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

Rights or Options to Acquire Shares or Units

Acquiring rights or options

A company or trust you own shares or units may issue you rights or options to acquire additional shares or units at a specified price. The market value of these rights at the time the company or trust issues them to you is non-assessable, non-exempt income, if all of the following apply:

  • you already own shares
  • it issues the right to you because you own the shares
  • your shares and the rights are not revenue assets or trading stock at the time the company or trust issues them
  • you do not acquire the rights under an employee share scheme
  • your shares and the rights are not traditional securities
  • your shares are not convertible interests.

You make a capital gain or loss when a capital gains tax (CGT) event happens to either of the following:

  • the rights or options, other than because you exercise them
  • shares or units you acquire, because you exercise those rights or options.

You cannot reduce the amount of any capital gain from a CGT event by the amount that was previously non-assessable, non-exempt income.

No-cost rights and options

A company or trust you are a shareholder or unit holder of may issue rights or options directly to you for no cost. If this happens, you are taken to have acquired the rights and options at the same time as you acquired the original shares or units.

So, if you acquired the original shares or units before 20 September 1985, you disregard any capital gain or capital loss you make when either of the following happens:

  • you sell the rights or options
  • they expire.

This is because they are pre-CGT assets.

If you acquired the original shares or units on or after 20 September 1985, you may make a capital gain when either of the following happens:

  • you sell the rights or options
  • they expire.

You make a:

  • capital gain on these if the capital proceeds on the sale or expiry of the rights or options are more than their cost base
  • capital loss if the reduced cost base of the rights or options is more than those capital proceeds.

Rights and options you paid for

If you paid to acquire rights and options from a company or trust, or you acquired them from another person on or after 20 September 1985:

  • you treat them in the same way as any other CGT asset
  • they are subject to CGT.

Rights or entitlements you do not exercise

Some or all of this payment may be a retail premium if you receive a payment because:

  • you did not exercise some or all of your right or entitlement, either by choice or otherwise
  • you were not eligible to exercise some or all of your right or entitlement
  • you did not receive some or all of your right or entitlement.

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.

Gifts and Donations

You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs).

Deductions for gifts are claimed by the person that makes the gift (the donor).

For you to claim a tax deduction for a gift, it must meet four conditions:

  • The gift must be made to a deductible gift recipient. We call entities that are entitled to receive tax deductible gifts ‘deductible gift recipients’ (DGRs).
  • The gift must truly be a gift. A gift is voluntary transfer of money or property where you receive no material benefit or advantage.
  • The gift must be money or property, which includes financial assets such as shares.
  • The gift must comply with any relevant gift conditions. For some DGRs, the income tax law adds extra conditions affecting the types of deductible gifts they can receive.

How much to claim

The amount you can claim depends on the type of gift. For gifts of money, it is the amount of the gift but it must be $2 or more. For gifts of property, there are different rules, depending on the type of property and its value.

A tax deduction for most gifts is claimed in the tax return for the income year in which the gift is made. However, you can elect to spread the tax deduction over five income years in certain circumstances.

Bushfire and flood donations

If you made one or more donations of $2 or more to bucket collections conducted by an approved organisation for bushfire and flood victims, you can claim a tax deduction equal to your contribution without a receipt provided the contribution does not exceed $10.

What you can’t claim

You cannot claim as a gift or donation items that provide you with some personal benefit, such as:

  • raffle or art union tickets
  • items such as chocolates and pens
  • the cost of attending fundraising dinners, even if the cost exceeds the value of the dinner
  • membership fees
  • payments to school building funds made, for example, as an alternative to an increase in school fees
  • payments where you have an understanding with the recipient that the payments will be used to provide a benefit for you.

 

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

New Tax System for Managed Investment Trusts

Managed investment trusts (MITs) have access to a new tax system, which modernises the tax rules for eligible MITs and increases certainty for investors. Eligible MITs can attribute trust income to beneficiaries on a fair and reasonable basis according to their ownership interests in the MIT. An eligible MIT electing into the system is known as an attribution managed investment trust (AMIT). Among other things, the new tax system introduces provisions relating to amounts that affect the cost base of a member’s interest in the trust.

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 , please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Funding Arrangements – Tax Refund On Spot

The funding arrangements for higher education students in 2018 will remain the same as in 2017. The Government is seeking to create a higher education system that is higher in quality, more accessible, more competitive and more sustainable. The Minister for Education and Training has been consulting with the higher education community on possible reforms and has released a policy options paper to facilitate further discussions.

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 , HECS, Tax related or any other related matter please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Temporary Budget Repair Levy

As part of the 2014-15 Federal budget the Government introduced a Temporary Budget Repair Levy. Individual taxpayers with a taxable income of more than $180,000 per year will have had additional tax withheld by their employer, starting from 1 July 2014.The levy is payable at a rate of 2 per cent of each dollar of a taxpayer’s taxable income over $180,000. It applies to both residents and non-residents from 1 July 2014 and applies to the 2014-15, 2015-16, 2016-17 and 2017-18 income years. In some cases the levy is payable even if you have a taxable income of $180,000 or less. If the levy applies to your income, it will generally appear on your Notice of Assessment you receive after you lodge your 2018 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 , please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au