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Basic Tax topics explained:
Tax refund – You get tax refund if you are eligible for a refund . To find out about your eligibility , just enter your information online and you can see your tax refund.
Tax Free Threshold 2017 – Tax Free threshold in 2016-2017 is $18,200. This means that you do not need to pay any income tax if your income is below $18,200
The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.
The above rates do not include the Medicare levy of 2%
Medicare is the scheme that gives Australian residents access to health care. To help fund the scheme, most taxpayers pay a Medicare levy of 2.0% of their taxable income.
From 1 July 2014 the Medicare levy rose from 1.5% to 2.0%
Non Lodgement Advice – If your income is below $18,200 and no tax was withheld from the income , then you might not be required to lodge a tax return .
However, even if you don’t lodge a tax return, you still have to notify the Australian Tax Office (ATO) by lodging a Non-Lodgement Advice form… We can help you in this lodging this. Please fill in information online and Accountant will call you and discuss your case.
Just fill your information online so that we can check your details from ATO if you have to lodge non lodgement advice or a proper tax return. We will also check your prior year tax return status and advise you if you are eligible for refund for prior years.
Financial year – It starts from 1 July and finishes on 30 June. You need to disclose your income in financial year to Australian taxation office.
Non Lodgement penalty – If you do not lodge your annual Income tax return , Tax office may impose penalty for non lodgement or late lodgement. Amount of this penalty varies from case to case.
Business income – If you have earned income on ABN (Australian Business number), then you need to disclose it in your Income tax return. Income and related business expenditure has to be inserted in income tax return.
Rental income – If you have rental property, then rent earned and related expenditure (interest on loan, council rate, water rates, repairs etc.) must be disclosed in income tax return.
Negative gearing – This is situation when your rental expenses and higher than rental income. The difference is a loss and is deductible from your income. Tax payer refund increases when the property has negative gearing.
Tax Deductions – These are expenses in tax return which reduce the Gross income. They include work related car expenses, uniform, self education, donations, tax agent fees etc.
Tax Offsets – also called as rebates. They directly reduce the amount of tax payable. In other words, they directly increase the refund. Major tax offsets are spouse offset, parent offset, Senior Australian & pensioner offset.
Lodgment dates- Last date to lodge Income tax return is 31 Oct. You should lodge your tax return immediately if you have not done so far. Tax Office imposes penalty for non lodgement and late lodgement of income tax return.
Prior year tax return – We can lodge your prior year tax returns. Don’t worry if you don’t have any paperwork , we can find out your employment details (Income and tax paid from Tax office) . Just register online and mention your mobile no for call back.
Amendment – We can also lodge amendment to your original tax return. If you want to change some details in your original income tax return , then amendment is required to change the return.
Capital gain tax – Gain arising from sale of capital asset is called capital gain and it must be included in Income tax return. Capital asset include shares, real estate etc.