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.

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

Capital Gain Tax

You may influence a capital gain or capital loss when you to offer (or generally stop to claim) an investment property that you acquired after 19 September 1985. On account of the deal or other transfer of land, the time of event is typically when you go into the agreement (for the most part the date on the agreement), not when you settle. On the off chance that there is no agreement, the occasion happens when the difference in possession happens.

The way that an agreement might be liable to a condition, for example, back endorsement, for the most part does not influence this date. You can likewise make a capital pick up or capital misfortune from certain capital changes made after 19 September 1985 when you offer or generally stop to possess a property you obtained before that date. You will make a capital pick up from the offer of your investment property to the degree that the capital continues you receive are more than the cost base of the property.

You will make a capital misfortune to the degree that the property’s diminished cost base surpasses those capital continues. If you are a co-proprietor of a venture property, you will make a capital pick up or misfortune as per your enthusiasm for the property. The cost base and diminished cost base of a property incorporates the sum you paid for it together with certain coincidental expenses related with getting, holding and discarding it (for instance, lawful charges, stamp obligation and land operator’s bonuses). Certain sums that you have deducted or which you can deduct are prohibited from the property’s cost base or lessened cost base. For instance, see Cost base changes for capital works findings.

Your capital gain or capital misfortune might be neglected if a rollover applies, for instance, if your property was wrecked or mandatorily obtained or you exchanged it to your previous companion under a court arrange following the breakdown of your marriage. On the off chance that you were an occupant of Norfolk Island on 23 October 2015 you can neglect any capital pick up or misfortune made on an investment property situated on Norfolk Island that you held around then. CGT may however apply to investment properties situated on the Australian territory or somewhere else on the planet. CGT may likewise apply to any investment properties acquired on or after 24 October 2015.

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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 %
180,001 and over45180,001 and over45


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State and Territory Payroll Tax Obligations

Payroll tax is a tax on the wages paid by employers. Employers are likely for payroll tax when their total Australian wages exceed a certain level called the ‘exemption threshold’. Exemption thresholds vary between states and territories.

The payroll tax obligations for not-for-profit organizations are the same as for businesses, except in certain situation.

Payroll tax should not be confused with the pay as you go (PAYG) withholding structure. Payroll tax is payable to the related state or territory by an employer, based on the total wages paid to all employees. Wages include salary, allowances, super contributions, fringe benefits, shares and options and certain contractor payments.

Some organizations may be exempt from payroll tax provided specific circumstances are satisfied. These organizations may include religious institutions, public benevolent institutions, public or not-for-profit hospitals, not-for-profit non-government schools and charitable organizations.

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Foreign Business Income – Tax Refund On Spot

As an Australian resident, you are taxed on your worldwide income. This means you must report all income you get from foreign business activities on your Australian tax return.

Foreign business income

How tax applies to income you get from international transactions may depend on whether the transaction involves a country that has a tax treaty with Australia. Australia has tax treaties with more than 40 countries, including all our major trade and investment partners.

Reporting income from international transactions

If you have assessable income from overseas, you must state it on your Australian tax return. If you have paid foreign tax in another country, you may be entitled to an Australian foreign income tax offset, which provides aid from double taxation.

You must report any foreign employment income you receive that is exempt from Australian tax because we may take it into account to work out the amount of tax you are liable to pay on both your Australian and foreign income.

Before you calculate your income and deductions, you must change all your foreign income, foreign deductions and foreign tax paid into Australian dollars.

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Claiming Tax Losses

If you function a business that makes a loss, you can usually carry forward that loss and may be able to maintain a deduction for it in a future year.

The rules differ for different business structures. If you’re a sole trader or a partner in a partnership, you may be able to claim business losses by offsetting them next to other income – for example, income you earn from salary

You incur a tax loss when the total deductions you can claim for an income year (excluding tax losses from earlier income years) are more than your total measurable income and net exempt income. (Net exempt income is income that is exempt from tax but taken into account when carrying forward losses.)

There are some deductions you cannot use to make or increase a tax loss, including aid or gifts and personal super contributions.

How to claim losses

  • If you have tax losses from several previous years, you must claim the entire loss you incurred from the earliest year before you can maintain all or part of a tax loss from a later year.
  • You can use your tax losses from earlier income years to decrease your Australian income to zero only.
  • If your tax losses from earlier income years are more than your Australian income, you must keep a record of the tax losses to claim the extra tax loss amount in a later year.
  • You can carry forward most tax losses indefinitely.

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