Goods and Services Tax (GST)

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

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

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.

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