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

Employee Share Schemes

ESS includes:

  • shares
  • stapled securities (provided at least one of the stapled interests is a share in a company)
  • rights to acquire shares and stapled securities.

Your company got interest in regards to your employment and showed as ESS interest gain by You.

The discount of the market value of the ESS interests are different as well as the amount paid to gain them also totally different.

The ESS interests can:

  • be from an Australian company or a foreign company
  • relate to your employment inside or outside Australia
  • relate to a work relationship other than employment, for example sub-contracting.

The discount is considered as a taxed so you need to showed in your return which you acquired the interest. These schemes are also called as ‘taxed-upfront schemes’. On the other hand, if you and the scheme meet certain criteria regarding tax is deferred until a later time. These deferred schemes also called ‘deferral schemes’.

Changes to ESS (Employee Share Schemes) interests acquired on or after 1 July 2015 include:

  • changes to the 'deferred taxing point'
  • a tax concession through which some discounts on ESS interests in start-up companies will not be taxed under the employee share scheme regime, as long as the eligibility criteria are met. Subsequent gains on the disposal of these ESS interests will be taxed under the capital gains tax rules.

Discounts on eligible ESS (Employee Share Schemes) interests provided to you by a start-up company will not be included on your Employee share scheme statement and should not be included at this section.

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

Deductions

When completing your tax return, you’re entitled to say deductions for some prices, most of which might be without delay associated with incomes your income.

Work-associated costs

To declare a work-associated deduction:

  • you need to have spent the money your self and weren't reimbursed
  • it should without delay relate to earning your income
  • you ought to have a report to show it.

If the rate turned into for both work and personal purposes, you could best declare a deduction for the work-associated portion. Work fees reimbursed to you by your agency are not deductible.

We can seek facts from your enterprise if we think you have got claimed a deduction for an expense that you have already been reimbursed for.

You can be able to claim a deduction for costs that without delay relate on your work, along with:

  • Vehicle and travel fees
  • Clothing, laundry and dry-cleaning expenses
  • Home office prices
  • Self-education prices
  • Tools, equipment and other assets
  • Other work-related deductions

Employees (consisting of casuals) can claim work-related expenses in the  economic  year  they’re  incurred. This is the case even if you begin employment in June however don’t get hold of  income until the next monetary year, you could declare deductions for work-associated expenses incurred in June.

If you employ a person to assist you on your employment, usually you can’t claim a deduction for using that person.

For more information on online tax return 2020, Tax Return 2020 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 at enquiry@taxrefundonspot.com.au

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

Leaving the Workforce

For people who are retiring, there are a variety of options for making the change.

Under the change to retirement rules, if you have reached your preservation age you may be capable to decrease your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income stream’ from your super savings. If you are over 60 years old, this income stream may be tax free.

On the other hand, you must be alert of the impact this can have on you and your situation. ATO recommends you see a financial adviser, accountant or your tax agent to help you make a decision if this option is right for you.

Employers still need to make essential super guarantee contributions for all their qualified employees – including people who are making the transition to giving up work.

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.

When you Can Claim a GST Credit

You must be registered for GST to claim GST credits.

You can maintain a credit for any GST included in the price you pay for things that you use in your business. This is called a GST credit (or input-tax credit, a credit for the tax included in the price of your business inputs).

You claim GST credits in your activity statement.

You can claim GST credits if the following four conditions apply:

  • you aim to use your purchase solely or partly in carrying on your business and the purchase does not communicate to making input-taxed supplies
  • the purchase price included GST
  • you provide, or are liable to provide, payment for the item you purchased
  • You have a tax invoice from your supplier (for purchases more than $82.50).

You cannot claim a GST credit:

  • without a valid tax invoice
  • for purchases that do not have GST in the price
  • for wages you pay to staff (there is no GST on wages)
  • For motor vehicles priced above a certain limit.

Goods and services that don’t have GST in their price include:

  • GST-free items (such as basic foods)
  • Input-taxed items (such as bank fees and loan interest)
  • Purchases from a business that is not registered for GST (and therefore cannot charge GST).

When you can’t claim GST credit

You also cannot maintain GST credits for the following, even if GST is included in the price:

  • purchases you intend to use for private or domestic purposes
  • purchases you intend to use to make input-taxed supplies, such as those associated with providing residential accommodation
  • some purchases that you can’t claim as an income tax deduction, such as entertainment expenses
  • Land purchases under the margin scheme.

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.

Goods and Services Tax (GST)

GST is a broad-based tax of 10% on the majority goods, services and other items sold or consumed in Australia.

Generally, businesses and other organizations registered for GST will:

  • include GST in the cost they charge for their goods and services
  • claim credits for the GST included in the price of goods and services they buy for their business.

What you need to do for GST

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to:

  • register for GST
  • work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
  • issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
  • claim GST credits for GST included in the price of your business purchases
  • account for GST on either a cash or non-cash basis and put aside the GST you have collect so you can pay it to us when due
  • lodge activity statements or annual returns to account your sales and purchases, and pay GST to us or accept a GST refund.

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
  • your non-profit organization has a GST turnover of $150 000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both landlord drivers and if you lease or rent a taxi
  • you want to maintain fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is possible However, if you choose to register, you usually must stay registered for at least 12 months.

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.

Income Tax Rates 2017

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.
CurrentFrom 1 July 2016
Taxable Income Rate %Taxable IncomeRate %
0–18,200Nil0–18,200Nil
18,201–37,0001918,201–37,00019
37,001–80,00032.537,001–87,00032.5
80,001–180,0003787,001–180,00037
180,001 and over45180,001 and over45

 

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

Tax Deduction – Personal Super Contributions

You can give a valid notice to your fund if all of the following apply.

  • You are still a member of that fund.
  • The fund still holds the contribution. Note that special rules apply for full or partial voluntary rollovers, and situations where there has been a successor fund transfer or a MySuper transfer.
  • The notice does not include all or part of an amount covered by a previous notice.
  • The fund has not begun to pay you a super income stream based in whole or in part on the contribution.
  • You have not lodged an application (which hasn’t yet been dealt with by the fund) to split the contribution for which you intend to claim a deduction.

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