Tax Refund | ETAX/MyTax, Tax Return Information: Learn Tax Tips and Tax Advice Australia

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.

Tax Planning Recommendations

July 16, 2020

by Acc Ramji with No Comment ATO Tax Advice Tax Concessions Tax Deduction Tax Policy and Changes Tax Refund Tax Return 2020 Tax Topics Taxation Uncategorized

‘Tax time’ is really busy time for taxpayers as well as registered agents.

But if you have forward thinking and pre-planning, you could have yourself feeling confident, organised and ready to tackle the tax man and ready to any delay.

There is an old notion aiming to put a positive spin on tax liabilities that the more tax you pay means the more money you are making.

We help to do your lodgement as soon as possible and try to get maximum refund.

You can contact us for any information.

Defer income: Please Consider delaying or bringing forward invoicing, excluding unearned assessable income, whether ‘cash basis’ accounting may be available to you. Bad debts: Write off any no collectable receivables before year-end.
Prepayments: Please consider any payments which occurred during the year.
Obsolete stock: analysis inventory for any non-sellable items that should be scrapped, or slow-moving items that could be written down to correct value at the end of the year.
Instant asset write-off: The higher threshold of $30,000 assets would be instant written off.
Obsolete fixed assets: analysis plant, equipment, furniture and other fixed assets (per your depreciation schedule) for any items no longer operative to be scrapped.
Capital gains tax: Consider realising capital losses to offset capital gains made during the year
Employee superannuation: please consider employees fund at the end of the year.
Personal superannuation: Apply 10% of the maximum earnings implementing so be careful about limits.

SMSF (Self Management Super Fund)

June 16, 2020

by Acc Ramji with No Comment Superannuation Caps and Pensions Rules Supperannuation Tax Refund Tax Return 2020 Taxation

If you would like to make investment decision for your fund and you’re held responsible for complying with the super and tax laws so you can set up a self-managed super fund (SMSF).

You can make a super savings by your employer and it’s major decision and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants.

Be careful, Please don’t try to get early access of your refund unnecessarily such as to go on holiday, do your artworks to decorate your house. This is because this things are illegal.

It is important to have the time and skills to manage your SMSF. As a trustee of an SMSF you and only you are responsible to manage your SMSF within the law. in case of if you don’t , You may be penalize and you may have to face severe tax consequences.

You can find that the fees you pay for an SMSF is more than normal type of super fund.

How to be in good tax health by 30 June 2019

May 22, 2020

by Acc Ramji with No Comment Tax Refund Tax Return 2020

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.

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.

How to Personalise Your Return in myTax

March 5, 2020

by Acc Ramji with No Comment Mytax Tax Advice Tax Refund Tax Return 2020 Tax Topics Taxation Uncategorized

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.

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.

Working Holiday Visa – Tax Refud on Spot

January 31, 2020

by Acc Ramji with No Comment Tax Refund Tax Return 2020 Tax Topics Working Holiday Visa

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%.

Spouse or Children Living Apart

August 18, 2019

by Acc Ramji with No Comment Parental Income Parental Leave Scheme Payroll Tax Obligations Tax Refund Tax Refund 2019 Tax Return 2019 Tax Return Children Tax Topics

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