How to be in good tax health by 30 June 2019

The tax changes, the taxpayer will focus on the most important issues to consider by small to medium businesses and individuals to best manage their tax  liability  in respect of the 2019 income tax year.  

The proposed tax changes considered that may affect your tax liability in 2019 or later years.

One matter is that this year is that 30 june 2019 was a sunday so your lodgement and payments will be made on  Monday.

Please speak to your TAX REFUND ON SPOT advisor before implementing any tax planning strategies because unpredicted tax or other consequences may arise e.g. the general tax anti-avoidance provisions may still apply so be careful and please take advise from registered agent and ATO. they will help you out.

Our team will help you out and provide right knowlege and stategies for tax implimentation depends upon on your case.

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

How to Personalise Your Return in myTax

we are registered agent and help with your refund. If you have tax trouble please contact us on 1300 768 284.

We will help you here about your personalise your tax return in mytax with step by step.

  • make sure you have all document with you to avoid hassle.
  • personalise return screen , you can see a number of checkboxes.
  • Some of boxes automatically selected if we receive information from ATO.

If you have payment summary from your employer or get payments from Australian governments, select the section accordingly but if you did not received any group certificate or PAYG please contact your employer as soon as possible for lodgement. Then select the box that matches your type of payment.

In this case, we’re selecting the ‘Salary, wages, allowances, tips, bonues etc

If you received any Centrelink benefits, select the ‘Australian Government payments’ box please disclose in your return.

If you received interest from bank or other other bank, then select that you had Austalian interest, or Australian income or losses from your investment property. if Yes, then select ‘interest’ and read other options carefully.

If you never heard about any word or need any help , you can click Help button. Once you’ve selected all the sections that apply to you, click ‘Next’ at the bottom of the screen.

If you by mistake selected a section, just deselect it.  Once you’ve remove the error, click ‘Next’ button.

This will take you to the ‘Prepare return’ screen, where you can view and edit pre-filled information, and review and add anything that’s missing. Your information will now be added to the Prepare screen.

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

Working Holiday Visa – Tax Refud on Spot

From 1 January 2017 working excursion makers are subject to important tax rates.
By definition, working Holiday makers are the holders’ visa subclasses 417 and 462 which is probably both brief visas below the immigration rules.
Prior to one January 2017 WHMs were taxed steady with the residency tips and the respective tax scales.

There is more than one different technique to workout how an awful lot tax to withhold from employees wage.

Working Holiday makers (Visa 417 and 462), won’t be capable of claim the tax-free threshold and is probably taxed at 15% up to $37,000. Employers want to join up to lease a operating tour makers and test the Visa Entitlement Verification Online service so you can withhold at the decreased 15% rate. If unregistered, they have to withhold tax at 32.5%.

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

Spouse or Children Living Apart

When your spouse or children live in a different home to you

Having a different home from your dependent
child

If you and a dependent child under 18 years have
different homes for a period, you must choose one of the homes as the main
residence for both of you for the period.

Having a different home from your spouse

If you and your spouse have different homes for a period,
you and your spouse must either:

  • choose one of the homes as the main residence for both of you for the period, or
  • nominate the different homes as your main residences for the period.

If you nominate different homes for the period and you
own 50% or less of the home you have nominated, you qualify for an exemption
for your share. If you own more than 50%, your share is exempt for half the period
you and your spouse had different homes.

The same applies to your spouse. If your spouse owns 50%
or less of the home they have nominated, they qualify for an exemption for
their share. However, if your spouse owns more than 50% of the home, their share
is exempt for only half the period you had different homes.

This rule applies to each home the spouses own, whether
they have sole ownership or own the home jointly (either as joint tenants or
tenants in common).

Your spouse includes another person (of the same or
opposite sex) who:

  • You were in a relationship with that was registered under a prescribed state or territory law
  • Although not legally married to you, lived with you on a genuine domestic basis in a relationship as a couple.

This rule applies also if you choose to treat a dwelling as your main residence after you move out, and this choice results in your having a different main residence from your spouse or a dependent child for a period.

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

Approaches to Use Your Tax Refund

The end of the financial year implies that numerous Australians will get themselves a couple of thousand dollars wealthier on account of a tax refund. As indicated by the ATO, 77% of taxpayers got an expense form in the 2013/14 money related year with a normal refund amount of $3,630.

A tax refund can give a convenient chance to get your accounts all together, an opportunity to go overboard on something you’ve needed or find something new. The trap is in discovering the right harmony between these contending urges so you don’t feel lament once the cash is spent.

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 .

Senior Australians – Tax Offsets

Mature age workers, seniors and pensioners may be eligible for tax offsets. If you are a short income earner, you may be entitled for an offset and, if your medical expenses pass the threshold limit, you may be entitled for the medical expenses tax offset too. You may also be eligible for an offset if you receive earnings from a superannuation income stream

If you are a Senior Australian, you may be entitled for the seniors and pensioners tax offset.

The seniors and pensioners tax offset (SAPTO) can decrease the amount of tax you are liable to pay. In some cases, this offset may reduce your tax liability to zero and you may not have to lodge a tax return.

To be eligible for this tax offset, you have to meet certain conditions connecting to your income and eligibility for an Australian Government pension.

If you are a senior, you must meet the age requirement for the Age pension to be eligible for the offset.

In some cases, you may also be able to move your eligible spouse’s unused SAPTO to you. We calculate their transfer amount available and include this amount when calculating your SAPTO.

If you have reached the age pension age, the seniors and pensioners tax offset lets you earn more money before you must pay tax or the Medicare levy. There are a range of eligibility circumstances which relate to age, income, and eligibility for Australian government pensions or allowances.

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.

Small Business Tax Concessions

Small business can access many tax concessions. A business body can be:

  • Individual
  • Partnership
  • Company or
  • Trust

The total turnover of business should be less than aggregate $ 2 million throughout financial year. The benefits can include

Simplified Depreciation rules:

  • In simplified depreciation rule, small businesses can immediately write off their assets valued at less than $20,000.

Simplified trading stock rules:

  • In small business, they got the benefit that if there existing stock value doesn’t go up or down by more than $ 5000, then they can have the facility not to do stock take at the end of year instead of that they can add same stock value as at the start of year.

Car parking and FBT Exemption:

  • Small businesses are exempted car parking benefits if providing for their employees but certain conditions apply.
  • Business should have less than 10 million turnovers in last financial year before the relevant FBT year.
  • Should not public listed company and government body.

GST choice on a cash basis:

  • For eligible businesses they are only responsible to calculate GST once payment received (Cash basis accounting)
  • In small business situation, they are eligible for concession Pay-as-you-go where they can pay quarterly instalments that would worked out as most recently paid tax.

If the business type is included in Simplified Tax System, which is intended for small business concessions can claim concessions if business gather the eligibility criteria.

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.

Withholding at Business Transaction

In Electronic Income tax return 2018, the clients need to declare their income from 1st July 2017 to 30th June 2018.  As of this, you can lodge your 2018 tax with us where you don’t have to worry about downloading this software or putting your precious time sorting out your tax return, or getting to open my govt account and linking to e-tax. You don’t have to go through lengthy process, you just simply pass these numbers to our qualified Accountant and he will do the job for you in minimum time with maximum benefit for you.

Lodging tax 2018 from us, you will get faster and simpler online tax return with all the expertise our accountant will get it for you, for your benefit. And ensure all the return are verified by certified and registered tax accountant.

For our customers, we will be open 7 days during the peak month i.e. June, July and August and don’t worry about our professional fee, you have the option to deduct our fee with the refund you get from your tax return which will be deductible in your next your tax return.

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.

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

Building and Construction Industry – Employee/Contractor Decision Tool

To determine whether a worker is a contractor or employee, construction or building company can use this.

Employee/contractor decision tool

For super or tax purpose your worker is contractor or employee you should use employee/contractor tools. Worker work in your business or they are part of your business.

Contractors run their own business and provide services to your business.

Who should use the decision tool?

If your company pays workers, you can use this decision tool.

It is not designed for all situation such as:

  • When you sign an agreement with a company, partnership or trust for them to provide a worker
  • obtain workers through an intermediary such as a labour hire or on-hire firm

The benefit of using decision tools

You will get a report when you answer some basic question which include

  • give you answer whether your worker is employer or contractor as a tax and super
  • based on your answer you will get a summary.
  • information about the tax and super obligations you need to meet.

Provided your responses accurately reflect the working arrangement:

  • result provided by the tool will be accurate that you can rely on.
  • we will not charge you a penalty that might otherwise apply if we review the arrangement in the future and find you have not met your pay as you go withholding obligations for the worker.

For record keeping purposes keep a copy of the decision tool result.

Using this tool is completely free. Moreover, you will not require to provide any personal information, so you will be always anonymous

Things to remember

This Employee/contractor decision tool:

  • It will provide class of or status of worker under the law we administrate
  • is based on Taxation Ruling TR 2005/16 and Superannuation Guarantee Ruling SGR 2005/1 that discuss the various indicators the courts have considered in establishing if a person, engaged by another individual or entity, is an employee within the common law meaning of the term
  • It does not provide any other guidance, such as federal, state and territory government obligations which you need to meet – for instance, payroll tax obligations.

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.

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