The Role of a Tax Refund Accountant: Maximizing Returns and Expert Guidance

by ABNTax RefundTax Refund 2024Tax Return 2024Tax TipsTaxationUncategorized

Our staffs here in Tax Refund On Spot are qualified accountants and are experienced in handling all tax matters. Our objective is to maximize your deductions and get you the maximum tax refund.

When it comes to navigating the complexities of taxes and maximizing your tax refund, a tax refund accountant can be an invaluable asset. They bring expertise, insights, and a deep understanding of tax laws to help individuals and businesses optimize their returns. Here’s a comprehensive guide highlighting the role and benefits of a tax refund accountant:

For more details please contact us 1300 768 284.

Expertise and Knowledge:
Tax refund accountants are professionals with specialized training and expertise in tax laws, regulations, and deductions. Their in-depth knowledge allows them to identify opportunities to maximize your refund while ensuring compliance with tax laws.

Maximizing Deductions and Credits:
Accountants specializing in tax refunds are adept at identifying deductions and tax credits that taxpayers might overlook. They explore various avenues to legitimately reduce taxable income, potentially increasing the refund amount.

Personalized Advice and Strategies:
A tax refund accountant offers tailored advice and tax planning strategies based on your unique financial situation. They can advise on ways to optimize deductions, navigate investment gains and losses, and make strategic decisions to benefit your tax situation.

Ensuring Compliance:
Staying compliant with ever-changing tax laws and regulations can be challenging. Tax refund accountants ensure that your tax return is accurate, complete, and filed on time, minimizing the risk of penalties or audits.

Register and get $20 upfront!

Utilizing Advanced Tools and Software:
Accountants leverage sophisticated tax software and tools to streamline the tax preparation process. These tools assist in accurate calculations, identifying deductions, and ensuring all necessary documentation is in order.

Representation and Support:
In case of audits or inquiries from tax authorities, a tax refund accountant can represent you, offering support and guidance throughout the process. Their expertise can help navigate complex situations and ensure your rights are protected.

Time and Stress Savings:
Outsourcing tax preparation to a skilled accountant saves time and relieves the stress of managing intricate tax forms and calculations. It allows you to focus on other aspects of your life or business while ensuring your taxes are handled competently.

Year-Round Assistance:
Tax refund accountants provide year-round support, not just during tax season. They can advise on financial decisions, estimate taxes for quarterly payments, and provide ongoing guidance to optimize your tax situation.

Choosing the Right Tax Refund Accountant:

When selecting a tax refund accountant, consider their qualifications, experience, reputation, and fees. Look for certified professionals with a track record of providing quality service and personalized attention.

Send queries via email and an accountant will call you.

In conclusion, a tax refund accountant plays a pivotal role in maximizing your tax refund while ensuring compliance with tax laws. Their expertise, personalized guidance, and commitment to optimizing your financial situation can significantly benefit individuals and businesses, providing peace of mind and potentially enhancing your financial outcomes. Consider engaging a trusted tax refund accountant to navigate the complexities of taxes and maximize your refunds effectively.

Kindly register on our website for more information

Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success.

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about Online Tax Return 2024,  Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Navigating Australian Tax Online: A Guide to Simplifying Your Tax Affairs

by ABNATOEtaxmygov 2024MytaxTax Return 2024Uncategorized

Tax Refund On Spot have lodged over 100,000 tax returns so far with Australian Taxation office.GST, Income tax returns of all types- PAYG, business, self-employed, company , trust , superannuation etc.

In Australia, managing tax affairs online has become more accessible and efficient through various digital platforms provided by the Australian Taxation Office (ATO). Understanding and utilizing these online services can streamline tax-related tasks. Here’s a comprehensive guide to navigating Australian tax online:

For more details please contact us 1300 768 284.

1. myGov and ATO Online Services:
myGov Account: myGov is a centralized platform that offers secure access to various Australian government services, including the ATO. Register for a myGov account to access ATO online services conveniently in one place.

2. myTax for Individuals:
myTax: myTax is the ATO’s online tax lodgment service designed specifically for individuals. It allows taxpayers to prepare and lodge their tax returns electronically, making the process streamlined and user-friendly.

3. Lodging Tax Returns Online:
Accessing myTax: Log in to your myGov account, select the ATO service, and navigate to the ‘Lodge’ section under ‘Tax.’ Follow the prompts to complete and submit your tax return using myTax.

Pre-Filled Information: The ATO pre-fills certain sections of the tax return with information they have on record, such as income details from employers and banks, simplifying the process for users.

Register and get $20 upfront!

4. Business Activity Statement (BAS) Lodgment:
Businesses and BAS: Businesses can lodge their Business Activity Statements (BAS) online through the ATO Business Portal or via Standard Business Reporting (SBR) software. This allows businesses to report GST, PAYG withholding, and other obligations conveniently.

5. Tax File Number (TFN) and Other Services:
Applying for a TFN: Individuals can apply for a Tax File Number (TFN) online through the ATO’s website. A TFN is essential for various tax and financial transactions in Australia.
Other Services: The ATO’s online services cover a wide range of functionalities, including updating personal details, checking superannuation accounts, tracking refunds, and managing payment plans.

6. Security and Privacy:
Secure Access: Ensure you use secure internet connections and protect your myGov login credentials to safeguard personal information and prevent unauthorized access.
Data Privacy: The ATO prioritizes data security and privacy, complying with strict standards to protect taxpayers’ sensitive information.

7. Additional Support and Resources:
Online Resources: The ATO provides a wealth of online resources, guides, videos, and FAQs to assist users in navigating the online services and understanding tax obligations.
ATO Helpline: If you encounter difficulties or have queries, the ATO offers telephone support and live chat services to provide assistance.

Register and lodge with us! We are located in Blacktown, Sydney!

8. Staying Updated and Compliant:
Stay Informed: Regularly check for updates, announcements, and changes in tax laws or deadlines through the ATO’s website or notifications within your myGov account.
Compliance: Ensure accurate reporting and timely lodgment to comply with tax obligations and avoid penalties or interest charges.

Gain access to the best accountants!

In conclusion, leveraging Australian tax online services offered by the ATO, such as myGov and myTax, provides taxpayers with a convenient, secure, and efficient way to manage their tax affairs. By utilizing these digital platforms effectively, individuals and businesses can streamline tax-related tasks, ensuring compliance and ease of access to essential services for a smooth tax-filing experience.

Kindly register on our website for more information

Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success.

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about Online Tax Return 2024,  Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Simplifying Taxation in Australia: A Comprehensive Guide to Managing Taxes Online

by ABNTax Return 2024Tax TopicsTaxationUncategorized

Tax Refund on Spot (Tax agent in Sydney) is an invaluable resource for ensuring tax compliance, maximizing financial benefits, and minimizing stress. By partnering with a trusted tax professional, individuals and businesses can navigate the the complexities of the Australian tax system with confidence and ease.

Managing taxes in Australia has become more accessible and convenient with the advent of online platforms provided by the Australian Taxation Office (ATO). These digital services aim to streamline tax-related tasks, making it easier for individuals and businesses to fulfill their tax obligations. Let’s explore the various facets of handling Australian taxes online:

For more details please contact us 1300 768 284.

1. Understanding myGov:
Centralized Access: myGov is a secure online platform that serves as a central gateway to multiple Australian government services, including the ATO.

Creating a myGov Account: Individuals can create a myGov account by providing personal details and linking it to the ATO. This allows access to various ATO online services.

2. myTax for Individuals:

Online Tax Lodgment: myTax is the ATO’s online tax lodgment service designed specifically for individuals. It simplifies the process of preparing and submitting tax returns electronically.

Convenience and Efficiency: Users can access myTax through their myGov account, allowing for a seamless and user-friendly tax return experience.

Register and get $20 upfront!

3. Business Activity Statement (BAS) and Business Services:

BAS Lodgment: Businesses can use the ATO Business Portal or Standard Business Reporting (SBR) software to lodge Business Activity Statements (BAS) online. This facilitates reporting GST, PAYG withholding, and other obligations.

Streamlined Reporting: Online platforms offer businesses a convenient way to manage tax-related reporting and obligations, saving time and effort.

4. Tax File Number (TFN) Application and Updates:

Applying for a TFN: Individuals can apply for a Tax File Number (TFN) online through the ATO’s website. A TFN is a unique identifier necessary for various financial and tax-related transactions in Australia.

Updating Details: Online services allow users to update personal details, such as address changes, contact information, and banking details, ensuring accurate records with the ATO.

Want to know more? Click to Register to our website.

5. Security and Data Privacy:

Enhanced Security Measures: The ATO prioritizes data security, employing robust measures to safeguard personal information and transactions. Users are encouraged to use secure passwords and protect their myGov accounts.

Privacy Compliance: The ATO complies with stringent data privacy standards to ensure the confidentiality of taxpayers’ sensitive information.
6. Accessing Resources and Support:

Online Resources: The ATO website offers an array of resources, guides, videos, and frequently asked questions (FAQs) to assist users in understanding tax obligations and navigating online services.

Helpline and Support: For additional assistance, the ATO provides telephone support, live chat services, and dedicated helplines to address queries and concerns.

7. Staying Updated and Compliant:

Regular Updates: Users are encouraged to stay informed about tax changes, deadlines, and updates through the ATO’s website or notifications on their myGov accounts.

Compliance Adherence: Ensuring accurate reporting and timely lodgment is vital to compliance, helping avoid penalties or interest charges.

Gain access to the best accountants!

In conclusion, utilizing Australian tax online services offered by the ATO streamlines tax-related tasks, providing a secure, efficient, and user-friendly way to manage tax obligations. These platforms empower individuals and businesses to fulfill their tax responsibilities effectively while accessing essential services online, contributing to a smoother and more convenient tax-filing experience.

Kindly register on our website for more information

Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success.

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about Online Tax Return 2024,  Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

DIY Tax Return: A Step-by-Step Guide to Successfully Filing Your Taxes

by ABNOnline Tax ReturnTax RefundTax Refund 2024Tax Return 2024Uncategorized

Our staffs here in Tax Refund On Spot are qualified accountants and are experienced in handling all tax matters. Our objective is to maximize your deductions and get you the maximum tax refund.

Filing your tax return can seem daunting, but with the right guidance and resources, doing it yourself can be a rewarding and cost-effective option. Here’s a comprehensive step-by-step guide to successfully completing your tax return:

For more details please contact us 1300 768 284.

1. Gather Essential Documents:
Collect all necessary documents, including income statements (PAYG summaries), bank statements, receipts for deductions, investment income details, and any other relevant financial records.


2. Create a myGov Account and Link to the ATO:
Register for a myGov account if you haven’t already and link it to the Australian Taxation Office (ATO) to access online tax services.

3. Access myTax:
Log in to your myGov account and select the ATO service. Navigate to the ‘Lodge’ section under ‘Tax’ and select myTax to begin your tax return.

Want to know more? Click to Register to our website.

4. Verify Pre-Filled Information:
The ATO pre-fills certain sections of your tax return with information they already have, such as income details from employers and banks. Review this information for accuracy.


5. Enter Additional Details:
Complete sections that are not pre-filled, including any deductions, offsets, or additional income not covered by the pre-filled information.

6. Claim Deductions and Offsets:
Ensure you claim all eligible deductions and offsets such as work-related expenses, charitable donations, medical expenses, and tax offsets applicable to your circumstances.

7. Double-Check Accuracy:
Review your tax return thoroughly for accuracy, ensuring all income sources and deductions are accurately reported. Pay attention to calculations to avoid errors.

Register and lodge with us! We are located in Blacktown, Sydney!

8. Lodge Your Tax Return:
Once you’re confident with your tax return, proceed to lodge it through myTax. Follow the prompts to submit your return directly to the ATO.


9. Keep Records and Confirmation:
Save a copy of your lodged tax return and any relevant documents for your records. You’ll receive a confirmation of lodgment from the ATO for your reference.

10. Monitor Progress and Follow Up:
Check the progress of your tax return through your myGov account. If the ATO requests additional information or documentation, respond promptly to expedite the process.

11. Stay Informed and Updated:
Stay abreast of any updates or changes to tax laws and regulations for future reference, ensuring compliance and accurate reporting in subsequent tax returns.

12. Consider Professional Assistance, if Needed:
If your tax situation is complex or if you’re uncertain about certain deductions or calculations, consider seeking advice from a registered tax agent or accountant.

Gain access to the best accountants!

Filing your tax return by yourself using online services provided by the ATO can be a manageable and rewarding process. By following these steps diligently, you can efficiently complete your tax return while ensuring accuracy and compliance with tax regulations. Remember, keeping organized records and staying informed are key to a successful DIY tax return.

Kindly register on our website for more information

Whether you’re in Blacktown, Sydney, Brisbane, Perth, North Sydney, Liverpool, Norwest, Newcastle, Wollongong, Adelaide or anywhere in Australia, seeking the assistance of a Certified Practising Accountant or Tax Agent (Tax Refund on Spot) can simplify your tax-related tasks and contribute to your overall financial success.

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about Online Tax Return 2024,  Tax Return 2024, myGov 2024, myTax 2024 Please contact our Tax accountant on 1300 768 284 or email us or fill your details online.

Tax Deductible Expenses For A Business

by Income Tax Return 2023Mygov 2023mytax 2023Online Tax Return 2023Tax Return 2023Uncategorized

Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2023,  Tax Return 2023, myGov 2023, myTax 2023 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

Close to RETIREMENT- MUST DO CONCESSIONAL CONTRIBUTION FOR HIGH TAX REFUND

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Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2023,  Tax Return 2023, myGov 2023, myTax 2023 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

No Income – Still Need to Lodge Income Tax 2023

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Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2023,  Tax Return 2023, myGov 2023, myTax 2023 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

Tax Office Data Matching 2023

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Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2023,  Tax Return 2023, myGov 2023, myTax 2023 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

Claim Family Trust Tax Return Deduction 2022

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Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2022,  Tax Return 2022, myGov 2022, myTax 2022 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

 

Lowest Income Tax Rate

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Please register online and talk to our accountant for detailed discussion. We will ensure that we claim maximum deductions for you. Thanks to all our clients for using our services.

If you need any more information  to Start Online Income Tax Return, or want to know about online tax return 2022,  Tax Return 2022, myGov 2022, myTax 2022 Please contact our Tax accountant on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au.

 

Cost of Managing Tax Affairs

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D10 level of the tax return which says cost of managing tax affairs.

What things are claimable under D10 level?

There are few things

the tax agent fees whenever you go to a tax agent or accountant and you lodge your tax return, or you take advice that fees is deductible that is not refundable but that is deductible. The travel cost also if you are traveling then the travel cost also the other thing to be claimed is GIC. if you have an ATO debt, if you owe money to tax office then tax office charges you interest on that and the interest is called GIC (General Interest Charge). That interest is also tax deductible.

The other thing is any software you buy where you are keeping records, or you know taxation let’s say you have MYOB or you have any software which is helping you to manage your tax affairs.

The other thing is your legal fees. In case you have to appeal to tribunal or you know appeal to ATO for any decision and you have to pay some legal fees that fees is also deductible here.

Then any courses or books which you have paid relating to your tech surface. Let’s say you joined a course in taxation, or you bought some books or magazines those things are also deductible under D10 level of your tax return.

 

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

Lost or destroyed records for 2021-22

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On the off chance that your records are unintentionally lost or annihilated, for instance during a thievery or a fiasco, you might have the option to guarantee a derivation for specific costs. In the event that you can by the same token:

  • give a total duplicate of the lost or obliterated records 
  • fulfill us that you avoided potential risk to forestall misfortune or obliteration and it’s anything but sensibly conceivable to get a duplicate of the records.

Income tests

We use pay tests to work out your qualification for various duty counterbalances and advantages. These can diminish the measure of assessment you pay. 

We utilize various things from your government form while applying pay tests. Guarantee that you complete all things that concern you in the pay tests part of your assessment form. In the event that you have a life partner, you ought to remember your companion’s pay for the applicable segment of your expense form.

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

Uber driver and Food Delivery Driver Tax

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Uber drivers earn income considered as assessable income. Let’s assume you are working as a rideshare driver like Uber,DiDi, or similar others. In similar situations, your assessable income contains the total income you earned from driving.


The pay you procure from ride-sourcing is assessable pay. This incorporates charges, tips or rewards from the computerized stage. You should report it in your yearly government form. This applies regardless of whether you’re giving ride-sourcing administrations on an easygoing premise to enhance your pay from another work or other business exercises. You can likewise guarantee derivations for costs to the degree that they straightforwardly identify with giving ride-sourcing administrations.


Ridesharing implies you utilize your own vehicle to drive paying travellers to their ideal area. It has become a fantastic choice for individuals seeming to work for themselves. That is the reason Rideshare drivers are dealt with like other independently employed people. Furthermore, as an independently employed labourer, you ought to know about how to do your expense forms accurately. That way, you can truly profit by charge allowances that come from your costs of doing business.

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

WHY WE CALLED TAX REFUND ON SPOT

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what is meant by tax refund on spot why did we keep this name why have we kept this name text refund on spot well text referendum support is a unique service i think we are the only company in australia which is offering you know tax event on spot for online clients which means you can live anywhere in australia even if you live overseas you get instant tax return ah not the entire amount normally less than thousand dollars and the balance you get once tax office releases your refund it’s not for all the clients why it’s not for all the clients because the fees is higher in this case why the fees is higher because if in case you want money on spot you want some quick money then we have to do extra work and we have to take extra risk what is extra work not only we lodge your return we have to ask you more questions about your current debts about your payment arrangements with ato with centrelink with child support even though you do not have any debts or you have never dealt with centrelink or child support but our work and our time is involved and our risk is involved so you know that is why extra fees is there so it’s not for everyone.


you can have tax event on spot only if you need some money urgently if you do not need money urgently you can wait for a normal two weeks refund okay now this money is not from ato ato is not paying you instant tax refund ato says to wait for two weeks this money is advanced which is paid from our pocket, it is paid by us as an advance for your tax refund.


you expecting a refund we will pay from our pocket as an advanced money to you as i have written here higher fee supplies because extra work is involved for debt assessment with ato centrelink and child support even though you do not have debts
even though you have never dealt with this agency but still our time and our work is involved for the debt assessment and risk of not getting a refund so that is why higher fees is involved.

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

Capital gains tax changes for foreign investors 2020-2021

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The Australian government announced that CGT for foreign investors will not be extended for temporary and foreign residence. It means that residents are not eligible for exemption. This was announced on 9 May 2017.

The bill was affected in the 2019 election. And changes will be introduced to Parliament. The changes would apply from the date of announcement. The government also does the changes of main residence exemption for only that Australian residence for tax purposes. Australian tax residents as temporary tax residents will not be affected by this change.

The new bill was introduced on 23 October 2019 and please notes this new bill will be revised to the original bill and also provided in certain circumstances. The new bill also extended from 30 June 2019 to 30 June 2020.

If you held property before 9 May 2017, you can claim an exemption until 30 June 2020 when you dispose of the property. For disposal, If CGT event happened and disposal was done on 1 July 2020. Residences are not entitled to get exemption unless the following life events are contentious to six years as a foreign resident.

  • As a foreign residence, dependant spouse or children who are under the age of 18 and has a terminal medical condition
  • Children who under age and spouse who had death, dies
  • If foreign residence or spouse are separated or divorced and CGT event involves that time

If the foreign resident dies, the changes also apply to:

  • legal personal representatives, trustees and beneficiaries of deceased estates
  • surviving joint tenants
  • Special disability trusts.

The royal assent on 12 December 2019 was received by The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019.

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

Tax Rates 2020-2021 Year (Residents)

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The financial year starts from 01 July 2020 and the year will finish on 30 June 2021. The resident for tax purposes in Australia starts on 1st July 2020 and ends on 30 June 2021.

There are a number of adjustments announced in the 2018 Budget for individual tax rates. These changes will apply from 1 July 2018 through to 1 July 2024.

The rates are changed and it will increase to 32.5%. The rates will apply form $87,000 to $90,000 in the 4 years. It will start from 1 July 2018 to 3 June 2022. The new changes will apply from 1 July 2022 to 2024.

The changes are announced on 6th October 2020 in Budget 2020.

The changes are under below:

– the income from $37,000 to $45000, the rate for this income increased by 19% rate

– the income from $90,000 to $120,000, the rate for this income increased by 32.5%

This tax table reflects new changes applied from 1 July 2020 (as at 6 October 2020).

Taxable Income

Tax On This Income

 $0 to $18,200

 Nil

 $18,201 to $45,000

 19c for each $1 over $18,200

 $45,001 to $120,000

 $5,092 plus 32.5c for each $1 over $45,000

 $120,001 to $180,000

 $29,467 plus 37c for each $1 over $120,000

 $180,001 and over

 $51,667 plus 45c for each $1 over $180,000

Medicare Levy and Low Income Tax Offset (“LITO”) or LMITO are not included on the above table. From 1 July 2020, the low income tax offset (up to $700) is outlined in Budget 2020.
Furthermore, the low and middle income tax offset is retained and it is upto $ 1080.

If taxpayers don’t have medicare cards and carry only private health insurance, the taxpayer has no need to pay the medicare levy surcharge. On the other hand, the low income and other full or partial Medicare exemptions available and if you don’t have private health insurance, taxpayers need to pay a Medicare levy surcharge.

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

Foreign Residence for Tax purposes

by Foreign IncomeForeign Residence TaxUncategorized

Once you know you are Australian resident for tax purposes, you must declare in your tax return about income which is earned from Australia such as employment income, rental income, Australian pension and annuities and capital gains on taxable Australian assets. 

Please be noted that your foreign income could be subject to double taxation if tax is withheld in the source country.

If you are not an Australian resident for tax purposes, you dont need to declare income that you receive from outside Australia in your individual tax return.

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