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

Simplifying Taxation in Australia: A Comprehensive Guide to Managing Taxes Online

July 16, 2024

by Acc Ramji ABN Tax Return 2024 Tax Topics Taxation Uncategorized

Tax Refund on Spot (Tax agent in Sydney) is an invaluable resource for ensuring tax compliance, maximizing financial benefits, and minimizing stress. By partnering with a trusted tax professional, individuals and businesses can navigate the the complexities of the Australian tax system with confidence and ease.

Managing taxes in Australia has become more accessible and convenient with the advent of online platforms provided by the Australian Taxation Office (ATO). These digital services aim to streamline tax-related tasks, making it easier for individuals and businesses to fulfill their tax obligations. Let’s explore the various facets of handling Australian taxes online:

For more details please contact us 1300 768 284.

1. Understanding myGov:
Centralized Access: myGov is a secure online platform that serves as a central gateway to multiple Australian government services, including the ATO.

Creating a myGov Account: Individuals can create a myGov account by providing personal details and linking it to the ATO. This allows access to various ATO online services.

2. myTax for Individuals:

Online Tax Lodgment: myTax is the ATO’s online tax lodgment service designed specifically for individuals. It simplifies the process of preparing and submitting tax returns electronically.

Convenience and Efficiency: Users can access myTax through their myGov account, allowing for a seamless and user-friendly tax return experience.

Register and get $20 upfront!

3. Business Activity Statement (BAS) and Business Services:

BAS Lodgment: Businesses can use the ATO Business Portal or Standard Business Reporting (SBR) software to lodge Business Activity Statements (BAS) online. This facilitates reporting GST, PAYG withholding, and other obligations.

Streamlined Reporting: Online platforms offer businesses a convenient way to manage tax-related reporting and obligations, saving time and effort.

4. Tax File Number (TFN) Application and Updates:

Applying for a TFN: Individuals can apply for a Tax File Number (TFN) online through the ATO’s website. A TFN is a unique identifier necessary for various financial and tax-related transactions in Australia.

Updating Details: Online services allow users to update personal details, such as address changes, contact information, and banking details, ensuring accurate records with the ATO.

Want to know more? Click to Register to our website.

5. Security and Data Privacy:

Enhanced Security Measures: The ATO prioritizes data security, employing robust measures to safeguard personal information and transactions. Users are encouraged to use secure passwords and protect their myGov accounts.

Privacy Compliance: The ATO complies with stringent data privacy standards to ensure the confidentiality of taxpayers’ sensitive information.
6. Accessing Resources and Support:

Online Resources: The ATO website offers an array of resources, guides, videos, and frequently asked questions (FAQs) to assist users in understanding tax obligations and navigating online services.

Helpline and Support: For additional assistance, the ATO provides telephone support, live chat services, and dedicated helplines to address queries and concerns.

7. Staying Updated and Compliant:

Regular Updates: Users are encouraged to stay informed about tax changes, deadlines, and updates through the ATO’s website or notifications on their myGov accounts.

Compliance Adherence: Ensuring accurate reporting and timely lodgment is vital to compliance, helping avoid penalties or interest charges.

Gain access to the best accountants!

In conclusion, utilizing Australian tax online services offered by the ATO streamlines tax-related tasks, providing a secure, efficient, and user-friendly way to manage tax obligations. These platforms empower individuals and businesses to fulfill their tax responsibilities effectively while accessing essential services online, contributing to a smoother and more convenient tax-filing experience.

Kindly register on our website for more information

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information to Start Online Income Tax Return, or want to know about Online Tax Return 2024, Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

eTax Australia 2024: Streamlining Your Tax Management

February 1, 2024

by Acc Ramji Business Tax Business Tax Offset Etax GST (Goods and Services Tax )Income Tax Return Individual Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Tax Accountants Tax Advice Tax Affairs Tax Agent Tax Calculator Tax Rebate tax records Tax Refund Tax Refund 2024 Tax Return 2024 Tax Tips Tax Topics Taxation

Tax Refund On Spot have lodged over 100,000 tax returns so far with Australian Taxation office.GST, Income tax returns of all types- PAYG, business, self-employed, company , trust , superannuation etc.

Our staffs here are qualified accountants and are experienced in handling all tax matters. Our objective is to maximize your deductions and get you the maximum tax refund. As Australians prepare for their fiscal responsibilities, eTax continues to stand as a pivotal tool for managing tax affairs. In this article, we’ll explore the functionalities, benefits, and insights associated with eTax in Australia, considering its potential relevance for the year 2024.

For more details please contact us 1300 768 284.

Understanding eTax Australia 2024

Introduction to eTax:
eTax remains an online service provided by the Australian Taxation Office (ATO) that enables individuals to electronically lodge their tax returns.
Purpose and Features:

Simplifies the tax return process, offering a user-friendly interface for electronic lodgement.
Enhances efficiency by pre-filling certain details based on previous submissions and ATO records.

Register and lodge with us! We are located in Blacktown, Sydney!

Navigating eTax in Australia for 2024

Accessing the eTax Portal:
Log in to the ATO’s online services via myGov or directly on the ATO website to access the eTax portal for the year 2024.
Filing Your Tax Return:
Enter accurate financial information, including income sources, deductions, investments, and other relevant details required for tax return lodgement.
Review and Submission:
Thoroughly review all entered details for accuracy and completeness before electronically submitting the tax return through the eTax platform.

Register and lodge with us! We are located in Blacktown, Sydney!

Advantages of eTax in Australia for 2024

Convenience and Accessibility:
Offers a user-friendly and accessible platform, allowing individuals to manage their tax obligations conveniently from any location with an internet connection.
Efficiency and Accuracy:
Ensures accurate submissions and potentially faster processing compared to traditional paper-based methods.
Record-Keeping and Accessibility:
Maintains accessible records of submissions for future reference or review.

Register and get $20 upfront!

Final Thoughts

eTax in Australia continues to provide individuals with a modern and efficient means to manage their tax affairs. By utilizing this online platform, individuals can simplify their tax return process, ensuring accuracy, accessibility, and potential efficiency in processing returns.

For the most up-to-date information and specific updates related to eTax in Australia for the year 2024, individuals are encouraged to refer to official ATO resources or consult with a qualified tax professional.

Send queries via email and an accountant will call you.

This general guide aims to provide insights into eTax in Australia, highlighting its functionalities and potential relevance for the year 2024 based on its existing processes and functionalities.

Kindly register on our website for more information

Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success. Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information to Start Online Income Tax Return, or want to know about Online Tax Return 2024, Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Simplifying Tax Filing: Exploring MyTax Online for 2024

February 1, 2024

by Acc Ramji Business Tax Business Tax Offset Etax GST (Goods and Services Tax )Income Tax Rates Income Tax Return Individual Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Property Tax Deductions Tax Accountants Tax Advice Tax Affairs Tax Agent Tax Calculator Tax Deduction Tax Offsets Tax Refund Tax Refund 2024 Tax Return 2024 Tax Tips Tax Topics Taxation

Tax Refund On Spot have lodged over 100,000 tax returns so far with Australian Taxation office.GST, Income tax returns of all types- PAYG, business, self-employed, company , trust , superannuation etc.

Our staffs here are qualified accountants and are experienced in handling all tax matters. Our objective is to maximize your deductions and get you the maximum tax refund.

As the new fiscal year commences, Australians gear up to fulfill their tax obligations, and MyTax emerges as a convenient online platform provided by the Australian Taxation Office (ATO). Let’s delve into the functionalities, benefits, and insights offered by MyTax for the year 2024.

For more details please contact us 1300 768 284.

Understanding MyTax Online for 2024

Introduction to MyTax:
MyTax is an online service provided by the ATO, offering individuals a simplified platform for lodging their tax returns electronically.

Key Features and Purposes:

Streamlines the tax return process with a user-friendly interface designed for electronic lodgement.
Facilitates faster processing and accurate submissions, reducing paperwork and potential errors.

Navigating MyTax for 2024

Accessing MyTax:
Log in to the ATO’s online services via myGov or directly on the ATO website to access the MyTax portal for the year 2024.
Filing Your Tax Return:
Enter accurate financial information, including income sources, deductions, investments, and other relevant details required for tax return lodgement.
Review and Submission:
Carefully review all entered details for accuracy and completeness before electronically submitting the tax return through the MyTax platform.

Advantages of MyTax for 2024

Visit us and Claim Maximum Legal Tax refund

Record-Keeping and Accessibility:
Maintains accessible records of submissions for future reference or review.

Final Thoughts

MyTax for the year 2024 provides Australians with a modern and efficient means to manage their tax returns. By leveraging this online platform, individuals can simplify their tax filing process, ensuring accuracy, accessibility, and potential efficiency in processing returns.

Send queries via email and an accountant will call you.

For those seeking a straightforward and accessible solution to fulfill their tax obligations, MyTax remains a practical and reliable option.

This blog post aims to guide readers through the functionalities and benefits of using MyTax for the year 2024, emphasizing its convenience, accuracy, and efficiency in managing tax returns for individuals in Australia.

Kindly register on our website for more information

If you need any more information to Start Online Income Tax Return, or want to know about Online Tax Return 2024, Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Why Choosing a Tax Return Agent Near Me Makes Financial Sense

January 16, 2024

by Acc Ramji Business Tax Etax GST (Goods and Services Tax )Income Tax Return Lodge Tax Return mygov 2024 Mytax mytax2024 Online Tax Return Property Tax Deductions Tax Accountants Tax Advice Tax Agent Tax Refund Tax Refund 2024 Tax Return 2024 Tax Tips Tax Topics Taxation

Tax Refund On Spot is just located @ Level 1, 6 Main Street Blacktown NSW 2148, very accessible as it is just opposite the Blacktown train station in Sydney.

When it comes to managing your taxes, having a tax return agent in close proximity offers numerous advantages. Let’s explore the benefits and significance of selecting a tax return agent nearby and how it can streamline your tax-related affairs.

Convenience and Accessibility

Personal Interaction: A tax return agent near you allows for face-to-face meetings, fostering better communication and understanding of your unique financial situation.
Accessibility: Being in close proximity means easier access to the agent’s office, facilitating document drop-offs or consultations without extensive travel.
Local Knowledge: Agents familiar with your area may have insights into specific deductions or credits relevant to your locality.

Expertise and Guidance

Tailored Advice: Nearby tax return agents offer personalized advice, taking into account local tax laws and regulations that might impact your returns.
Specialized Services: Some agents near you might specialize in certain industries or professions, providing tailored advice for specific needs.

Community Presence and Trust

Community Connection: Agents operating locally often have a stronger connection to the community, fostering trust and reliability.
Reputation and Referrals: Word-of-mouth referrals are common for local agents, allowing you to gauge their reputation based on community feedback.

Supporting Factors for Choosing a Tax Return Agent Near You

Local Listings and Directories: Explore local directories or online listings to find nearby tax return agents with their contact details.
Client Testimonials: Check online reviews or seek recommendations from locals to assess the agent’s reliability and service quality.

Final Thoughts

Opting for a tax return agent near you offers a myriad of benefits, including convenience, personalized service, community trust, and specialized knowledge. These advantages not only simplify tax-related matters but also foster a sense of trust and reliability in managing your financial affairs.

For individuals seeking a more personal touch and tailored tax advice aligned with local regulations, choosing a tax return agent nearby can be an effective strategy in ensuring accurate and efficient tax filings.

This blog post aims to highlight the benefits of choosing a tax return agent nearby, emphasizing the convenience, expertise, and community trust that come with local representation in managing tax-related affairs.

Kindly register on our website for more information

If you need any more information to Start Online Income Tax Return, or want to know about Online Tax Return 2024, Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Lodge with a Registered Tax Agent

October 25, 2020

by Acc Ramji Lodge Tax Return Tax Return 2020 Tax Tips Tax Topics

We are registered tax agents and the agent number is 78339009. Registered tax agents have authority to lodge your tax return and also charge the fees for their service. Registered agent can help with a perfect solution if you have any query regarding your return, deduction, capital gain, loss, company tax return, register TFN, apply for ABN and so on.

Taxpayers can get service online or face-to face. Our office is located on 6 Main street, Blacktown NSW 2148. We are qualified professionals here and we will help to prepare your tax return in the right way.

Tax payer is responsible for records and receipts that are provided during the lodgement to the tax agent.

If taxpayers have difficulties keeping these records, you can use ATO app’s myDeductions record-keeping tool. This tool can use individual and sole traders. It’s really convenient to keep work related records in the app.

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

Assets and Partner Income Tests

October 6, 2020

by Acc Ramji 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.

Assessing if an employee has worked 20 hours or more

October 6, 2020

by Acc Ramji 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 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.

Business Activity Statements (BAS)

September 13, 2020

by Acc Ramji Business Activity Statement (BAS)Business Tax Tax Return 2020 Tax Topics

If you have business and also registered for GST, You need to lodged a Business activity statement.

Your BAS will report ATO and help to pay.

If you have a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

goods and services tax (GST)
pay as you go (PAYG) instalments
PAYG withholding tax
other taxes.

For registration of GST, you need Australian business number (ABN) n you register for an Australian business number (ABN) and once you register with GST, ATO will automatically send you a BAS when it is time to lodgement.

How to lodge your BAS

Tax payers have a lot of options to lodge your BAS and register your GST through ATO.

Most businesses prefer to lodged their BAS through online rather than other options. If you missed or not lodged on time. The penalty may apply on due lodgement through ATO.Even if you are not able to pay, You need to lodge on time to avoid penalty.

Due dates for lodging and paying your BAS

If you lodged your GST, the due date for lodging and payment due is available in your business activity statement (BAS).

In some cases the due date is the weekend or the day of public holiday, you can lodge by the next business day to do the lodgement.

Your GST reporting and payment cycle is listed below and you can do any either:

Quarterly – If your company GST turnover is $20 million or less- no need to do a report monthly.
Monthly – if your company or other GST turnover is $20 million or more.
Annually – if you are voluntarily registered for GST and your GST turnover is below $75,000 and $150,000 for not-for-profit bodies
A registered tax or BAS agent can help you lodge your activity statements.

You can put reminder for lodgement or our tax advisor team will help to remind you to do lodgement for GSt return. Also, you can set reminder through ATO app.

In some cases like if some event happened like natural disaster, Tax payers may have different due date.See also:

Collectables

September 13, 2020

by Acc Ramji Tax Return 2020 Tax Tips Tax Topics

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.

People with Disability

August 12, 2020

by Acc Ramji Income Tax Return Lodge Tax Return Mytax Online Tax Return People with Disability Tax Concessions Tax Deduction Tax Return 2020 Tax Tips Tax Topics

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.

New Year Tax Tips

August 10, 2020

by Acc Ramji tax records Tax Return 2020 Tax Tips Tax Topics Taxation

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.

Tax Planning Recommendations

July 16, 2020

by Acc Ramji 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.

How to Personalise Your Return in myTax

March 5, 2020

by Acc Ramji 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.

Asset Write-Off

March 5, 2020

by Acc Ramji Asset Write-Off tax records Tax Return 2020 Tax Topics Taxation Uncategorized

You may be eligible for instant written-off if your business have turnover from more than $10 million and less than $50 million.

That may apply to assets that cost less than $30,000 and assets are purchased and used from 2 April 2019 to June 2020.

Businesses purchases asset and claim for deduction for each asset that cost have less than $30,000. For instance, if your businesses purchases a new machinery worth 26,000 and then purchase a trailer at a cost $18,000. So, businesses can eligible to claim both of these as each of assets because of $30,000 thresold.

For assets costing $30,000 or more the general depreciation rules apply.

If your business has a turnover of less than $10 million you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different threshold apply which depends on cost and value of certain threshold for each assets.

Personal services income (PSI)

March 3, 2020

by Acc Ramji Personal services income (PSI)Tax Return 2020 Tax Topics

Personal service income is income which taxpayer got by their individual’s personal efforts and skills. Persona service income such as:

income of a professional practitioner in a sole practice
income payable under a contract for the labour or services of a person
Income derived by a professional sportsperson or entertainer by professional skills
Income derived by consultants from the exercise of personal expertise.

PSI does not include income that is mainly:

for supplying or selling goods (for example, from retailing, wholesaling or manufacturing)
generated by a significant income-producing asset (such as a bulldozer) for granting a right to use property (for example, the copyright to a computer program)
generated by a business structure (for example, a large accounting firm).

PSI earned by sole trade only. If you gain personal service income as an employee from company, partnership or trust.

If you earned PSI but you are not work as employees of company, you may not eligible to claim deductions in relation to earning that income such as rent, mortgage interest, rates or land tax for your home, or payments to your spouse or other associate.

This depends on whether:

Forestry Managed Investment Scheme Income

February 26, 2020

by Acc Ramji Forestry Managed Investment Scheme Income Tax Deferred or Avoided Tax Free Threshold Tax Incentive Tax Offsets tax records Tax Return 2019 Tax Return 2020 Tax Topics

A forestry interest in an FMIS (Forestry Managed Investment Scheme Income) may be a right to benefits produced by the scheme (whether the proper is actual, prospective or contingent and whether it’s enforceable or not).

You are an initial participant in an FMIS if you meet the following conditions:

You are a subsequent participant if you are not an initial participant.

A forestry manager of an FMIS (Forestry Managed Investment Scheme Income) is the entity that manages, arranges or promotes the FMIS.

Your total forestry scheme deductions is consider as the total of each amount that you can deduct for each income year of your forestry interest. Forestry interest is different from Capital gains tax (CGT) event. This includes, a sale of all or part of a forestry interest or harvest proceeds.

You can only claim a deduction at this item if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the Income Tax Assessment Act 1997.

If you are an initial participant, you cannot claim a deduction if you disposed of your forestry interest in an FMIS (Forestry Managed Investment Scheme Income) within four years after the end of the income year in which you first made a payment.