If You Maintained an Invalid or Invalid Carer

You may be entitled to a tax offset if both of the following apply:

  • you maintained an invalid who was your
    • spouse
    • child aged 16 years or older
    • sibling aged 16 years or older
    • spouse’s child aged 16 years or older
    • spouse’s sibling aged 16 years or older
    • parent
    • spouse’s parent 
  • They may received either of one option:
    • a disability support pension 
    • a special needs disability support pension 
    • an invalidity service pension  

If you maintain an invalid carer who may belong to your spouse, parent or spouse’s parent so you may be entitled to tax offsets:

  • cared for your or your spouse’s invalid child aged 16 years or older, or your or your spouse’s sibling aged 16 years or older, and
  • either
    • received a carer payment or carer allowance  to that person who take care of individual
    • The person who deeply engage to care to a person has receiving
      • a disability support pension under the Social Security Act 1991
      • a special needs disability support pension under the Social Security Act 1991, or
      • an invalidity service pension under the Veterans’ Entitlement Act 1986.

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

BAS and GST record keeping tips

How to keep records for your BAS and GST:
  •  Always Keep receipts and records of all sales, fees, expenses, wages and other business costs to claim
  • Keep records in order and very appropriately like stocktake records and if you used motor vehicle so keep logbook
  • Reconcile sales documents with related bank statement
  • Use appropriate GST accounting method
  • If ABN (Australian Business number) not provided 
  • Keep all your tax invoices in order from last five year to till financial year

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

Overview of record-keeping rules for business

Ato will required to keep record for all transaction relating your tax and superannuation as you will be start your business or sale or close your business:

  • Taxpayer need to keep record for  your business’s income and expenses
  • Business documents includes election, choice, estimate, determination or calculation you make for your business’s tax and super affairs

To meet your record-keeping requirements and avoid mistakes and errors,  ensure you understand what records are important to claim in your business return and what not. As your business changes or grows, you may need to review what records you need to keep accordingly and claim easily.

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

New Year Tax Tips

We have very experienced and best adviser agent available for your help.

So why you want to worried? Contact us for help and advice.

There are some important things which directly affected to small business owners for this time of the year.

  • Please always consider due dates for your tax returns. If you lodged your tax return by registered agent, the deadlines for tax returns for the year ended June 30, 2020. In a case if you forget to do lodgement on time, you may be penalise by ATO.
  • Understand your cash flow. ATO obligations are important and you should give priorities to your money.
  • Make strategies for your businesses, so it’s become successful. There are many businesses which jump in market with new excitement. So set up your business accounting and trained your staff accordingly. So investor can boost money from company.
  • There is a big difference in GST, income Tax and PAYG withholding. Some business have big amount of withholding while some have not. So Don’t rely on individuals personal opinion. Your tax agent is your best friend to explain all of these.
  • Make a different bank accounts and save money for GST and income tax. So, it’s really easy and peacefully to paying ATO easily which you make separate bank account and save money.
  • You can also contact us for your BAS. our registered agent will help you and try to give best advice for your return.

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

Online Tax Return

ATO believe that loudgeing online tax return is much easier task. By online tax return you can able to get maximum tax refund according your deduction.

Online tax returns help you to:

  • easily lodge by online
  • from any part of the world
  • on your computer with any devices like window, Mac, Ipad
  • without downloading professional softwares like tax agents used
  • with help of myTax Australia, you can do return around in 15 minutes.

Our team will assist you for free estimate and advise you if any further deduction you can claim according your occupation.

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

Asset Write-Off

You may be eligible for instant written-off if your business have turnover from more than $10 million and less than $50 million.

That may apply to assets that cost less than $30,000 and assets are purchased and used from 2 April 2019 to June 2020.

Businesses purchases asset and claim for deduction for each asset that cost have less than $30,000. For instance, if your businesses purchases a new machinery worth 26,000 and then purchase a trailer at a cost $18,000. So, businesses can eligible to claim both of these as each of assets because of $30,000 thresold.

For assets costing $30,000 or more the general depreciation rules apply.

If your business has a turnover of less than $10 million you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different threshold apply which depends on cost and value of certain threshold for each assets.  

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

Forestry Managed Investment Scheme Income

A forestry interest in an FMIS (Forestry Managed Investment Scheme Income) may be a right to benefits produced by the scheme (whether the proper is actual, prospective or contingent and whether it’s enforceable or not).

You are an initial participant in an FMIS if you meet the following conditions:

  • you obtained your forestry interest in the FMIS from the forestry manager of the scheme
  • your payment to obtain the forestry interest in an FMIS results in the establishment of trees.

You are a subsequent participant if you are not an initial participant.

A forestry manager of an FMIS (Forestry Managed Investment Scheme Income) is the entity that manages, arranges or promotes the FMIS.

Your total forestry scheme deductions is consider as the total of each amount that you can deduct for each income year of your forestry interest. Forestry interest is different from Capital gains tax (CGT) event. This includes, a sale of all or part of a forestry interest or harvest proceeds.

You can only claim a deduction at this item if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the Income Tax Assessment Act 1997.

If you are an initial participant, you cannot claim a deduction if you disposed of your forestry interest in an FMIS (Forestry Managed Investment Scheme Income) within four years after the end of the income year in which you first made a payment.

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

Capital Gains Tax

A capital gain or capital loss on an asset is the difference between what it cost us and what you receive when we dispose of it.

We pay tax on your capital gains. It forms part of our income tax and is not considered a separate tax – though it’s referred to as capital gains tax (CGT).

If we make a capital loss, we can’t claim it against income but we can use it to reduce a capital gain in the same income year. And if our capital losses exceed our capital gains in an income year, we can generally carry the loss forward and deduct it against capital gains in future years.

All assets we’ve acquired since tax on capital gains started (on 20 September 1985) are subject to CGT unless specifically excluded.

Most personal assets are exempt from CGT, including our home, car, and most personal use assets, such as furniture. CGT also doesn’t apply to depreciating assets used solely for taxable purposes, such as business equipment or fittings in a rental property.

If we’re an Australian resident, CGT applies to our assets anywhere in the world. Foreign residents make a capital gain or capital loss if a CGT event happens to an asset that is ‘taxable Australian property’.

When you sell or else dispose of an asset it’s called a CGT event. This is the point at which you create a capital gain or capital loss. There are additional CGT events, such as when a managed fund or other trust distributes a capital gain to you.

It’s important to set up the timing of a CGT event because it tells you in which income year to report your capital gain or capital loss, and may affect how you calculate your tax liability.

If you dispose of a CGT asset, the CGT event frequently happens when you enter into the contract for disposal. (In the case of real estate, for example, the CGT event generally occurs when you enter into the contract – that is, the date on the contract, not when you settle.) If there is no contract, the CGT event usually happens when you stop being the asset’s owner.

If your CGT asset is lost or destroyed, the CGT event happens when you first receive reward for the loss or destruction. If you don’t receive any reward, the CGT event happens when the loss is discovered or the damage occurred.

When some CGT events occur, such as exchanging an asset for a replacement asset, the law allows you to defer or roll over any capital gain you make until another CGT event (such as selling the replacement asset).

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.

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.

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