People with Disability

According to legislation introduced in 2017, If you previously plant and equipment, you are not able to do claim as a deduction who decline in value.

If the investor lives in their rental property while renovating, and if you installing any new assets which will considered as previously used.

Therefore, the investor gets risk for only tax benefits.

But on the other side, one good reason for investor is that while installing new plants and equipments assets and then rented out; you may be eligible to claim depreciation deduction from ATO. Please note that the 2017 legislation does not affect buyers of brand-new property.

Brand new property generally holds high value in market.

Structural assets includes new walls, kitchen cupboards, toilets and roof tiles are also unaffected by the legislation changes and it can be claim by owners.

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

Self Managed Super Fund

A SMSF is a private superannuation fund which can be managed by yourself with the purpose of saving at the retirement Age. and regulated by ATO.

Well, it is important to known that everybody not able to save money that way. This things is depends on risk taking, bundle of money available for only investments and individuals skills.

There are some advantages and disadvantages of SMSF funds.

Advantages of SMSF

  • You hold have power over and manage yourself
  • You’re can invest in a different assets such as a bank account, shares or real estate as you like
  • Fees are not much high compare to other. so, you can save almost 1 percents or more
  • You could get good market value and can compare
  • It suits especially to investors
  • Art and Bitcoin are allowed in certain circumstances and market

Disadvantages are:

  • need caution and discipline for the trustee to manage fund
  • need an investment plan and strategy
  • Doesn’t suite to normal investor who don’t have match cash flow
  • Generally, more risky than normal investment
  • No access to superannuation complaints tribunal

Important

If you decide to set up a SMSF, You and only you liable for your investment, even if you get professional help for investments. so be careful whenever make any investment related decision

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

TPAR (Taxable Payments Annual Reports)

TPAR means taxable payments annual reports.

Payments which are made by Contractors can include subcontractors, consultants and independent contractors who may be operating as sole traders, companies, partnerships or trusts need to be disclose ATO.

The information is collected by the ATO and make sure that this payments are all true and can identify that those contractors who have not included all of their income on their tax return, not lodged tax returns or activity statements, not registered for GST and so they required to do all things and double check ABN on their invoices.

TPAR is for businesses who give information includes:

  • Building and construction services
  • Cleaning services
  • Courier services
  • Road freight services
  • IT services
  • Security, investigation or surveillance services
  • Mixed services includes a business providing one or more of the services
  • Pay contractors to provide those services on your behalf

TPAR is due by 28th August each year and in a case if you forget to lodged, You may penalise for not lodged or after due dute lodgedments.

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

Payment Summaries – Tax Refund On Spot

Payment summary also called PAYG (Pay as you go) and contain all same details in the document.

The Payment summary is signed by the employer. The employer may issue a receipt, remittance advice or group certificate.

If you are doing job on tax and received tax withheld and in case, you have lost or did not receive of your payment summary, you can contact to your employer and ask for copy of payment summary.

Employer must to notified to ATO regarding the amounts of withheld tax of income. So, ATO can make cross verification about withheld tax and income on your tax return when you lodged, to make sure that your employer put correct withheld amount or not in your Payment summary

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

How to Personalise Your Return in myTax

we are registered agent and help with your refund. If you have tax trouble please contact us on 1300 768 284.

We will help you here about your personalise your tax return in mytax with step by step.

  • make sure you have all document with you to avoid hassle.
  • personalise return screen , you can see a number of checkboxes.
  • Some of boxes automatically selected if we receive information from ATO.

If you have payment summary from your employer or get payments from Australian governments, select the section accordingly but if you did not received any group certificate or PAYG please contact your employer as soon as possible for lodgement. Then select the box that matches your type of payment.

In this case, we’re selecting the ‘Salary, wages, allowances, tips, bonues etc

If you received any Centrelink benefits, select the ‘Australian Government payments’ box please disclose in your return.

If you received interest from bank or other other bank, then select that you had Austalian interest, or Australian income or losses from your investment property. if Yes, then select ‘interest’ and read other options carefully.

If you never heard about any word or need any help , you can click Help button. Once you’ve selected all the sections that apply to you, click ‘Next’ at the bottom of the screen.

If you by mistake selected a section, just deselect it.  Once you’ve remove the error, click ‘Next’ button.

This will take you to the ‘Prepare return’ screen, where you can view and edit pre-filled information, and review and add anything that’s missing. Your information will now be added to the Prepare screen.

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

Spouse Contribution on myTax

Superannuation contributions on
behalf of your spouse 2015

Did you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working?

An RSA is a special account offered by banks, building
societies, credit unions, life insurance companies and prescribed financial
institutions. It is used for retirement savings and is similar to a
superannuation fund.

You need to know

You will be entitled to a tax offset of up to $540 per
year if:

  • the sum of your spouse’s assessable income, total reportable fringe
    benefits amounts and reportable employer superannuation contributions was less
    than $13,800

    • the contributions were not deductible to you
    • the contributions were made to a superannuation fund that was a complying
      superannuation fund for the income year in which you made the contribution
    • both you and your spouse were Australian residents when the contributions
      were made, and
    • When making the contributions you and your spouse were not living
      separately and apart on a permanent basis.

A spouse can be of the same or opposite sex and can
include de facto relationships.

If you had more than one spouse during the income year
and you satisfy the conditions for the tax offset for more than one spouse, the
tax offset is the lesser of the sum of the tax offset entitlements for each
spouse, or $540.

 Your spouse’s
assessable income is the amount your spouse wrote at

TOTAL INCOME OR LOSS on their tax return, unless:

  • they had a distribution from a partnership or trust
    • they had income or losses from rent or business (including personal
      services income)
    • they had a capital gain or foreign source income,
    • they made a deposit into a Farm Management Deposit Scheme Account, or
    • They claimed a deductible amount for a foreign pension or annuity at item
      D11 on their tax return (supplementary section).

Your spouse’s reportable fringe benefits amounts and
reportable employer superannuation contributions are shown on their payment
summaries.

The tax offset is calculated as 18% of the lesser
of:

  • $3,000, reduced by $1 for every $1 that the sum of your spouse’s
    assessable income, total reportable fringe benefits amounts and reportable
    employer superannuation contributions for the year was more than $10,800

    • The total of your contributions for your spouse for the year.

The tax offset for eligible spouse contributions cannot
be claimed for superannuation contributions that you made to satisfy a family
law obligation to split contributions with your spouse.

Completing this item

Step 1

Write the total of your contributions at Contributions
paid item T3 on your tax return.

Step 2

If the sum of your spouse’s assessable income, total
reportable fringe benefits amounts and reportable employer superannuation
contributions was $10,800 or less, use worksheet 1.

If the sum of your spouse’s assessable income, total
reportable fringe benefits amounts and reportable employer superannuation
contributions was more than $10,800 but less than $13,800, use worksheet 2.

Worksheet
Maximum spouse contributions eligible for the
tax offset
$3,000 (a)
Amount of contributions paid $ (b)
Write the lesser of (a) or (b). $ (c)
Multiply (c) by 18 and divide by 100.
 
 
$ (d)
Worksheet
Maximum spouse contributions eligible for the tax offset $3,000 (a)
The sum of your spouse’s assessable income,
total reportable fringe benefits amounts and reportable employer
superannuation contributions
$ (b)
Base amount $10,800 (c)
Take (c) away from (b). $ (d)
Take (d) away from (a). $ (e)
Amount of contributions paid $ (f)
Write the lesser of (e) or (f). $ (g)
Multiply (g) by 18 and divide by 100. $ (h)

Step 3

The tax offset is the amount shown at (d) on worksheet 1 or (h) on worksheet 2. Write this amount at A item T3. Do not show cents.

If you had more than one spouse during the year, complete
steps 1 to 3 for each spouse. Your tax offset is the lesser of:

  • the sum of the tax offset you are entitled to for each spouse, or
  • $540.

Write this amount at A
item T3. Do not show cents.

Step 4

Make sure you complete Spouse details – married or de
facto on pages 8-9 of your tax return. Include your spouse’s taxable income at
O, your spouse’s total reportable fringe benefits amounts at S and your
spouse’s reportable employer superannuation contributions at A.

To work out your entitlement to this tax offset you would
have used your spouse’s assessable income, reportable fringe benefits amounts
and reportable employer superannuation contributions. However, because we use
taxable income to calculate many other entitlements, we ask you to record your
spouse’s taxable income (not assessable income) at Spouse details – married or
de facto.

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

What’s the Easiest Way to Lodge my 2019 Tax Return?

Every year the  ATO releases new tax products, and last year they made eTax for Mac’s, which turned out to be broken and full of problems from the beginning. This year it’s myTax, and even this has been under a large amount of scrutiny of late, with several large security issues for its users. This is being tested, and used in combination with eTax, however with several security issues found earlier in the year for myGov, many people will be wary of it’s suitability to their needs and it’s ability to maximise their refund.

There are so many options, which can make it quite confusing, and overwhelm many people. Even those with basic tax returns. What are the options? Why is Refund Express the best, and how can you get the best outcome to get you the best possible outcome?

Everyone likes the idea of a Free Tax Return, but free doesn’t always get you what you sign up for. The ATO doesn’t make these things for free, and expect you to benefit to the maximum of the law your allowed. The ATO is the Tax Collection office, it’s primary job is to ensure people are paying their fair share. Most Australians pay to use a Registered Tax Agent to do their Tax Returns to make sure they’re getting their share of the money they’re entitled to under the legislation created. So does a ‘Free Tax Return’ really get you the best outcome at the end of the day? It’s your call, but we’re skeptical of anything that is made to make the process more difficult like eTax. Etax Tax Return system can be extremely frustrating for users, and that’s why we created Refund Express.

Why Refund Express & what about the Others?

Refund Express

  • Average time per tax submission on Refund Express is 10 minutes.
  • The quickest any person has lodged with us is 4 minutes, from registering to submission.
  • We make sure you only enter the information that’s relevant to your situation.
  • Your return is checked by an accountant before submission to the ATO.
  • We make tax easy to understand, so you don’t miss out on a bigger refund.
  • It’s a Mobile friendly online tax return. Try it on your tablet or phone!
  • You can exchange messages with your Refund Express accountant directly through your account page.
  • It’s fast, with no need for an appointment. Skip travelling to the accountants office.

Problems when undertaking a trip to the Accountants Office

  • Making an appointment to suit you and them.
  • Accountants can take over an hour or more.
  • Cannot leave your information at home, you have to take it with you.
  • It can get quite expensive. with some charging $180 upto $350 for simple returns.
  • Minimal on going support or updates, without shelling out more money for extra appointments.

Using the Governments new myTax site

  • You have to register with the Government and all of its services.
  • You may miss out on easy deductions or offsets that are not pointed out by the ATO.
  • You might save some money, but miss out on a bigger refund.
  • It’s not checked by a Registered Tax Agent.
  • You have no help or on going support.
  • Any possible errors or mistakes are yours. Basically, you’re on your own.

e-Tax the Overly Complicated Software

  • First you have to download etax, and then install it, and hope it works
  • It has be very time-consuming in the past.
  • You still have to register with myGov in order to use eTax.
  • Again, there’s no Tax Agent to check your Return for you.
  • So many questions to answer that don’t relate to you and your needs.
  • So many errors, and questions that can be frustrating. and time consuming.
  • Simple mistakes can cost you a big refund.

It’s a Trap (Admiral Ackbar)

The Tax Law is a complex area to understand. Its what we do for a living! We’re here to look after you, and your interests in order to take the worry out of the process.  The ATO targets different groups of people in order to audit them. and this year they are planning to match over 640 million transactions in 2013-14. Last financial year, the ATO undertook 450,000 reviews, and audits of individuals. It used data matching to raise $973 million in Tax Revenue from individuals being Audited.

Who uses Tax Agents like Refund Express?

Almost anyone can. and most Australians do. Because most Australians still trust their Registered Tax Agents to prepare their Tax Return correctly. and should Trust them more then the Governments “free Tax Return” options.

Refund Express Australia is an Australia Owned and Australian Run business.  We hire Aussies to support, and look after your Tax Return information.

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

Interest and Penalties

Australia’s revenue system relies on taxpayers provided that correct information to set up their tax liability and paying the correct amount of tax on time.

To ensure the system is fair for everyone:

  • General Interest Charge is applied to an unpaid tax liability from the date it was due to be rewarded until it and the accrued interest charges are paid
  • Shortfall Interest Charge is applied where an added amount of tax is payable because of an amended assessment
  • Penalties are imposed for conduct such as not taking logical care in claiming a deduction to which you are not entitled, or making a false or misleading statement.

The interest charges are planned to ensure that taxpayers who underpay their tax for a period don’t receive an advantage over those who have paid their tax on time, and to pay off the community for the impact of late expenses.

The penalty provisions are planned to encourage taxpayers to take reasonable care in complying with their tax obligations.

The law provides ATO with the flexible power to remit (partially or in full) interest charges and penalties in certain circumstances.

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.

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

MYGOV Linking

myGov is a fast and simple way to access government services online.

A secure myGov account lets you link a range of Australian Government services and access them all in one place.

When you create a myGov account, you’ll benefit from the following features:

  • myGov Inbox: a central and secure place where you can receive messages from:
    • Medicare
    • Australian Taxation Office
    • Centrelink
    • Child Support
    • Department of Veterans’ Affairs
    • National Disability Insurance Scheme

    Messages can include online letters, statements and other types of important information.

  • myGov Update Your Details service: a simple way for you to update your address and contact details in one place with participating member services
  • Manage ABN Connections: you can connect ABNs to your myGov account so that you can use your myGov username and password to access government business online services. Find out more on the Australian Business Register’s Manage ABN Connections information page
  • myGov security codes: single use codes that you can use to sign in to your myGov account instead of answering your secret questions. If you choose to turn on myGov security codes, we will send a myGov security code as an SMS to your mobile phone each time you sign in that you will need to enter into myGov to access your account. By turning security codes on, you will also be able to access Manage ABN Connections. Find out more from the myGov security codes information page
  • myGov Inbox forwarding trial: we are running a trial with Australia Post’s MyPost Digital Mailbox that lets you have copies of the messages you receive in your myGov Inbox, forwarded to your MyPost Digital Mailbox, along with other mail from participating organisations
  • A growing range of member services including:
    • Medicare
    • Australian Taxation Office
    • Centrelink
    • Australian JobSearch
    • My Health Record
    • My Aged Care
    • Child Support
    • Department of Veterans’ Affairs
    • National Disability Insurance Scheme
    • Victorian Housing Register Application

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