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.

Interest and Penalties

Australia’s revenue system relies on taxpayers provided that correct information to set up their tax liability and paying the correct amount of tax on time.

To ensure the system is fair for everyone:

  • General Interest Charge is applied to an unpaid tax liability from the date it was due to be rewarded until it and the accrued interest charges are paid
  • Shortfall Interest Charge is applied where an added amount of tax is payable because of an amended assessment
  • Penalties are imposed for conduct such as not taking logical care in claiming a deduction to which you are not entitled, or making a false or misleading statement.

The interest charges are planned to ensure that taxpayers who underpay their tax for a period don’t receive an advantage over those who have paid their tax on time, and to pay off the community for the impact of late expenses.

The penalty provisions are planned to encourage taxpayers to take reasonable care in complying with their tax obligations.

The law provides ATO with the flexible power to remit (partially or in full) interest charges and penalties in certain circumstances.

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.

Lodging Your Tax Return in 2018

You can file your income tax return form internet utilizing myTax18 – it’s a protected and secure. Visit the ATO site to discover how to stop on the web. On the off chance that you have a partner you will likewise require points of interest of their salary and costs to ensure your privileges are accurately figured.

When you have held up your expense form watch out for your myGov18 inbox for your notice of evaluation and tax receipt, to hold up on the web, you should make a myGov18 account and after that connection it to the ATO.

Lodgement should be done before the due date

On the off chance that you are lodging your own assessment form, you have until 31 October 2018 to hold up it. If you choose to utilize a registered tax agent, or are utilizing an alternate agent to a year ago, you should get in touch with them before 31 October.

If you want to use a professional to do your tax return, make sure you use a registered tax agent. You can check if the agent is registered on the tax and BAS agent register.

Whichever way you hold up your expense form, recall you oversee the cases you influence, so to ensure your derivations are true blue and you have incorporated all your wage before you or your operator stops your arrival.

For more information on Etax, myTax ATO, myGov and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Claiming Union Fees in Tax 2017

In big companies, there is association called Trade Union which protects workers interest
If you pay any membership or subscription to the Union, it is fully Tax Deductible

Most unions and associations send members statements of the fees or subscriptions paid.

Tax Deductible and NOT Tax Refundable- Union fees is not Tax refundable. Union fees is only a deduction and you don’t get full refund from ATO. You only get part of it back depending on which Tax slab you come in.

You can email or call us 1300768284 if you need any further Clarification

For more information on Etax, myTax ATO and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

CLAIMING CAR EXPENSES IN TAX 2017

Average Australian spends around $6000 to $12000 on car every year. This includes car finance, fuel, insurance, rego, repair, parking, tolls etc. So don’t miss this deduction

You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee, for example, to:

  • carry bulky tools or equipment
  • attend conferences or meetings
  • deliver items or collect supplies
  • travel between two separate places of employment (for example, when you have a second job)
  • travel from your normal workplace to an alternative workplace and back to your normal workplace or directly home
  • travel from your home to an alternative workplace and then to your normal workplace or directly home (for example, if you travel to a client’s premises)
  • perform itinerant work.

You can email or call us if you need any further Clarification

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Salary Packaging / Salary Sacrifice

Salary packaging (also known as salary sacrifice) is an arrangement between you and your employer where you pay for some items or services straight from your pre-tax salary. You can salary package computers, cars, childcare and super, to name a few. This can reduce your taxable income and put more money in your pocket.

Your employer then has to pay fringe benefits tax (FBT) on the benefits provided to you. Some of these benefits will be listed on your end of year payment summary and are used to assess your Medicare levy surcharge, tax offsets, child support payments and other government benefits.

You must enter into a salary packaging arrangement before you earn the income.

Who can salary package?

You can salary package if your employer is willing to offer benefits. Most employers will offer salary sacrifice into super to all employees, but may restrict who can package other benefits. Ask your employer what they offer. Salary packaging is usually more effective for people on mid to high incomes.
There is no restriction on what can be packaged but the benefits fall into three categories: fringe benefits, exempt benefits and super.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Records You Need to Keep (Tax Office Requirement)

During the financial year you’ll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.

Generally, you need to keep these for five years from when you lodge your tax return in case we ask you to substantiate your claims.

Records you need to keep include:

  • payment summaries from payers, including your employer and the Department of Human Services
  • statements from your bank and other financial institution showing the interest you’ve earned
  • dividend statements from companies
  • summaries from managed investment funds
  • receipts or invoices for equipment or asset purchases and sales
  • receipts or invoices for expense claims and repairs
  • contracts
  • tenant and rental records.

If your total claim for work-related expenses is more than $300, you must have written evidence to prove your claims.

If you acquire a capital asset – such as an investment property, shares or managed fund investment – start keeping records immediately because you may have to pay capital gains tax if you sell the asset in the future. Keeping records from the start will ensure you don’t pay more tax than necessary.

Your documentation must be in English, unless you incurred the expense outside Australia.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Tax refund for Medical expenses 2017

Please note that Medical expenses in Income tax being phased out.

You can NOT claim for surgeries, general medicines , spectacles for you and your family now. These expenses were allowed earlier

From year 2016 till 2019 , offset is available for disability aids, attendant care or aged care.

Earlier this offset was not income tested. But now it is income tested which means your eligibility for offset is dependent on your income. Offset is available on Eligible medical expenses which means medical expenses minus refunds from National Disability Insurance Scheme (NDIS) & private health insurers.

Also , your family status will decide eligibility for this offset.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

State and Territory Payroll Tax Obligations

Payroll tax is a tax on the wages paid by employers. Employers are likely for payroll tax when their total Australian wages exceed a certain level called the ‘exemption threshold’. Exemption thresholds vary between states and territories.

The payroll tax obligations for not-for-profit organizations are the same as for businesses, except in certain situation.

Payroll tax should not be confused with the pay as you go (PAYG) withholding structure. Payroll tax is payable to the related state or territory by an employer, based on the total wages paid to all employees. Wages include salary, allowances, super contributions, fringe benefits, shares and options and certain contractor payments.

Some organizations may be exempt from payroll tax provided specific circumstances are satisfied. These organizations may include religious institutions, public benevolent institutions, public or not-for-profit hospitals, not-for-profit non-government schools and charitable organizations.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Updating Your Business Details

It is a legal necessity to tell the Registrar of the Australian Business Register within 28 days of any changes in your registered business details, including:

  • postal, email or business address
  • associates
  • main business activity
  • Australian Company Number (ACN) or Australian Registered Body Number (ARBN)
  • public officer (must be in writing)
  • name of trustees.

You should also tell the ATO about any changes to your:

  • entity name or registered business name (registered with the Australian Securities and Investments Commission)
  • official contact person
  • financial institution account details.

It is your duty to maintain your Australian business number (ABN) details. You must update your details within 28 days of becoming alert of changes.

Once you are registered your ABN details become part of the ABR. It is important that your details are up-to-date so that other businesses can access and verify your information, for example, that you are operating a business or the status of your GST registration.

Your ABN details are also used by a range of management agencies to plan for community services and infrastructure development that can help business.

What can be updated

  • legal name of the entity, except for:
    • individuals and sole traders who need to contact the ATO directly and
    • companies in the business names register which need to contact the Australian Securities & Investments Commission (ASIC).
      (ATO and ASIC will write the changes to update the ABR.)

 

  • addresses – postal, business location, email
  • ANZSIC – main business activity and industry code
  • entity type – business structure, for example, private company to public company
  • contact details
  • associate  details.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au