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

My Deduction record keeping tool by ATO for 2021-22

June 29, 2021

by Acc Ramji Claim Deductions Tax Deduction tax records

Records you keep don’t need to be in paper structure. myDeductions is a record-keeping instrument that makes it simpler for you to monitor your records carefully.

We perceive records you store electronically as archives; this incorporates photographs of your receipts.

Sole brokers with straightforward undertakings can likewise utilize it to help monitor their business pay and costs.

You can transfer your records from the myDeductions apparatus and pre-fill your myTax return. In the event that you utilize an enrolled charge specialist, you can email your records straightforwardly to them.

The myDeductions device permits you to keep your records carefully in one spot during the pay year for:

all business-related costs (counting vehicle trips)
interest and profit allowances
endowments or gifts
expenses of overseeing charge undertakings
sole broker costs and business pay
different derivations.

Record keeping exceptions

Record keeping exemptions are accessible to simplify everything – they don’t permit you to guarantee a programmed derivation.

In certain conditions you may not require receipts, yet you can in any case have to show you went through the cash and how you work out your case.

In the event that you can’t get a receipt from a provider, you can in any case guarantee an allowance on the off chance that we are fulfilled that the nature and nature of the proof shows you went through the cash and are qualified to guarantee a derivation. Proof of your costs can incorporate a bank or financial record that shows the sum that was paid, when and what it’s identity was paid to just as different archives that lay out the idea of the products or administrations given.

In the event that you pay money to a provider and have no other documentation to help your case, you won’t have adequate proof to guarantee a derivation.

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

Rental income and Tax deduction

February 18, 2021

by Acc Ramji Rental Income Tax Deduction

If you have investment property and you have rental income from your tenant. Taxpayers should know about their deduction. So, it means that you can save your tax according to your property expenses. If you have investment property, you may be entitled to claim your investment property expenses and put a deduction when you lodge your tax return. According to ATO guidelines there are certain rules needed to follow. There are some expenses you can claim such as Maintenance cost, Management cost, depreciation and borrowing expenses.

Please keep in mind that as property owner, if you did not pay any expense from your pocket as taxpayer you are not entitled to claim expenses as deduction in your return. For example, if you rented out property to Jay(tenant), so utility bills, repairs or renovation paid by Jay. It means that property owners are not entitled to claim for any renovation or repair expenses and cannot claim as deduction in their income tax return.

As property owner, you can claim a deduction for the following expenses:

Advertising for tenant
Body corporates Fees
Borrowing expense
Cleaning
Council rates
Depreciation schedule
Gardening/ Lawn mowing
Insurance
Interest on loans
Land tax
Legal Fees
Pest control
Property agent fees/ commission
Repairs and maintenance
Stationary, telephone and postage
Travel expenses
Water charges
Sundry rental expenses

You can also claim any repair cost. As a borrowing expense, you can only claim interest on your investment property.

Please keep in mind that you can only claim interest amount rather than loan principal amount. This means that when you calculate your dedication you cannot consider the principal amount of investment loan. There are some other borrowing fees also considered as dedication in tax return. These expenses include Title search, Loan establishment, Lender mortgage insurance (LMI), if stamp duty charge on mortgage and payment to mortgage broker.

Losses in depreciation can be claimed as deduction in tax return. Deduction is counted on newly purchased items whose value will be declined over the time. For example, blinds, carpets, water system and appliances.

When you have investment property then you can see, as a taxpayer you can save a lot of money by claiming a different type of deduction. Please keep in mind that you need to remember all these expenses when you do your tax return to claim your deduction in your return.

People with Disability

August 12, 2020

by Acc Ramji Income Tax Return Lodge Tax Return Mytax Online Tax Return People with Disability Tax Concessions Tax Deduction Tax Return 2020 Tax Tips Tax Topics

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

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

Tax Planning Recommendations

July 16, 2020

by Acc Ramji ATO Tax Advice Tax Concessions Tax Deduction Tax Policy and Changes Tax Refund Tax Return 2020 Tax Topics Taxation Uncategorized

‘Tax time’ is really busy time for taxpayers as well as registered agents.

But if you have forward thinking and pre-planning, you could have yourself feeling confident, organised and ready to tackle the tax man and ready to any delay.

There is an old notion aiming to put a positive spin on tax liabilities that the more tax you pay means the more money you are making.

We help to do your lodgement as soon as possible and try to get maximum refund.

You can contact us for any information.

Defer income: Please Consider delaying or bringing forward invoicing, excluding unearned assessable income, whether ‘cash basis’ accounting may be available to you. Bad debts: Write off any no collectable receivables before year-end.
Prepayments: Please consider any payments which occurred during the year.
Obsolete stock: analysis inventory for any non-sellable items that should be scrapped, or slow-moving items that could be written down to correct value at the end of the year.
Instant asset write-off: The higher threshold of $30,000 assets would be instant written off.
Obsolete fixed assets: analysis plant, equipment, furniture and other fixed assets (per your depreciation schedule) for any items no longer operative to be scrapped.
Capital gains tax: Consider realising capital losses to offset capital gains made during the year
Employee superannuation: please consider employees fund at the end of the year.
Personal superannuation: Apply 10% of the maximum earnings implementing so be careful about limits.

Payment Summaries – Tax Refund On Spot

March 18, 2020

by Acc Ramji Mytax Payment Summary Tax Advice Tax Deduction Tax Return 2020

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

Employee Share Schemes

February 26, 2020

by Acc Ramji Employee Share Schemes Shareholder Tax Advice Tax Concessions Tax Deduction Tax Loss

ESS includes:

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:

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.

Deductions

January 17, 2020

by Acc Ramji Tax Deduction Uncategorized

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:

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

July 24, 2019

by Acc Ramji Income Tax Rates Income Tax Return Small Business Tax Advice Tax Deduction Tax Refund 2019 Tax Topics Taxation Working As A Contractor

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

September 4, 2018

by admin Tax Concessions Tax Deduction Tax Return 2018 Tax Topics Taxation Uncategorized

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

August 14, 2018

by admin Business Activity Statement (BAS)GST Credit Online Tax Return Tax Advice Tax Deduction Taxation Uncategorized

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

We also have our separate department for Home loan, refinancing, car & truck loan.

Goods and Services Tax (GST)

July 3, 2018

by admin GST (Goods and Services Tax )GST Installments Tax Advice Tax Concessions Tax Deduction Tax Incentive Tax Loss Tax Return 2018 Tax Topics Taxable Organization Uncategorized

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

We also have our separate department for Home loan, refinancing, car & truck loan.

Income Tax Rates 2017

March 3, 2017

by admin Income Tax Rates Tax Deduction Tax Deferred or Avoided Tax Free Threshold Tax Incentive Tax Loss

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.
Current		From 1 July 2016
Taxable Income	Rate %	Taxable Income	Rate %
0–18,200	Nil	0–18,200	Nil
18,201–37,000	19	18,201–37,000	19
37,001–80,000	32.5	37,001–87,000	32.5
80,001–180,000	37	87,001–180,000	37
180,001 and over	45	180,001 and over	45

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

January 10, 2017

by admin Tax Deduction

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