Tax Planning Recommendations

‘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.

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

SMSF (Self Management Super Fund)

If you would like to make investment decision for your fund and you’re held responsible for complying with the super and tax laws so you can set up a self-managed super fund (SMSF).

You can make a super savings by your employer and it’s major decision  and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants.

Be careful, Please don’t try to get early access of your refund unnecessarily such as to go on holiday, do your artworks to decorate your house. This is because this things are illegal.

It is important to have the time and skills to manage your SMSF. As a trustee of an SMSF you and only you are responsible to manage your SMSF within the law. in case of if you don’t , You may be penalize and you may have to face severe tax consequences.

You can find that the fees you pay for an SMSF is more than normal type of super fund.

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

Determinants of level of taxation: An empirical study of OECD countries from 2006 to 2016

The tax level means tax ratio to GDP ratio among OECD members countries from 2006 to 2016 provides an empirical examination.

Furthermore, According to, conventional regression studies that tax level mainly focus on two different sets of factor . First is Structural changes such as GDP per capita, output share of agriculture, age dependency ration, etc. and the other factor is institutional related such as corruption, political stability, etc.

The present paper employs a completely unique approach that focuses on the position of tax policy and regulation as well as tax administration in explaining tax stage in advanced countries.

In Addition, taxpayer seeks to determine the quantitative impacts of tax rate, tax compliance burden, governance, level of economic development and trade openness on tax level of OECD member countries.

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

How to Personalise Your Return in myTax

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.

  • make sure you have all document with you to avoid hassle.
  • personalise return screen , you can see a number of checkboxes.
  • Some of boxes automatically selected if we receive information from ATO.

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.

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

Asset Write-Off

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.  

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

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

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.

When you Can Claim a GST Credit

You must be registered for GST to claim GST credits.

You can maintain a credit for any GST included in the price you pay for things that you use in your business. This is called a GST credit (or input-tax credit, a credit for the tax included in the price of your business inputs).

You claim GST credits in your activity statement.

You can claim GST credits if the following four conditions apply:

  • you aim to use your purchase solely or partly in carrying on your business and the purchase does not communicate to making input-taxed supplies
  • the purchase price included GST
  • you provide, or are liable to provide, payment for the item you purchased
  • You have a tax invoice from your supplier (for purchases more than $82.50).

You cannot claim a GST credit:

  • without a valid tax invoice
  • for purchases that do not have GST in the price
  • for wages you pay to staff (there is no GST on wages)
  • For motor vehicles priced above a certain limit.

Goods and services that don’t have GST in their price include:

  • GST-free items (such as basic foods)
  • Input-taxed items (such as bank fees and loan interest)
  • Purchases from a business that is not registered for GST (and therefore cannot charge GST).

When you can’t claim GST credit

You also cannot maintain GST credits for the following, even if GST is included in the price:

  • purchases you intend to use for private or domestic purposes
  • purchases you intend to use to make input-taxed supplies, such as those associated with providing residential accommodation
  • some purchases that you can’t claim as an income tax deduction, such as entertainment expenses
  • Land purchases under the margin scheme.

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.