

To get a free tax estimate please visit our website and register online

How Does it Work?

Online Calculators:
Various online tools or calculators are available that allow individuals to input their income, deductions, and other financial details to generate an estimated refund amount.

Tax Professionals:
Tax professionals or accounting firms may offer free consultations or estimates to assess potential refund amounts based on your financial situation.

Using Past Data:
Based on previous tax returns or financial information, tax professionals can provide an estimate for the current year’s refund.

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Benefits of Obtaining a Free Tax Refund Estimate

Financial Planning: Helps in planning expenses, savings, or investments based on the anticipated refund amount.
Early Awareness: Offers an early understanding of your tax position, allowing time to gather necessary documents or make adjustments if needed.

Budgeting and Debt Management: Enables better budgeting strategies and aids in managing debts or financial commitments based on the expected refund.

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Considerations Before Seeking an Estimate

Accuracy of Information: Ensure the accuracy of the information provided for a more precise estimation.
Complex Tax Situations: For complex financial scenarios, seek professional advice to get a more accurate estimation.

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Final Thoughts

Obtaining a free estimate for your tax refund serves as a useful tool in financial planning, offering insights into your potential tax situation before filing. It helps individuals or businesses make informed decisions regarding their finances, expenses, savings, and investments.

While these estimates provide a ballpark figure, for a more accurate assessment, especially in complex financial situations, consulting with a tax professional is recommended. Their expertise can offer a clearer picture of your potential tax refund and aid in better financial decision-making.

This blog post aims to emphasize the value of obtaining a free estimate for a tax refund, highlighting its benefits in aiding financial planning, early awareness of tax positions, and the considerations individuals should take before seeking such an estimate.

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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.

Simplifying Tax Matters: MyTax Agent Services in Sydney

January 16, 2024

by Acc Ramji Income Tax Rates Income Tax Return Individual Tax Return Lodge Tax Return MyGov mygov 2024 Mytax mytax2024 Online Tax Return Overseas Tax Refund Same Day Income Tax Return Tax Rebate tax records Tax Refund Tax Refund 2024 Tax Return 2024

Tax-related affairs can often be complex, and engaging the services of a MyTax agent in Sydney can be an efficient way to navigate these complexities. Let’s explore the benefits and services offered by MyTax agents and how they can assist individuals and businesses in managing their tax responsibilities effectively.

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Understanding MyTax Agents

1. What is MyTax? MyTax is a digital platform developed by the Australian Taxation Office (ATO) that simplifies the process of lodging tax returns. MyTax agents are qualified professionals who offer personalized tax assistance and utilize the MyTax system to help individuals and businesses file their tax returns accurately.

Talk to our tax experts for more information.

2. Services Offered by MyTax Agents Tax Lodgment: MyTax agents assist in accurately filing tax returns using the MyTax platform, ensuring compliance with taxation laws. Tax Planning: They offer advice on tax planning strategies to optimize deductions, credits, and financial planning for individuals and businesses.

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Financial Consultation: MyTax agents provide expert guidance on various financial matters, helping clients make informed decisions.

Advantages of Engaging a MyTax Agent in Sydney

Expertise and Qualifications: MyTax agents in Sydney are qualified professionals with in-depth knowledge of tax laws and regulations. Personalized Assistance: They offer tailored advice, taking into account individual or business-specific financial situations.

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Convenience: MyTax agents use the online MyTax system, offering a convenient and accessible way to manage tax obligations without physical visits. Maximized Deductions and Refunds: By leveraging their expertise, MyTax agents aim to maximize deductions and potential tax refunds for their clients.

Choosing the Right MyTax Agent in Sydney

Credentials and Experience: Look for certified MyTax agents with experience in handling diverse tax scenarios. Service Offerings: Ensure the agent provides the specific services aligned with your tax-related needs. Client Testimonials: Check for reviews or testimonials to gauge the agent’s reliability and service quality.

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Final Thoughts

Engaging a MyTax agent in Sydney offers personalized, expert tax assistance, streamlining the tax-filing process for individuals and businesses. By leveraging their knowledge and using the MyTax platform, these professionals provide valuable guidance to ensure compliance and maximize tax benefits. For those navigating complex tax matters, consulting a MyTax agent can offer clarity, accuracy, and peace of mind in managing tax-related affairs effectively. Get access to a budget friendly but experienced tax agents. This blog post aims to showcase the services and advantages of engaging a MyTax agent in Sydney, emphasizing their expertise, personalized assistance, and convenience in managing tax obligations for individuals and businesses.

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.

Understanding Same-Day Income Tax: A Swift Solution or an Unattainable Ideal?

January 4, 2024

by Acc Ramji Income Tax Rates Income Tax Return mygov 2024 mytax2024 Same Day Income Tax Return Tax Refund 2024 Tax Return 2024

Income tax is an essential aspect of our financial responsibilities, and the idea of a same-day income tax payment system sounds like an appealing proposition. The concept revolves around the notion of taxpayers receiving their refunds or settling their tax liabilities on the same day they file their taxes. But is this a feasible reality, or does it remain an aspirational goal?

Challenges in Achieving Same-Day Income Tax

1. Processing Complexity
The complexity of processing tax returns, especially considering the various deductions, credits, and income sources, poses a significant challenge. Tax authorities need to verify the accuracy of information provided, which can take time to ensure compliance and prevent fraud.

2. System Readiness
The current tax systems and infrastructure might not be equipped to handle the vast volume of tax returns on the same day. Updating systems to handle the increased workload efficiently and securely poses a logistical challenge.

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3. Varied Taxpayer Situations
Taxpayer situations differ significantly. For instance, some individuals might have straightforward tax returns, while others could have complex financial situations requiring thorough verification, potentially delaying same-day processing.

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1. Improved Cash Flow for Taxpayers: Quick access to tax refunds could greatly benefit taxpayers, offering immediate access to funds for essential expenses or investments.
2. Efficiency and Transparency: A same-day system could enhance efficiency and transparency in tax processing, providing taxpayers with clearer insights into their tax obligations and refunds.

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Conclusion: A Long-Term Aspiration

Achieving same-day income tax processing could be an ambitious but challenging goal. While it promises significant benefits, including improved cash flow and enhanced efficiency, the complexities and logistics involved make it a long-term aspiration rather than an immediate reality.

As we navigate through evolving tax systems, the aim remains to streamline tax processes while ensuring accuracy, compliance, and fairness for all taxpayers. Until same-day income tax becomes a feasible reality, taxpayers can leverage existing services, such as eTax and online filing, to expedite their tax refunds within a reasonable timeframe

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This blog post aims to explore the concept of same-day income tax, highlighting its potential
benefits, challenges, and the considerations involved in achieving such a system within the
context of tax processing.

For more information register in our website @ www.taxrefundonspot.com.au

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 at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

Lowest Tax Rate 2021

January 3, 2022

by Acc Ramji Income Tax Rates

Overseas Income Tax Return 2021

December 17, 2021

by Acc Ramji Foreign Income Tax Offset Rules Income Tax Rates Income Tax Return Overseas Tax Refund

Types of Income Declaration in Tax Return

December 8, 2021

by Acc Ramji Adjusted Taxable Income Centrelink Income Exempt Income Foreign Income Income from Jobs Income Tax Rates Income Tax Return

Types of Income

December 3, 2021

by Acc Ramji Adjusted Taxable Income Centrelink Income Foreign Income Income Tax Rates Income Tax Return

Now we have got two types of income

One is Taxable and the other one is Non-Taxable

so non-taxable that has to be included in the tax return and you will be paying tax on that so that income will be considered as part of your income.

What kind of income is taxable?

Income from salary, from business, from rental, from interest. If you have a bank interest, online saver or any term deposit, single or in joint name that income is taxable then you have capital gain, capital gain from sale of shares, capital gain from sale of property. These are all taxable income then you have dividend. If company has paid you some dividend, franked or unfrank, both are taxable.

Foreign income: Foreign income is if you have received rent pension, bank interest from your overseas source even that is taxable. Even centrelink income is taxable but only some types of centrelink income

which is youth allowance, new start allowance, single parenting payment, parenting payment, partner payment, pension payment. These payments are taxable.

On the other hand we have non taxable income which means you receive that income in last financial year but you do not have to pay tax on that what kind of income is that:

Centrelink income: Some type of Centrelink income which is family tax benefit which is energy supplement which is rent assistance. You receive money from centrelink every fortnight or every monthly from them but you do not have to declare in your tax return and you do not pay any tax on that. That is non taxable income.

The other non-taxable income is from your hobby if you are doing some hobby and you receive some small amount that is non-taxable and also child support in case you are separated and you are taking care of a child your child and your partner is paying you child support that income is also not taxable although you are receiving it every week or every fortnight or every month but that is non-taxable.

For more information on online tax return 2021, Tax Return 2021, myGov 2021, myTax 2021 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

Income test applies in 2021-22

July 9, 2021

by Acc Ramji Income Tax Rates Income Tax Return

The family pay limit is the edge we use to evaluate most balances, advantages and commitments. We use pay tests to work out whether expense counterbalances and different things in your assessment form concern you.

Duty counterbalances include:

invalid and invalid carer charge balance
seniors and retired people charge balance
Federal health care demand overcharge (single amount installment falling behind financially) charge counterbalance
mate super commitments charge counterbalance
private medical coverage charge balance.

Different things include:

private health care coverage obligation
Government health care demand overcharge edge computation
government very co-commitment
an allowance for your own super commitments
an allowance for your business misfortunes (non-business misfortunes)
personal expense concessions accessible to members in certain representative offer plans
study and preparing support advance reimbursements.

Income tests totally depend on an individual’s circumstances and their situation. Due to this, ATO verified details and individuals need to pass these details.

Business, partnership and trust income for 2021-22

June 18, 2021

by Acc Ramji Income from Jobs Income Tax Rates Income Tax Return

The overall gain you get from carrying on a business is assessable pay and you need to proclaim it on your expense form.

Pay incorporates cash and different types of installment for products or administrations you supply.

On this page:

Pay as an individual maintaining a business
Pay from an organization
Pay from a trust

Income as an individual running a business

In case you’re an individual maintaining a business, you should pronounce the pay you procure from your business on your own expense form, utilizing a different business plan. You don’t have to hold up a different government form for your business.

In case you’re a craftsman, blogger, imaginative or creator you may have to work out on the off chance that you have an interest or business.

if you are getting money or intend to get money from creating things, such as:

jewellery
paintings
baked goods
blogs
videos.

Personal Tax Cuts: Australia Tax Rates for 2020/2021

June 1, 2021

by Acc Ramji Income Tax Rates Income Tax Return

Individual tax breaks turned into the focal point of the Federal Budget this year. A couple of critical changes were as of late presented, which will be examined in this blog entry. You will likewise figure out what they mean for you as a citizen.

In the 2018 Federal Budget, the Government declared the Personal Income Tax Plan, which included designs for annual tax reductions for the following seven years. It’s intended to bring down charges for some Australians, particularly center pay workers. Simultaneously, the objective was to make the whole assessment framework simpler to grasp.

Those progressions were to initiate more than three phases, and the 2020 Federal Budget is the second phase of that arrangement. It applies to the 2020/21 monetary year. Here is an outline of these stages:

Stage 1: From 2018/19 to 2019/20 monetary year, the Low and Middle-Income Tax Offset (LMITO) was set to a limit of $1080. Beside the LMITO, there’s additionally the Low Income Tax Offset (LITO).
Stage 2: In the subsequent stage, which is currently in actuality, the LMITO is held however just until 2020/21. Simultaneously, the LITO is higher now, from $455 to $700. The upper limit is raised for the 19% section. Beforehand, it was $37,000, yet it’s currently expanded to $45,000. Then, the 32.5% assessment section was altered and expanded from $37,001-$90.000 to $45,001-$120,000. In this way, the 37% expense section currently has a lower edge of $120,001 from the past $90,001.
Stage 3: This stage will be carried out in the 2024/25 monetary year. As per the arrangement, the 32.5% assessment rate will increment for the upper edge of the 30% duty section. As of now, it is $90,000 yet will become $120,000. In the interim, the 37% duty section will be eliminated, and the lower edge for the 45% expense section will increment from $180,000 to $200,000.

If you have income from more than one payer

June 1, 2021

by Acc Ramji Income from Jobs Income Tax Rates Income Tax Return myGov 2021 Mytax 2021 Online Tax Return 2021 Tax Refund 2021 Tax Return 2021

You might be paid by at least two payers simultaneously on the off chance that you:

have at least two positions
have a standard low maintenance work and get an available benefits or government recompense.

On the off chance that you have more than one payer simultaneously, we for the most part necessitate that you just case the tax-exempt limit from the payer who ordinarily pays the most significant compensation or pay.

Your different payers are needed to retain charge from your pay at a higher rate. This is known as the ‘no tax-exempt limit’ rate. This diminishes the probability of you having a duty obligation toward the finish of the monetary year.

Once in a while the complete duty retained from all sources might be less or more than expected to meet your finish of-year charge obligation. These retained sums are credited to you when you hold up your annual assessment form. In the event that a lot of assessment was retained, it might bring about an expense discount. In any case, if insufficient assessment was retained, you may have to pay the distinction to us with the goal that you have paid sufficient duty for your pay.

You can apply to change the measures of duty retained from your pay to all the more intently match your finish of-year charge risk:

if your income is $18,200 or less
if your income is over $18,200 and too much tax is withheld
if too little tax is withheld.

Income from More than One Job

September 17, 2020

by Acc Ramji Income from Jobs Income Tax Rates Income Tax Return

If you have income from more than two jobs or taxpayers have permanent part time jobs and also receive government pension as well as allowances., you are only entitled to claim a tax free threshold of one job. The tax free threshold means taxpayers no need to pay any tax amount.

If taxpayers have more than one payer at the same time so you can only claim a tax free threshold.

By ATO guidelines the tax free threshold is $18,200 and in case of if you are australian resident for tax purposes so you don’t need to pay tax on your yearly income that means that the first $18,200 is tax free for taxpayers. You can also claim tax withheld to reduce your tax liability.

If you earn $350 a week or $700 a fortnight or $1,517 a month is all the same as $18,200 tax free threshold means you don’t need to pay tax.

Whenever your income will be increased than the tax free threshold, the tax liability would be increased and you may pay to the ATO as your liability.

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

Work & You – Tax Refund on Spot

July 24, 2019

by Acc Ramji Income Tax Rates Income Tax Return Small Business Tax Advice Tax Deduction Tax Refund 2019 Tax Topics Taxation Working As A Contractor

Being employed will mean you are accepting
a compensation or a pay, and you could be full-time, part-time, casual, a
contractual worker or expert. Be that as it may, what do they all mean? What’s
more, how can that influence how you get paid – and how you are taxed?

Full-time

A man employed on a permanent premise,
working the grant recommended least hours every week, paid consistently, and
qualified for every one of the advantages and leave privileges.

Part-time

A man employed on a permanent premise,
working consistent hours that are inside of a base and greatest characterized
number of hours every week, and entitled for the advantages with respect to the
quantity of hours worked. Part time representatives are entitled for the same
working conditions as full-time representatives, including, by and large, the
same hourly rate of pay.

Casual

Casual representatives take a shot at an
hourly or regular schedule, however by and large work less hours than the
conventional week by week working hours of a full-time worker. To make up for
passing up a great opportunity for the advantages recompensed full and part
time employees, additional stacking is added to casual’s pay. Casual employees
can work the same number of hours or shifts as a full-time employee and still
not be viewed as lasting. A few working environments however may be required to
offer full-time work to an casual who works conventional hours after a certain
maintained time of doing as such.

Contractor

As a rule, contractors (or consultants) are
independently employed individuals utilized for a particular task, at a
concurred cost, considering a particular objective, and regularly over a
pre-decided time period. They set their own hours of work and deal with their
own tax obligation. They aren’t paid a salary or hourly rate, and because they
aren’t an employee, a contractor’s position is more effectively fired than a
“permanent” employee. Being a contactor’s worker does have tax
implication.

Payment

Wages and salaries are the most well-known sorts of employee payments. Wage is viewed as a pay if the work is standard and wages if it is not consistent. Both must be announced in full on your tax return – unless particularly exempted.

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 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Are You Getting Government Assistance?

April 2, 2019

by admin Government Payments Income Tax Rates Income Tax Return Tax Offsets Tax Refun 2019

Through Centrelink, the government provides financial and other assistance to people under a variety of programs. Some common payments you may have heard of are austudy, Newstart, youth allowance, parenting payment (single) and CDEP, the Community development employment program (one of the largest Indigenous programs in Australia). Depending on your circumstances you may be entitled to one or more of these payments.

Many Centrelink payments are assessable for income tax purposes and need to be included on your tax return.

Other government pensions, allowances and payments are exempt from income tax, for example, the disability support pension (when paid to a person who is below the age pension age).

Tax offset for government payments

If you receive a taxable government payment you may be entitled to a tax offset called the beneficiary tax offset. A tax offset will directly reduce the amount of tax you pay. The beneficiary tax offset is available if you receive more than $6,000 of an assessable government payment in a financial year (that is, the offset cuts in at the point you go over the tax-free threshold and would otherwise have to start paying tax). If you have other assessable income you may still need to pay some tax.

To claim the offset you must enter the payment you receive at the correct item on your tax return. The ATO will automatically calculate the offset for you when we process your tax return.

The offset will only reduce your tax, it will not reduce any Medicare levy you may have to pay.

You may also be entitled to the low income tax offset.

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 .

Income Tax Rates 2017

March 3, 2017

by admin Income Tax Rates Tax Deduction Tax Deferred or Avoided Tax Free Threshold Tax Incentive Tax Loss

Personal income tax changes

What are the proposed changes?

Table 1 shows both the current and proposed personal income tax rates for Australian tax residents.

Table 1: Current and proposed personal marginal income tax rates, $p.a.
Current		From 1 July 2016
Taxable Income	Rate %	Taxable Income	Rate %
0–18,200	Nil	0–18,200	Nil
18,201–37,000	19	18,201–37,000	19
37,001–80,000	32.5	37,001–87,000	32.5
80,001–180,000	37	87,001–180,000	37
180,001 and over	45	180,001 and over	45

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