If You Maintained an Invalid or Invalid Carer

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.

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

Collectables

Collectables include below listed items for personal use or enjoyment includes:

  • paintings, sculptures, drawings, engravings or photographs; reproductions of these items; or property of a similar description or use
  • jewellery
  • antiques
  • coins or medallions
  • rare folios, manuscripts or books
  • postage stamps or first day covers.

A collectable is also:

  • an interest in any of the items shows above
  • A debt come from any of above items
  • An option of those above iteams

You disregard any capital gain or loss you make from a collectable if any of the following apply:

  • If you have collectables vale $500 or less
  • If you get interest in the collectables and have value for $500 or less and acquired before 16 December 1995
  • If you get interest in the collectables and have market value of $500 or less

If you dispose of individual collectables after 16 December 1995 , You are exempt from paying CGT and have value $500 or less.

Capital losses help to reduce liability of capital gains from other collectables. However, If you don’t get any capital gain from other collectables in the same year, You will carry forward the losses in the future year. There is no such timeframe to carry forward the past losses in the future year for net capital loss on the collectables.

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

Amounts that you do not pay tax on 2020

You might have received amounts from Australian Goverment that you do not need to include as assessable income on your tax return.

ATO will divide these types of income in three categories:

  • exempt income that no need to pay tax
  • non-assessable non-exempt income
  • some other amounts that are not taxable

If you get confused about which income is consider as exempt income or non assessable non exempt income or some other amount are not taxable, you can contact us on 1300 768 284.

Exempt income

Exempt Australian Government pensions, allowances and payments that you don’t need to pay tax

  • Carer adjustment payment (CAP)
  • Carer payment where:
  • both the carer and the care receivers are under age-pension age, or
  • the carer is under age-pension age and any of the care receivers has died
  • Defence Force income support allowance (DFISA) payable to you on a day when the whole of your social security pension or benefit,
  • Disability support pension paid by Centrelink to a person who is under age-pension age
  • Double orphan pension
  • The veteran is under age-pension age who get Invalidity service pension
  • Veterans' Affairs disability pension and allowances, war widows and war widowers pension
  • Wife pension where both the recipient and their partner are under age-pension age, or the recipient is under age-pension age and their partner has died
  • Partner service pension where either
  • the partner excluding the non-illness separated spouse of a veteran
  • the partner is under age-pension age and the veteran has died receiving an invalidity service pension

This above income is listed by ATO.

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

People with Disability

According to legislation introduced in 2017, If you previously plant and equipment, you are not able to do claim as a deduction who decline in value.

If the investor lives in their rental property while renovating, and if you installing any new assets which will considered as previously used.

Therefore, the investor gets risk for only tax benefits.

But on the other side, one good reason for investor is that while installing new plants and equipments assets and then rented out; you may be eligible to claim depreciation deduction from ATO. Please note that the 2017 legislation does not affect buyers of brand-new property.

Brand new property generally holds high value in market.

Structural assets includes new walls, kitchen cupboards, toilets and roof tiles are also unaffected by the legislation changes and it can be claim by owners.

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

New Year Tax Tips

We have very experienced and best adviser agent available for your help.

So why you want to worried? Contact us for help and advice.

There are some important things which directly affected to small business owners for this time of the year.

  • Please always consider due dates for your tax returns. If you lodged your tax return by registered agent, the deadlines for tax returns for the year ended June 30, 2020. In a case if you forget to do lodgement on time, you may be penalise by ATO.
  • Understand your cash flow. ATO obligations are important and you should give priorities to your money.
  • Make strategies for your businesses, so it’s become successful. There are many businesses which jump in market with new excitement. So set up your business accounting and trained your staff accordingly. So investor can boost money from company.
  • There is a big difference in GST, income Tax and PAYG withholding. Some business have big amount of withholding while some have not. So Don’t rely on individuals personal opinion. Your tax agent is your best friend to explain all of these.
  • Make a different bank accounts and save money for GST and income tax. So, it’s really easy and peacefully to paying ATO easily which you make separate bank account and save money.
  • You can also contact us for your BAS. our registered agent will help you and try to give best advice for your return.

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