Work & You – Tax Refund on Spot

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

Small Business Tax Concessions

Small business can access many tax concessions. A business body can be:

  • Individual
  • Partnership
  • Company or
  • Trust

The total turnover of business should be less than aggregate $ 2 million throughout financial year. The benefits can include

Simplified Depreciation rules:

  • In simplified depreciation rule, small businesses can immediately write off their assets valued at less than $20,000.

Simplified trading stock rules:

  • In small business, they got the benefit that if there existing stock value doesn’t go up or down by more than $ 5000, then they can have the facility not to do stock take at the end of year instead of that they can add same stock value as at the start of year.

Car parking and FBT Exemption:

  • Small businesses are exempted car parking benefits if providing for their employees but certain conditions apply.
  • Business should have less than 10 million turnovers in last financial year before the relevant FBT year.
  • Should not public listed company and government body.

GST choice on a cash basis:

  • For eligible businesses they are only responsible to calculate GST once payment received (Cash basis accounting)
  • In small business situation, they are eligible for concession Pay-as-you-go where they can pay quarterly instalments that would worked out as most recently paid tax.

If the business type is included in Simplified Tax System, which is intended for small business concessions can claim concessions if business gather the eligibility criteria.

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.

Small Business Tax Concessions

Small business can access a number of tax concessions. A business body can be

  • Individual
  • Partnership
  • Company or
  • Trust

The total turnover of business should be less than aggregate $ 2 million throughout financial year. The benefits can include

  • Simplified Depreciation rules
    • In simplified depreciation rule, small businesses can immediately write off their assets valued at less than $20,000.
  • Simplified trading stock rules:
    • In small business, they got the benefit that if there existing stock value doesn’t go up or down by more than $ 5000,then they can have the facility not to do stock take at the end of year instead of that they can add same stock value as at the start of year.
  • Car parking and FBT Exemption:
    • Small businesses are exempted car parking benefits if providing for their employees but certain conditions apply.
    • Business should have less than 10 million turnover in last financial year before the relevant FBT year.
    • Should not public listed company and government body.
  • GST choice on a cash basis:
    • For eligible businesses they are only responsible to calculate GST once payment received (Cash basis accounting)
    • In small business situation, they are eligible for concession Pay-as-you-go where they can pay quarterly installments that would worked out as most recently paid tax.
  • Deductions for certain prepaid business expenses:

Deductions are only helpful to offset against tax. If business not earning any profit and facing loses it could not get much benefit because the current year looses are carrying forward to next year that’s why cannot claim any deductions in current financial year.

If the business type is included in Simplified Tax System, which is intended for small business concessions can claim concessions if business gather the eligibility criteria.

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