Property Tax Deductions | ETAX/MyTax, Tax Return Information: Learn Tax Tips and Tax Advice Australia

Simplifying Tax Filing: Exploring MyTax Online for 2024

February 1, 2024

by Acc Ramji Business Tax Business Tax Offset Etax GST (Goods and Services Tax )Income Tax Rates Income Tax Return Individual Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Property Tax Deductions Tax Accountants Tax Advice Tax Affairs Tax Agent Tax Calculator Tax Deduction Tax Offsets Tax Refund Tax Refund 2024 Tax Return 2024 Tax Tips Tax Topics Taxation

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.

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.

As the new fiscal year commences, Australians gear up to fulfill their tax obligations, and MyTax emerges as a convenient online platform provided by the Australian Taxation Office (ATO). Let’s delve into the functionalities, benefits, and insights offered by MyTax for the year 2024.

For more details please contact us 1300 768 284.

Understanding MyTax Online for 2024

Introduction to MyTax:
MyTax is an online service provided by the ATO, offering individuals a simplified platform for lodging their tax returns electronically.

Key Features and Purposes:

Streamlines the tax return process with a user-friendly interface designed for electronic lodgement.
Facilitates faster processing and accurate submissions, reducing paperwork and potential errors.

Navigating MyTax for 2024

Accessing MyTax:
Log in to the ATO’s online services via myGov or directly on the ATO website to access the MyTax portal for the year 2024.
Filing Your Tax Return:
Enter accurate financial information, including income sources, deductions, investments, and other relevant details required for tax return lodgement.
Review and Submission:
Carefully review all entered details for accuracy and completeness before electronically submitting the tax return through the MyTax platform.

Advantages of MyTax for 2024

Convenience and Accessibility:
Offers a user-friendly and accessible platform, allowing individuals to manage their tax obligations conveniently from any location with an internet connection.
Efficiency and Accuracy:
Ensures accurate submissions and potentially faster processing compared to traditional paper-based methods.

Visit us and Claim Maximum Legal Tax refund

Record-Keeping and Accessibility:
Maintains accessible records of submissions for future reference or review.

Final Thoughts

MyTax for the year 2024 provides Australians with a modern and efficient means to manage their tax returns. By leveraging this online platform, individuals can simplify their tax filing process, ensuring accuracy, accessibility, and potential efficiency in processing returns.

Send queries via email and an accountant will call you.

For those seeking a straightforward and accessible solution to fulfill their tax obligations, MyTax remains a practical and reliable option.

This blog post aims to guide readers through the functionalities and benefits of using MyTax for the year 2024, emphasizing its convenience, accuracy, and efficiency in managing tax returns for individuals in Australia.

Kindly register on our website for more information

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.

Why Choosing a Tax Return Agent Near Me Makes Financial Sense

January 16, 2024

by Acc Ramji Business Tax Etax GST (Goods and Services Tax )Income Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Property Tax Deductions Tax Accountants Tax Advice Tax Agent Tax Refund Tax Refund 2024 Tax Return 2024 Tax Tips Tax Topics Taxation

Tax Refund On Spot is just located @ Level 1, 6 Main Street Blacktown NSW 2148, very accessible as it is just opposite the Blacktown train station in Sydney.

When it comes to managing your taxes, having a tax return agent in close proximity offers numerous advantages. Let’s explore the benefits and significance of selecting a tax return agent nearby and how it can streamline your tax-related affairs.

Convenience and Accessibility

Personal Interaction: A tax return agent near you allows for face-to-face meetings, fostering better communication and understanding of your unique financial situation.
Accessibility: Being in close proximity means easier access to the agent’s office, facilitating document drop-offs or consultations without extensive travel.
Local Knowledge: Agents familiar with your area may have insights into specific deductions or credits relevant to your locality.

Expertise and Guidance

Tailored Advice: Nearby tax return agents offer personalized advice, taking into account local tax laws and regulations that might impact your returns.
Specialized Services: Some agents near you might specialize in certain industries or professions, providing tailored advice for specific needs.

Community Presence and Trust

Community Connection: Agents operating locally often have a stronger connection to the community, fostering trust and reliability.
Reputation and Referrals: Word-of-mouth referrals are common for local agents, allowing you to gauge their reputation based on community feedback.

Supporting Factors for Choosing a Tax Return Agent Near You

Local Listings and Directories: Explore local directories or online listings to find nearby tax return agents with their contact details.
Client Testimonials: Check online reviews or seek recommendations from locals to assess the agent’s reliability and service quality.

Final Thoughts

Opting for a tax return agent near you offers a myriad of benefits, including convenience, personalized service, community trust, and specialized knowledge. These advantages not only simplify tax-related matters but also foster a sense of trust and reliability in managing your financial affairs.

For individuals seeking a more personal touch and tailored tax advice aligned with local regulations, choosing a tax return agent nearby can be an effective strategy in ensuring accurate and efficient tax filings.

This blog post aims to highlight the benefits of choosing a tax return agent nearby, emphasizing the convenience, expertise, and community trust that come with local representation in managing tax-related affairs.

Kindly register on our website for more information

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.

Claim Protective Uniform Tax Deduction

January 25, 2022

by Acc Ramji Claim Deductions Dedcutions Income Tax Return 2022 Mygov 2022 Mytax 2022 Online Tax Return 2022 Property Tax Deductions Tax Deduction Tax Refund 2022 Tax Return 2022 Uniform Expenses

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 2022, Tax Return 2022, myGov 2022, myTax 2022 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.

Claim Home Business Losses Tax Deduction 2022

January 13, 2022

by Acc Ramji Business Tax Deductions Claim Deductions Dedcutions Income Tax Return 2022 Mygov 2022 Mytax 2022 Online Tax Return 2022 Property Tax Deductions Tax Deduction Tax Refund 2022 Tax Return 2022

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.

Claim Property Tax Deductions 2022

January 11, 2022

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.

Cost if Holding $1 Million Property

January 11, 2022

by Acc Ramji Buying Property GST and Property investment property Land and Property Taxes Positive Gearing Property Property Repair Property Tax Deductions Renovating Properties Residential Rental Properties

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.

Lump Sum Payments Tax Deductions

January 3, 2022

by Acc Ramji Claim Deductions Dedcutions Property Tax Deductions Tax Deduction

2021 Property Tax Deductions

December 14, 2021

by Acc Ramji Property Tax Deductions Tax Deduction Tax Deferred or Avoided

Repairs Vs Renovation & Income Tax Deductions

December 14, 2021

by Acc Ramji Claim Deductions Dedcutions Property Repair Property Tax Deductions Renovating Properties Tax Deduction

Sale of Property

December 10, 2021

by Acc Ramji Buying Property Land and Property Taxes Property Repair Property Tax Deductions Sale of Property

If you have sold any property in last financial year whether it’s taxable or not this is what we are going to discuss. If the property is owned by non-individual can be company, can be trust, can be superfund. So if it is owned by non-individual then it is taxable. You have to pay tax based on the rates but what happens if it is owned by individuals. If any individual may be husband wife together maybe two or three or four people together as a partnership or even a single person owns that property in his or her name and that property sold in last financial year will that be taxable or will that be tax free? Well it depends if that property is used as PPR. PPR means personal place of residence so it has never been rented out and you know person has always lived in that property and he sold. Let’s say he bought for $100,000 about you know 20 years back and now he sold that property for 2 million or you know whatever price. Will that be taxable? No, it won’t be taxable because he has always lived in that property and it is personal place of residence so irrespective of the amount that capital gain is tax free that is not taxable.

On the other hand if it is an investment property if he has received rent from that property then it will be taxable. As you can see it will be taxable, now it depends if it is long term or short term. If the property was held more than 12 months then it will be a long term capital gain. If the property is held for less than 12 months then it will be a short-term capital gain.

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

Ways to Make Money From Property

December 8, 2021

by Acc Ramji GST and Property investment property Land and Property Taxes Property Repair Property Tax Deductions Refund Processing Renovating Properties

Transfer Property to Kids

December 6, 2021

by Acc Ramji Property Tax Deductions Transfer Property to Kids

Few clients came to me and they said that they want to they want to transfer one of their property to their kids.

Now should they transfer property to their kids?

We are not financial planner, but this is my personal recommendation or personal advice that you should not transfer any property to your child when you are alive.

Why?, because it will attract stamp duty, they have to pay stamp duty based on the market value. So, if property value is one million dollar, 4% of that is $40,000 so approximately that plus you will attract capital gain because you are transferring the asset. You will attract capital gain it’s not worth it. You are paying too much tax. The best way is to give them property under your will so when you die, they become the owner. It is smooth process and it will save lot of taxes. It is always worth to give them property under a will not while you are alive. If you are alive you give them property or you change ownership, you have to pay legal fees you, they have to pay stamp duty and you will be paying capital again and they have to take loan on that property so that is also again a headache.

So my suggestion give them under the will.

Common Ways on How to Make Money from Property

December 3, 2021

by Acc Ramji Buying Property Inheriting Property investment property Property Tax Deductions

Well this is for everyone this is like this is the way how people make money. You have to find where do you fit in.

Development: In Development you make a lot of money. A lot like development means building like you have to get the approval for few townhouses or few units then you get it build yourself or through some builder. You need lot of money because banks won’t lend you 80% or 90%. In this you need a lot of money, but you will make a lot of money. In that case you should have in-depth knowledge on how to make money? which site you can get approved and all those things. You need a lot of money and you make a lot of money but there’s a higher risk involved it may not get approved.

The second way people use is negative gearing: They buy properties in Sydney or Melbourne where there are chances of capital growth. But mostly properties are negative gear. They are returning only two or three percent whereas the cost to hold is over four to five percent so they are paying two percent from their pocket to hold the property every year. Just in the anticipation that property grows by ten to fifteen percent every year that’s not a good philosophy because you are paying out of your pocket. It’s hurting your pocket.

The third strategy which people do is they buy positive cash flow property and discounted property. So positive cash flow make sure they get some money in their pocket every week. Maybe 50,000 maybe 100 maybe 90,000, but at least they are not paying anything and they don’t wait for the capital growth they make money then and there, maybe 20 000 less than the market, maybe 15 000 less can be 50 000 can be hundred thousand. So they make money then and there they do not wait for capital growth if you get a combination of both positive gearing and discounted that’s how you make money all the other ways.

Development where you need lot of money. You have to invest a lot of time and it’s a huge risk. But you make much money in development.

So these are the few options, in case you have any other option like in case you have any other views or any other proposals or any other thoughts on this just email us.

GST and Property

August 27, 2020

by Acc Ramji GST (Goods and Services Tax )GST and Property GST Installments Property Repair Property Tax Deductions

Tax payers or individuals who want to sell, give on lease or transfer the lease are required to register Goods and services tax (GST) on property by ATO guidelines.

In this stage we usually speak more common words like property instead of using the legal term “real property”.

Property can be defined as:

land
land and buildings
an interest in land, rights over land or licence to occupy land of individual

By ATO term of supply includes sale, lease, transfer of rights, or similar dealings in property.

The GST treatment of property varies depending on the type or its purpose.

Property and registering for GST

You don’t need to registered GST if:

If you do your property transactions are for private purposes rather than work purposes, such as constructing your home or selling your home
you only receive residential rent from your property rather than business purposes

However,You need to registered your GST, even if you are not a business transactions,

If you have:

The property transaction of your business and other taxable transactions is greater than GST threshold amount
your activities are Considered as ‘entity’ or ‘enterprise’ for example – If you buy land or house for profit purposes and again resale for more money and only intention to gain profit. So here, one-off property transactions may be related to an enterprise.

If you really want to register for GST, You need to require ABN first.

If you’re required to register for GST you need an ABN.

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

Myths and the Facts about Work Expense Deductions

August 10, 2020

by Acc Ramji Claim Deductions Dedcutions Expenses Expenses Claim Property Tax Deductions Tax Deduction

There are some myth which is totally wrong and people sometimes misleading by false information.

There are some myths about tax deduction for hairdresser-homilies what-your-taxi-driver-just-heard and many others.

Over the past years ATO faced many issues related to deductions and many people calim wrong deductions such as — dental expenses, gambling losses, Lego sets, and even the cost of a wedding reception.

The myths are stated about what you can claim and what you are not able to claim it’s depend on your work and occupations.

For example, if you used car 70% for work purposes whereas 30% of car used for private purposes.

So, you can claim only 70% car expenses as deduction rather than whole 100% as deductions. but keep in mind you need to keep record for expenses. so, you can prove to ATO for your expenses.

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

Property Depreciation and Deduction

August 10, 2020

by Acc Ramji Dedcutions Depreciation Property Tax Deductions

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.

What’s the difference between a repair and an improvement?

August 10, 2020

by Acc Ramji Property Repair Property Tax Deductions

Repairs means fix the damages of a property. for example changing part of a damaged fence.

Whereas maintenance means main the property, For example, oiling a machine.

Any cost incurred in rental property, you are entitled to claim 100 per cent an expenses as deduction.

A capital enhancement occurs when the situation or value of an item is enhanced beyond its original state at the time of obtain.

This would be classified as capital deduction and plant and equipment depreciation over the time.

An example of a capital works deductions could be replacing the kitchen items. If any plant and equipment items are removed and replaced, for example an air conditioner, this will also be considered a capital improvement.