Taxable Organization

Adjusted Taxable Income

July 9, 2021

by Acc Ramji Adjusted Taxable Income Taxable Organization

Your changed available pay (ATI) influences your qualification to any dependent assessment balance.

ATI is the sum of the following amounts:

available pay (your assessable pay short allowances), ignoring any assessable First Home Super Saver (FHSS) delivered sum
changed incidental advantages complete, that is the amount of
- reportable incidental advantages sums got from bosses excluded from incidental advantages charge under area 57A of the Fringe Benefits Tax Assessment Act 1986multiplied by 0.53, and
- reportable incidental advantages sums from bosses not excluded from incidental advantages charge under segment 57A of the Fringe Benefits Tax Assessment Act 1986
- target unfamiliar pay (incorporates any pay acquired from abroad that isn’t now remembered for your available pay or got as an incidental advantage)
- complete net speculation shortfall (incorporates both net monetary venture deficit and net investment property shortfall)
- tax-exempt government annuities or advantages (incorporates handicap benefits, carer installments and guard benefits)
- reportable super commitments (incorporates both reportable boss super commitments and deductible individual super commitments) (less)

any child support you pay.

Rebate income

We work out what we call ‘refund pay’ to decide if you are qualified for the seniors and retired people charge balance.

Your refund pay is the aggregate sum of your available pay (dismissing your assessable First home super saver delivered sum), in addition to the accompanying sums on the off chance that they concern you:

reportable super commitments (incorporates both reportable boss super commitments and deductible individual super commitments)
all out net speculation deficit (incorporates both net monetary venture shortfall and net investment property deficit)
changed incidental advantages complete, that is the amount of
- reportable incidental advantages sums you got from businesses excluded from incidental advantages charge under area 57A of the Fringe Benefits Tax Assessment Act 1986 increased by 0.53, and
- reportable incidental advantages sums from managers not absolved from incidental advantages charge under segment 57A of the Fringe Benefits Tax Assessment Act 1986.

For more information on online tax return 2021, Tax Return 2021, myGov 2021, myTax 2021 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.

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

Goods and Services Tax (GST)

July 3, 2018

by admin GST (Goods and Services Tax )GST Installments Tax Advice Tax Concessions Tax Deduction Tax Incentive Tax Loss Tax Return 2018 Tax Topics Taxable Organization Uncategorized

GST is a broad-based tax of 10% on the majority goods, services and other items sold or consumed in Australia.

Generally, businesses and other organizations registered for GST will:

include GST in the cost they charge for their goods and services
claim credits for the GST included in the price of goods and services they buy for their business.

What you need to do for GST

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to:

register for GST
work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
claim GST credits for GST included in the price of your business purchases
account for GST on either a cash or non-cash basis and put aside the GST you have collect so you can pay it to us when due
lodge activity statements or annual returns to account your sales and purchases, and pay GST to us or accept a GST refund.

You must register for GST if:

your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
your non-profit organization has a GST turnover of $150 000 per year or more
you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both landlord drivers and if you lease or rent a taxi
you want to maintain fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is possible However, if you choose to register, you usually must stay registered for at least 12 months.

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.

Claim Deductions For Some Expenses

July 3, 2018

by admin Claim Car Expenses Claim Deductions Dedcutions Tax Return 2018 Tax Topics Taxable Organization Taxation Uncategorized

When applying for tax return, you’re allowed to claim deductions for some expenses, most of which are directly related to earning your income.

Here is a list of common work-related expenses that may be able to be claimed, depending on your situation.

formal education courses provided by professional associations
seminars
journals, magazines, books
conferences or education workshops
tools and equipment
union fees
overtime meals
protective items such as sunscreen and sunglasses
computers and software
telephone and home office expenses, and
premiums on income protection insurance

To claim a work-related deduction:

you must have spent the money yourself and weren’t reimbursed
Must be related to your job
For prove, person must have record of expenses.

If the cost was for both work and private purposes, you can only claim a deduction for the work-related section.

Income tax is paid on money you receive, such as salary and wages, Centrelink payments, investment income from rent, interest and dividends, and profits from selling shares or property.

You can cut the amount of tax you pay by claiming certain deductions that are directly connected to earning your profits.

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are straight related to earning your income.

To claim a work-related deduction:

you must have spent the money yourself and weren’t reimbursed
it must be connected to your job
you must have a record to prove it (there are some limited exceptions)

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

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

We also have our separate department for Home loan, refinancing, car & truck loan.

December 13, 2016

by admin Taxable Organization

Some not-for profit (NFP) clubs, societies and associations are taxable organizations, that is, they are not exempt from income tax. Examples of taxable NFP organizations include social clubs, certain business and professional associations, clubs whose main purpose is only if hospitality services for members, and political parties.

If your NFP organization is taxable, it may have to lodge income tax returns and pay income tax.

To work out whether you require to lodge an income tax return and what rate of tax you pay, you first need to decide if your organization is a non-profit company or other taxable company. This division is important because non-profit companies have unusual arrangements for lodging tax returns and special rates of income tax.

If the organization’s element documents prohibit it from making any distributions, whether in money, property or else, to its members, the organization is treated as a non-profit company.

A non-profit company with taxable income of:

$416 or less a year is not necessary to lodge an income tax return if an Australian resident (unless specifically requested to do so)
More than $416 a year is required to lodge an income tax return for that year.

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