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Assets and Partner Income Tests

October 6, 2020

by Acc Ramji with No Comment Assets Partner Income tax records Tax Refund Tax Return 2020 Tax Tips Tax Topics Taxable Organization

The assets test and liquid assets like $5,500 for single’s savings and $11,000 for family will be reintroduced for income support payments. It applies from 25 September 2020.

Moreover, the partner income test had a higher threshold before COVID.

Please note that you may not be eligible if you are not earning an assessable income but your partner earns $80,238.89 per annum. By ATO guidelines the partner income test will increase from 25 cents for every dollar of partner income earned over $996 per fortnight which increased to 27 cents of partner income earned over $1,165 per fortnight.

Reintroduction of job seeking requirements and some changes by ATO

There are some changes of Job seeking requirements and their criteria reintroduced by ATO.

From 24 March 2020, Job seeking from ATO was suspended and they reintroduced from 9 June 2020.

The requirement by ATO includes:

Voluntary job searches from website
At least one phone or online appointment with a jobseeker’s employment services provider or with registered tax agent
Voluntary participation in activities, either online or in person, and
No payment suspensions or penalties for failure to comply.

We are registered tax agents here, we are ready to help you to get jobseeker payments and many more but it depends on case to case. You can contact us on 1300 768 284.

Book an appointment with our experts and get best consultation for any solution about tax.

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

Assessing if an employee has worked 20 hours or more

October 6, 2020

by Acc Ramji with No Comment Employee/Contractor Tax Advice tax records Tax Refund Tax Return 2020 Tax Topics

If you have confusion about what should happen if company’s employees worked for 20 hours or more and what is the procedure for assessment.

We will here to assist to get Government benefits for you.

Employers will get $1,200 per fortnight by ATO guidelines which is lower rate compared to previous payments for those employees who worked for 20 hours or more in company. Before 1 March 2020, it’s been average in 1 month in company.

Alternative test has been available by the commissioner of Taxation for those situations whose payment is not possible in February 2020. Please be note that jobkeeper payments are not allowed on a weekly basis.

Can I keep getting a JobKeeper until September?

If you are not sure till which month you definitely get jobkeeper payment, you can contact us for any solutions.

We are Registered Tax agents; we are here to help for your any questions.

If your business turnover still declined by 30% or more and your employees passed the eligibility criteria, you can claim until the end of September. You just need to fulfill the requirement for Continue to claim jobKeeper payment until the last jobkeeper fortnight which ends on 27 September 2020.

According to ATO assistant commissioner Andrew watson,“Once you’re in, you’re in at the end of September. If you meet the eligibility test once, you’re in it for the whole time. Once the test done by ATO according to situation, you will get fortnight jobkeeper payment.

For more information, you can book 30* minute free consultation with our expert, to book an appointment please contact us on 1300 768 284

If You Maintained an Invalid or Invalid Carer

September 23, 2020

by Acc Ramji with No Comment tax records Tax Refund Tax Residency Tax Return 2020 Tax Tips Tax Topics

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.

BAS and GST record keeping tips

September 21, 2020

by Acc Ramji with No Comment Business Activity Statement (BAS)GST (Goods and Services Tax )tax records

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

Overview of record-keeping rules for business

August 28, 2020

by Acc Ramji with No Comment Business Tax Small Business tax records

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.

New Year Tax Tips

August 10, 2020

by Acc Ramji with No Comment tax records Tax Return 2020 Tax Tips Tax Topics Taxation

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.

Online Tax Return

March 18, 2020

by Acc Ramji with No Comment Online Tax Return tax records Tax Refund Tax Return 2020

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:

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

Asset Write-Off

March 5, 2020

by Acc Ramji with No Comment Asset Write-Off tax records Tax Return 2020 Tax Topics Taxation Uncategorized

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.

Forestry Managed Investment Scheme Income

February 26, 2020

by Acc Ramji with No Comment Forestry Managed Investment Scheme Income Tax Deferred or Avoided Tax Free Threshold Tax Incentive Tax Offsets tax records Tax Return 2019 Tax Return 2020 Tax Topics

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 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.

Capital Gains Tax

July 3, 2018

by admin Capital Gain Tax Tax Advice tax records

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

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