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.

Overseas Debt – Tax Refund On Spot

From 1st of January 2017, all people with a HELP or TSL debt that exist in Australia with the intention to work overseas for a more than 6 month in a 12 months period will be required to notify the ATO using their myGov account. People with a HELP or TSL debt who are already overseas at this time will have until 1 July 2018 to notify the ATO. From 1 July 2018, people with a HELP or TSL debt will need to self-assess the income they have received in the 2017-18 financial year and submit the details of their world-wide income to the ATO. Self-assessment will be due by 31 October each year in the same way as tax returns of Australian residents. Returns will be submitted and payments made through the ATO online via the myGov account.

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 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

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

Start Tax Return with 3 Simple Steps

Have you got last payslip or PAYG summary / Group Cert from employer?
If yes, then just follow these 3 simple steps for get refund in 1 Hour
3 Simple Steps

  • Fill your details in our website
  • Accountant will email & call you. You email last Payslip / Group Cert
  • Get FREE tax refund estimate and option of 1 Hour Tax Refund

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