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

TPAR (Taxable Payments Annual Reports)

TPAR means taxable payments annual reports.

Payments which are made by Contractors can include subcontractors, consultants and independent contractors who may be operating as sole traders, companies, partnerships or trusts need to be disclose ATO.

The information is collected by the ATO and make sure that this payments are all true and can identify that those contractors who have not included all of their income on their tax return, not lodged tax returns or activity statements, not registered for GST and so they required to do all things and double check ABN on their invoices.

TPAR is for businesses who give information includes:

  • Building and construction services
  • Cleaning services
  • Courier services
  • Road freight services
  • IT services
  • Security, investigation or surveillance services
  • Mixed services includes a business providing one or more of the services
  • Pay contractors to provide those services on your behalf

TPAR is due by 28th August each year and in a case if you forget to lodged, You may penalise for not lodged or after due dute lodgedments.

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

Super’s Double Reward will Help Swell Life Savings

Most of the employees and workers are boosting their superannuation fund  through salary savings by employer and potentially giving themselves hundreds of thousands of extra dollars at retirement age.

New research has depicts that the double reward savers can get from superannuation fund by their employer. on the other side you will get thousands of dollars at retirement age.

To be illustrated, one company found a 35-year-old employee with an average super balance of $46,500 and  his average salary of $86,000 could increase their retirement balance by almost $35,000 plus save almost $7500 of tax if his employer save super for his employee $100 a month – about $23 a week.

If company employer increase their salary sacrifice portion to $500 a month – or $115 a week – their final super balance would be $174,000 more and they would save an additional $37,000 in tax.

So we can said that taxpayer can increase their super fund with the help of increase salary sacrifice.

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

If you work from home only due to COVID-19, Expenses you can claim

If you work from home during COVID-19 situation, you will be able to claim a deduction in your return for the additional running expenses you incur for company.

These lists of expenses include:

  • electricity expenses related with heating, cooling and lighting the area from which you are working for company and running items for company’s work purposes
  • cleaning costs for working area
  • phone and internet expenses which can be used for task and checking email and calls during working period
  • Appliances like computer, printer paper, ink and stationery
  • The expenses which occurred is directly related to earning income and company purposes
  • employer must have record for each of expenses that can be provided if asked
  • home office equipment, including computers, printers, phones, furniture and furnishings – you can claim either the
  • full cost of items up to $300
  • Decline in value for items over $300.

Expenses you can’t claim

If you are working from home for company due to COVID-19 situation and still you can’t claim:

 

  • possession expenses such as mortgage interest, rent and rates
  • the cost of coffee, tea, milk and other general household items you can’t claim as deduction in your ITR.

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

Working from Home During COVID-19

As the COVID-19 situation develops, most of the employees working from home and good news is that you can claim expenses at the financial year.
We understand it’s hard to keep tracking these expenses So, ATO will accept a temporary simplified method (or shortcut method) of calculating additional running expenses from 1 March 2020 until at least 30 June 2020.

ATO may extend this period, depending on when work patterns return to normal phase.

Some detailed information about:

  • Claiming a deduction
  • Expenses you can claim
  • Expenses you can’t claim

Want to Claim this deduction??

To claim a deduction for working from home, all of the following must apply:

  • You must have spent the money.
  • The expense must be directly related to earning your income.
  • You must have a record to prove it.

You can’t claim a deduction for items provided by your company  or if you have been reimbursed for these expenses . Which means you must pay from your pocket

If you are not paid back by your company and receive an allowance from them to cover these expenses when you work from home, you:

  • must include this allowance as income in your ITR
  • you can claim a deduction as mentioned above.

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

myTax with Steps – Tax Refund On Spot

  • We will show you how to complete mytax return with ATO
  • You can also lodge with us and get free estimate
  • Why do you want any hassle? Lodge with profesisonal tax agent

myTax will personalise your return, so you need to answer some questions. myTax help you to select authomatic select ‘Business income or loss’ then clicks ‘Next’, myTax tailors based on her answer and selections. when you go on ‘prepare’ screen, please include business details, and fill out other questions.

Once you finalised, clicks ‘save’ and move on next page. If you received a business payment summary from your employer, You can enter the details in the ‘Business payment summaries’ section. In case, if you choose by mistakley wrong, you can click ‘Cancel’. Next, enter the type of you have ‘non-primary production’ and then enters your business income. If you use some equipment in your business, you can record in ‘‘Depreciation and capital allowances tool’.

Then the amount will transferred into myTax. The tool works out her deductible decline in value. The amount is then transferred into myTax. you can also put  the amount in ‘Repairs and maintenance’. If you made expenses related your businesse so, you can adds the the total to ‘All other expenses’. Then tool will calculate business expenses

myTax then works out her business’s total non-primary production net income or loss.

There are three more labels you have to go through, which must add up to her net income or loss. These amounts will be used to complete some of the income test labels.

You need to enter all your net business income in the final field ‘Remaining income from business’. Once you finished, you need to clicks ‘Save and continue’.

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

MyTax Problems – Tax Refund On Spot

According to report of The Sydney Morning Herald on july3,2015 said that ATO have some system issue during tax time. ATO has poor performance and server problem lead to complain about myTax and myGov.

Some people get difficulties while fill out their personal details and system worked very slow that time while accessing online services.

ATO then improved system and get everthing with speed. but slowness problem still occurred that time.

it’s better to avoid any delay , come here at right place and we also do face to face lodgement as well as online as well. you can call us if you have any difficulty regarding your return and refund. please call us on 1300 768 284
Sometimes you do lodgement on yourself and not to know much about your deduction, it’s better to contact us and you will get FREE tax estimates and compare refund amount to yours.

If you forget to put right amount in your return, ATO will take strict action and asking about the figure. To save your time and money, CONTACT US on 1300 768 284 or you can email us on enquiry@taxrefundonspot.com.au

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

GST (Goods & Services Tax) – Tax Refund On Spot

GST (Goods & Services Tax) is a general tax of 10% at the sale of most items, offerings and anything else sold or consumed within Australia.

GST (Goods & Services Tax) is a consumption based tax/levy. It is based at the “Destination principle.” GST is applied on items and offerings at the place where final/real consumption happens. GST is gathered on value-brought items and services at each stage of sale or purchase inside the supply chain. You best want to register for GST once, even in case you function extra than one enterprise.

You need to sign in within 21 days of your GST turnover exceeding the applicable threshold.

You need to register for GST:

  • while your commercial enterprise or agency has a GST turnover (gross profits minus GST) of $75,000 or greater (see Working our your GST turnover)
  • when you begin a new enterprise and expect your turnover to reach the GST threshold (or extra) within the first year of operation
  • if you're already in commercial enterprise and have reached the GST threshold
  • if your non-profit agency has a GST turnover of $150,000 according to 12 months or extra
  • when you offer taxi or limousine travel for passengers (consisting of ride-sourcing) regardless of your GST turnover – this is applicable to both owner drivers and if you rent or hire a taxi
  • if you want to declare fuel tax credits for your enterprise or corporation.

Registering for GST is optional in case your commercial enterprise or organisation doesn’t in shape into this type of categories. If you pick out to sign in, commonly you must live registered for at least 12 months.

You record and pay GST quantities to ATO, and declare GST credits, by accommodations a business pastime statement (BAS) or an annual GST return. ATO will trouble your commercial enterprise pastime statement about two weeks earlier than the cease of your reporting period, which for GST is normally each three months. The date for accommodations and paying is proven on interest statement.

You have to cancel your GST registration in case you near or sell your commercial enterprise. You may want to cancel your GST registration if your enterprise shape changes (such as, from a partnership to a company).

You can’t function on a GST-registered basis after the date you cancel your GST registration. You may also need to cancel your ABN. GST is a standard tax of 10% at the sale of maximum goods, services and something else offered or fed on inside Australia.

If a enterprise or other enterprise is registered for GST, they’ll encompass GST within the fee they charge for his or her items and offerings except the sale is GST-loose (e.g. maximum primary food and motors for disabled humans to use) or input-taxed (eg. Lending money or selling/renting residential property). If a business is not registered for GST, they do not fee GST.

They may also be able to declare back the GST on true and offerings they buy for his or her commercial enterprise except you make input-taxed sales.

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