Spouse or Children Living Apart

When your spouse or children live in a different home to you

Having a different home from your dependent child

If you and a dependent child under 18 years have different homes for a period, you must choose one of the homes as the main residence for both of you for the period.

Having a different home from your spouse

If you and your spouse have different homes for a period, you and your spouse must either:

  • choose one of the homes as the main residence for both of you for the period, or
  • nominate the different homes as your main residences for the period.

If you nominate different homes for the period and you own 50% or less of the home you have nominated, you qualify for an exemption for your share. If you own more than 50%, your share is exempt for half the period you and your spouse had different homes.

The same applies to your spouse. If your spouse owns 50% or less of the home they have nominated, they qualify for an exemption for their share. However, if your spouse owns more than 50% of the home, their share is exempt for only half the period you had different homes.

This rule applies to each home the spouses own, whether they have sole ownership or own the home jointly (either as joint tenants or tenants in common).

Your spouse includes another person (of the same or opposite sex) who:

  • You were in a relationship with that was registered under a prescribed state or territory law
  • Although not legally married to you, lived with you on a genuine domestic basis in a relationship as a couple.

This rule applies also if you choose to treat a dwelling as your main residence after you move out, and this choice results in your having a different main residence from your spouse or a dependent child for a period.

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 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Work & You – Tax Refund on Spot

Being employed will mean you are accepting a compensation or a pay, and you could be full-time, part-time, casual, a contractual worker or expert. Be that as it may, what do they all mean? What’s more, how can that influence how you get paid – and how you are taxed?

Full-time

A man employed on a permanent premise, working the grant recommended least hours every week, paid consistently, and qualified for every one of the advantages and leave privileges.

Part-time

A man employed on a permanent premise, working consistent hours that are inside of a base and greatest characterized number of hours every week, and entitled for the advantages with respect to the quantity of hours worked. Part time representatives are entitled for the same working conditions as full-time representatives, including, by and large, the same hourly rate of pay.

Casual

Casual representatives take a shot at an hourly or regular schedule, however by and large work less hours than the conventional week by week working hours of a full-time worker. To make up for passing up a great opportunity for the advantages recompensed full and part time employees, additional stacking is added to casual’s pay. Casual employees can work the same number of hours or shifts as a full-time employee and still not be viewed as lasting. A few working environments however may be required to offer full-time work to an casual who works conventional hours after a certain maintained time of doing as such.

Contractor

As a rule, contractors (or consultants) are independently employed individuals utilized for a particular task, at a concurred cost, considering a particular objective, and regularly over a pre-decided time period. They set their own hours of work and deal with their own tax obligation. They aren’t paid a salary or hourly rate, and because they aren’t an employee, a contractor’s position is more effectively fired than a “permanent” employee. Being a contactor’s worker does have tax implication.

Payment

Wages and salaries are the most well-known sorts of employee payments. Wage is viewed as a pay if the work is standard and wages if it is not consistent. Both must be announced in full on your tax return – unless particularly exempted.

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 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

How Much Tax Should Be Taken From My Pay?

Why is tax taken from your pay?

Payers, such as employers, are required to withhold tax from the payments they make to you and send those payments to us regularly. When you lodge your tax return at the end of the financial year, you will be entitled to a credit for the amount of tax that has been withheld from your pay. This amount is shown on your payment summary.

Your payer works out how much tax to withhold based on information you provide in your Tax file number declaration and Withholding declaration

Withholding rates are calculated on the basis that, if your pay and circumstances remain consistent throughout the year, you may be entitled to a small refund when you complete your tax return at the end of the financial year.

This system is called pay as you go (PAYG) withholding.

Tax withheld calculator

A simple way of working out how much tax should be withheld from your pay is to use the Tax withheld calculator. This takes into account:

  • whether you are a resident or non-resident
  • Medicare levy exemptions or reductions
  • tax offsets
  • amounts you may be required to repay under the Higher Education Loan Program (HELP) or the Student Financial Supplement Scheme (SFSS)
  • tax-free threshold and income tax rates
  • leave loading.

It does not take into account the special rates for:

  • actors, variety artists and other entertainers
  • people employed in the shearing industry
  • people seasonally employed in the horticultural industry
  • people employed in the Joint Petroleum Development Area
  • members of the Defence Force
  • the following types of payments
    • employment termination payments (ETPs)
    • lump sum payments in arrears
    • return-to-work payments
    • super income streams
    • super lump sums
    • unused leave payments on termination of employment
    • commission payments
    • non-super income.

Tax tables

You can also use the PAYG withholding tax tables to calculate the amount that should be withheld from your pay. Each table includes instructions, which you must follow carefully to calculate the correct amount of tax.

Which table or tables you will need depends on:

  • whether you are a resident or non-resident for tax purposes (if you are unsure, refer to Work out your tax residency)
  • whether you are employed in a specific industry
  • whether you are receiving certain types of payments to which concessional rates of tax are applied
  • how often you are paid
  • whether you have an accumulated HELP or Financial Supplement debt
  • whether you are entitled to a reduction in the rate of Medicare levy.

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 . For more information please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

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 .

Home Office Expense and Running Cost

You may be entitled to claim deductions for home expenses including a computer, phone or other electronic devices you are required to use for work purposes, as well as a deduction for running costs. As an employee, generally you can’t claim a deduction for occupancy expenses, including rent, mortgage interest, council rates and house insurance premiums. If you are an employee and required to use your computer, phone or other electronic device for work purposes, you may be able to claim a deduction for your costs.

If you perform some of your job from a home office, you may be entitled to a deduction for the costs you gain in running it, including:

  • for home office equipment, such as computers, printers and telephones, the cost (for items costing up to $300) or decline in value (for items costing $300 or more).
  • work-related phone calls (including mobiles) and phone rental (a portion reflecting the share of work-related use of the line) if you can show you
    • are on call, or
    • have to call your employer or clients frequently while you are away from your workplace
  • heating, cooling and lighting
  • the costs of maintenance to your home office furniture and fittings cleaning expenses

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.

Leaving the Workforce

For people who are retiring, there are a variety of options for making the change.

Under the change to retirement rules, if you have reached your preservation age you may be capable to decrease your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income stream’ from your super savings. If you are over 60 years old, this income stream may be tax free.

On the other hand, you must be alert of the impact this can have on you and your situation. ATO recommends you see a financial adviser, accountant or your tax agent to help you make a decision if this option is right for you.

Employers still need to make essential super guarantee contributions for all their qualified employees – including people who are making the transition to giving up work.

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.

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.

Tax Concessions – Cars

To be able to claim tax concessions when buying, leasing or modifying a car you must meet the eligibility criteria.

There are specific documents required to prove you are entitled. Depending on your situation, you may need to get a medical certificate from Medibank Health Solutions. This is a five-step process which involves completing an Application for medical evaluation to obtain a car or car parts GST-free.

There are certain tax exemptions and concessions if anyone buy luxury car. If a person is disability he/she might be entitled for concession. There are specific rules:

To claim for tax concession, when leasing, buying car, you must meet the criteria precise by ATO to qualify for concessions on car tax. There are specific documents necessary to prove the eligibility specifically for disability might require obtaining medical certificate from Medibank Health Solutions.

An individual can claim for purchase of GST –free car if a qualified person with disability and medical prove for that. If he/she satisfy the criteria of eligibility, then can complete statement for exemption of GST-free car or car parts.

For disability, certain medical aids and appliances are exempted for use in car such as wheelchair ramps, wheel chair lifting devices and special seats for disable persons. Only these specific devices are designed for disable persons.

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.