Are You Getting Government Assistance?

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 .

Withholding at Business Transaction

In Electronic Income tax return 2018, the clients need to declare their income from 1st July 2017 to 30th June 2018.  As of this, you can lodge your 2018 tax with us where you don’t have to worry about downloading this software or putting your precious time sorting out your tax return, or getting to open my govt account and linking to e-tax. You don’t have to go through lengthy process, you just simply pass these numbers to our qualified Accountant and he will do the job for you in minimum time with maximum benefit for you.

Lodging tax 2018 from us, you will get faster and simpler online tax return with all the expertise our accountant will get it for you, for your benefit. And ensure all the return are verified by certified and registered tax accountant.

For our customers, we will be open 7 days during the peak month i.e. June, July and August and don’t worry about our professional fee, you have the option to deduct our fee with the refund you get from your tax return which will be deductible in your next your tax return.

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

 

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

Start Tax Return with 3 Simple Steps

Have you got last payslip or PAYG summary / Group Cert from employer?
If yes, then just follow these 3 simple steps for get refund in 1 Hour
3 Simple Steps

  • Fill your details in our website
  • Accountant will email & call you. You email last Payslip / Group Cert
  • Get FREE tax refund estimate and option of 1 Hour Tax Refund

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

What Records are Kept for What Reason?

There are some documents that are mandatory for tax purpose during the end of financial year such as PAYG summaries, receipts, invoices and contracts.

If you don’t have your PAYG summary, then the recent two weeks pay slips can be used to calculate the estimate for your refunds.

These documents are preferred to be kept for at least 5 years from when you lodge your tax return, in case ATO asks to substantiate your claims.

What are the records you need to keep?

  • Contracts
  • Tenants and rental records
  • Receipts and invoices for equipment or asset purchase and sales
  • Receipts and invoices for expense claims and repairs
  • PAYG summaries from payers
  • Bank statements from companies
  • Summaries from investment funds.

If the total claim for work related expenses is $300 or more, a written evidence to prove the claim is mandatory.

And if the assets are acquired, keeping the records can be proved worthy as you may have to pay capital gains tax if the assets are sold in the future. Keeping records ensures that you don’t pay more tax than necessary.

The most important part about keeping the record is that the documentation must be in English, unless the incurred expense is outside Australia

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

 

 

Capital gains on Australian assets

Foreign residents are taxed in Australia on income earned from their Australian investments.

For interest, unfranked dividends and royalties, tax is generally withheld in Australia at the time of payment. But if you receive rental income from Australian properties or capital gains from selling Australian assets, you must declare these amounts in an Australian tax return.

A capital gain is the difference between what it cost you to get an asset and what you got when you sold or otherwise disposed of it.

If you’re a foreign or temporary resident and you make a capital gain when you dispose of ‘taxable Australian property’, you may have to pay capital gains tax (CGT).

Taxable Australian property includes:

  • a direct interest in real property, or a mining, quarrying or prospecting right to minerals, petroleum or quarry materials
  • a CGT asset that you have used at any time in carrying on a business through a permanent establishment in Australia
  • an indirect Australian real property interest. This is an interest in an entity, including a foreign entity, where:
    • you and your associates hold 10% or more of it
    • the value of your interest is principally attributable to Australian real property.

Taxable Australian property also includes an option or right over one of the above.

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