Uncategorized | ETAX/MyTax, Tax Return Information: Learn Tax Tips and Tax Advice Australia

Tax Planning Recommendations

July 16, 2020

by Acc Ramji ATO Tax Advice Tax Concessions Tax Deduction Tax Policy and Changes Tax Refund Tax Return 2020 Tax Topics Taxation Uncategorized

‘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)

July 16, 2020

by Acc Ramji ATO Individual Tax Return MyGov Mytax TPAR Uncategorized

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.

Super’s Double Reward will Help Swell Life Savings

June 16, 2020

by Acc Ramji Uncategorized

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.

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

June 10, 2020

by Acc Ramji Uncategorized

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

Expenses you can’t claim

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

Working from Home During COVID-19

June 10, 2020

by Acc Ramji Uncategorized

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:

Want to Claim this deduction??

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

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:

myTax with Steps – Tax Refund On Spot

March 10, 2020

by Acc Ramji Uncategorized

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’.

MyTax Problems – Tax Refund On Spot

March 10, 2020

by Acc Ramji Uncategorized

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

How to Personalise Your Return in myTax

March 5, 2020

by Acc Ramji Mytax Tax Advice Tax Refund Tax Return 2020 Tax Topics Taxation Uncategorized

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.

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.

Asset Write-Off

March 5, 2020

by Acc Ramji Asset Write-Off tax records Tax Return 2020 Tax Topics Taxation Uncategorized

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.

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

January 31, 2020

by Acc Ramji Uncategorized

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.

Medicare Levy – Tax Refund On Spot

January 30, 2020

by Acc Ramji Uncategorized

The Medicare levy helps fund a number of the prices of Australia’s public health system referred to as Medicare.

The current rate of 2% Medicare levy has been in situ since one July 2014. A proposal to extend the levy to a pair of.5% from one July 2019 for the 2019-20 and following years was abandoned by the govt.

You may get a discount or exemption from paying the Medicare levy, reckoning on you and your spouse’s circumstances. You would like to contemplate your eligibility for a
discount or AN exemption singly.

Illegal Superb Schemes – Beware of Gives to Withdraw Your Terrific Early

January 24, 2020

by Acc Ramji Illegal Superb Schemes Tax Advice Tax Return 2020 Uncategorized

Some humans selling illegal superb schemes will tell you that they will let you get entry to your top notch now to pay off credit card debt, purchase a domestic or car, or go on holiday.

These schemes are unlawful. They will fee you loads greater than the wonderful you access and may get you into a whole lot of problem.

ASIC is liable for investor and consumer protection in economic services, including first-rate and investments.

Illegal excellent schemes generally involve someone offering that will help you get admission to your excellent early.

Promoters of illegal outstanding schemes usually:

inspire you to transfer your remarkable from your splendid fund into a self-managed wonderful fund (SMSF) to access your brilliant earlier than you're legally entitled to
claim that you can use your brilliant for some thing you want – which isn’t true
fee excessive fees – you danger losing a few or all of your remarkable to them.

Illegal outstanding schemes frequently target people who are under financial stress or who do not understand the extraordinary laws.

Taking your tremendous out from any great fund early without assembly what is known as a ‘situation of release’, or encouraging others to do so, is illegal.

Payment Summaries and Group Certificates

January 21, 2020

by Acc Ramji Payment Summary Uncategorized

Group certificates (officially called Payment Summaries) are presently required to be issued to employees by 14 July of every 12 months, covering earnings within the preceding year to 30 June.

Following their issue, the records should also be lodged through the business enterprise with the Tax Office, which enables the discharge of the electronic facts to myTax for taxpayers lodging their own returns online.

Under pay as you go (PAYG) withholding, agency should give every of your personnel, employees and different payees a charge summary displaying the payments you’ve got made to them and the amounts you withheld from the ones payments in the course of a economic yr.

Generally, enterprise must give each of your employees a payment summary via 14 July each yr, even though the withheld amount is nil.

You want to offer your payee with an amended payment summary if any of the following are wrong on the payment summary you issued:

Tax Offset

January 21, 2020

by Acc Ramji Tax Offsets Uncategorized

Tax offsets are quantities subtracted immediately from your tax payable. Tax offsets are also called tax rebates.

In contrast, a tax deduction is an amount subtracted from taxable income, which therefore handiest reduces your tax by using your marginal tax rate percent. (Because the tax charges move up in steps primarily based on earnings, your ‘marginal tax charge’ refers back to the tax percent applying to the top slice of your taxable profits).

Each type of tax offset can potentially bring about no tax being payable. Some tax offsets may be refunded in coins if the offset price is better than your tax payable. (“refundable offsets“). Most tax offsets however, aren’t refundable.

Private Health Insurance tax offsets are an instance of tax offsets which may be refundable if the offset cost exceeds your tax payable. The Low Income Tax Offset (“LITO”) is an instance of a tax offset which is not; the price of LITO is restrained to the quantity of tax payable, and so can’t bring about a refund.

Low Income Tax Offset (“LITO”)

The cause of the LITO is prevent low income earners paying tax. It correctly lifts the minimal tax threshold. For the years 2018-19 to 2022-23 its miles mixed with the Low and Middle Income Earners tax Offset (LMITO).

For more information on online tax return 2020, Tax Return 2020 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 at enquiry@taxrefundonspot.com.au

Capital Gain Tax (CGT)

January 17, 2020

by Acc Ramji Capital Gain Tax Uncategorized

The factor at that you make a capital gain or loss is generally when you enter into the settlement for disposal, not while you settle. So in case you sign a agreement to sell an investment property in June 2020, and settle in August 2020, you need to file the capital advantage or loss to your 2019–2020 tax go back. If you’re an Australian resident, CGT applies for your belongings anywhere in the world. For Norfolk Island citizens, CGT applies to property acquired from 23 October 2015. Foreign residents make a capital gain or loss if a CGT event takes place to an asset that is ‘taxable Australian belongings’.

If you promote a capital asset, including real estate or shares, you generally make a capital gain or a capital loss. This is the difference among what it price you to collect the asset and what you receive when you put off it. You want to document capital profits and losses to our profits tax return and pay tax in your capital profits. Although it’s called capital profits tax (CGT), this is simply part of your profits tax, not a separate tax. When you are making a capital benefit, it is brought on your assessable profits and can significantly increase the tax you need to pay. As tax is not withheld for capital gains, you may want to work out how tons tax you may owe and set aside sufficient funds to cowl the relevant amount. If you are making a capital loss, you can not declare it in opposition to your other earnings but you could use it to lessen a capital advantage. All assets you’ve acquired considering that tax on capital profits started (on 20 September 1985) are situation to CGT unless specifically excluded.

Exemptions:

Any asset obtained earlier than 20 September 1985, called a pre-CGT asset. But an asset loses its pre-CGT popularity if massive adjustments are made to it (e.g. essential additions to a building), or on the loss of life of the authentic owner.
The house, unit, etc., that's the taxpayer's important residence, and up to the first 2 hectares of adjoining land used for domestic purposes.
Personal use belongings, acquired for up to $10,000, such as boats, furniture, electrical device, etc., which are for personal use. Items generally bought as a hard and fast must be handled together for the $10,000 limit.
Capital loss crafted from a private use asset. (S108-20(1) ITAA1997 … any capital loss crafted from a private use asset is disregarded)
Collectables acquired for up to $500, along with art, jewellery, stamps, etc., held for private enjoyment. Items normally sold as a hard and fast must be dealt with as a hard and fast for the $500 limit. If collectables sometimes rise in cost then this exemption may be a bonus to a taxpayer gathering small items.
Cars and other small motor motors which includes motorcycles ("small" being a sporting capacity less than 1 tonne and much less than 9 passengers). Since cars normally decline in price this exemption is genuinely a disadvantage. But the exemption applies even to antique or collectible automobiles, so if they upward push in fee then the exemption is a bonus.
Compensation for an occupational injury, or for private injury or illness of oneself or a relative. (However, reimbursement for breach of agreement is issue to CGT.)
Life insurance policies surrendered or offered via the original holder. Such profits are as a substitute taxed as everyday profits (whilst held for much less than 10 years). A third birthday celebration who buys the sort of policy will be challenge to CGT as on an normal investment.
Winnings or losses from gambling (which might be additionally free of earnings tax).
Bonds and notes bought at a discount (including zero-coupon bonds) and "traditional securities" (sure hobby bearing notes convertible to shares). Gains and losses from those are regular taxable profits.
Medals and decorations for bravery and valour, provided they're acquired for no (financial) cost.
Shares in a pooled development fund, that is a unique structure with regulations facilitating challenge financing. Certain different eligible venture capital investments are also exempt from CGT.

Deductions

January 17, 2020

by Acc Ramji Tax Deduction Uncategorized

When completing your tax return, you’re entitled to say deductions for some prices, most of which might be without delay associated with incomes your income.

Work-associated costs

To declare a work-associated deduction:

If the rate turned into for both work and personal purposes, you could best declare a deduction for the work-associated portion. Work fees reimbursed to you by your agency are not deductible.

We can seek facts from your enterprise if we think you have got claimed a deduction for an expense that you have already been reimbursed for.

You can be able to claim a deduction for costs that without delay relate on your work, along with:

Vehicle and travel fees
Clothing, laundry and dry-cleaning expenses
Home office prices
Self-education prices
Tools, equipment and other assets
Other work-related deductions

Employees (consisting of casuals) can claim work-related expenses in the economic year they’re incurred. This is the case even if you begin employment in June however don’t get hold of income until the next monetary year, you could declare deductions for work-associated expenses incurred in June.

If you employ a person to assist you on your employment, usually you can’t claim a deduction for using that person.

Vehicle Expenses For Claiming Deductions

July 29, 2019

by Acc Ramji Uncategorized

Vehicle expenses are a much regulated area for claiming deductions, so having an understanding of what you can claim is crucial in obtaining the correct deduction. Most of us rely on our cars daily in our working lives and, as we all know, cars can be expensive. Fortunately, tax deductions are claimable on your car-related expenses if you use your own car, or a car you hire or lease, for work purposes.

To be eligible to claim genuine car expenses, the first step is to work out and record how many of the kilometres travelled are business kilometres. After you have that checked off there are three main methods to choose from with the choice up to you with which one you choose. You may choose the one that gains you the largest deduction provided that you have backed up evidence if the Tax office requests it from you.

The three main options to determine
car expense deductions are:

cents per kilometre
12% of original value
The logbook method.

Method 1:
Cents per kilometre

The cents per kilometre method is
the most common method used and can be used to claim up to a maximum of 5,000
business kilometres per year. The cents per kilometre method allows you to
calculate deductions based on a cent-per-kilometre rate, which depends on your
car’s engine capacity. Under this method you do not need written evidence but
you may need to be able to show how you estimated your business kilometres. A
typical example is where a trade’s person transports bulky tools and equipment
to a work site. The rates that apply for the 2013-2014 period are shown below:

Rates per business kilometre
Engine capacity	Cents per kilometre
Ordinary engine	Rotary engine
1.6 litre (1,600cc) or less	0.8 litre (800cc) or less	65 cents
1.601-2.6 litre (1,601-2,600cc)	0.801-1.3 litre (801-1,300cc)	76 cents
2.601 litre (2,601cc) and over	1.301 litre (1,301cc) and over	77 cents

Method 2:
12% of original value

The 12% of original value method
takes that percentage of your car’s initial value as the claimable amount.
An advantage of this method is you can use this method if you used your
car to travel more than 5,000 business kilometres in the financial year. If you
bought the car, you can claim 12% of the cost. If you leased the car, you can
claim 12% of its market value at the time that you first leased it.

Cost of vehicle when purchase:
$25000

Deduction to claim in tax return:
$25000 x .12 = $3000

You do not need written evidence to
use this method but you may need to be able to show how you worked out your
business kilometres.

Method 3:
The log book method

Using the logbook method, you work
out the business or work related usage percentage of your car. This percentage
is then applied to claiming all running costs of the car.

You can use this method if:

you have a logbook that has been sustained for a minimum of 12 weeks;
your logbook is updated every 5 years
you have details of the kilometres you have travelled for the logbook period;
you have recorded the odometer reading on 30 June (without this, the ATO will refuse your claim).

Keeping a logbook allows you to
claim the maximum car deductions, as you can claim all car-related expenses if
you have records to verify those expenses.

Records required include:

a logbook
odometer records, and
Written evidence for all your car expenses except fuel and oil costs. For example: registration, repairs, insurance and interest)

A logbook is valid for five years
providing it represents current usage patterns, must record at least 12
continuous weeks and must contain the following information:

when the logbook period begins and ends
the car’s odometer readings at the start and end of the logbook period
the number of kilometres travelled for work activities based on journeys recorded in the logbook.
the business use percentage for the logbook period.
the total number of kilometres that the car travelled during the logbook period.

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