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.

Illegal Super Schemes – Beware of Offers to Withdraw Your Super Early

Have you ever been offered help to withdraw your superannuation early? Generally, you cannot access your super until you retire.

Some people promoting illegal super schemes will tell you that they can help you access your super now to pay off credit card debt, buy a house or car, or go on holiday.

These schemes are illegal. They will cost you a lot more than the super you access and may get you into a lot of trouble.

How illegal super schemes operate

Illegal super schemes usually involve someone offering to help you access your super early.

Promoters of illegal super schemes usually:

Illegal super schemes often target people who are under financial pressure or who do not understand the super laws.

Taking your super out from any super fund early without meeting what is called a ‘condition of release’, or encouraging others to do so, is illegal.

Illegal super schemes may lead to identity theft

If you participate in one of these schemes, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.

Once your identity has been stolen and misused, it can take years to fix.

Rollovers to an SMSF

Most illegal super schemes require you to transfer your super from your super fund into an SMSF. This can be called a ‘rollover’.

Printed copies of this information are available from ato.gov.au/publications (/publications)

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

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.
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

Inheriting Property – Tax Refund On Spot

When someone dies, a capital gain or loss is usually disregarded when a property passes:

  • to the deceased person’s executor or other legal individual representative
  • to the deceased person’s beneficiary –- such as next of kin or a person named in the will
  • From the deceased person’s legal personal representative to a recipient.

But this exception doesn’t apply if the property passes from the deceased to a tax-advantaged entity (such as a charity) or foreign resident.

If you take over a dwelling or other property after CGT started on 20 September 1985 and later sell or otherwise dispose of it, capital gains tax may then apply.

Similarly, capital gains tax may apply if the deceased person’s legal personal representative sells a property as division of winding up their estate.

What happens to assets when the owner dies

When a person dies, the assets that make up their estate can:

  • pass directly to a beneficiary (or beneficiaries), or
  • pass directly to their legal personal representative (for example, their executor) who may arrange of the assets or pass them to the beneficiary, or beneficiaries.

beneficiary is a person allowed to assets of a deceased estate. They can be named as a beneficiary in a will or they can be entitled to the assets as a result of the laws of intestacy (when a person dies without having made a will).

legal personal representative can be either:

  • the executor of a deceased estate (that is, a person appointed to wind up the estate in accordance with the will)
  • an administrator appointed to wind up the estate if the person does not leave a will.

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