facebook

GoTax Q&A

Cancelled my tax alodgement

It sounds like you might be concerned about the implications of cancelling your tax lodgement. If you haven't lodged your tax return yet, you should be aware that the Australian Taxation Office (ATO) imposes penalties for late lodgement. The penalty rate is $210 for every 28 days the return is overdue, up to a maximum of $2520 per year. Additionally, if you receive government benefits, failing to lodge your tax return on time could result in those benefits being stopped until you do so.

If you've already lodged your tax return and need to cancel it, you can't technically "cancel" a lodgement, but you can file an amended tax return if you've made a mistake or need to update information.

If you need further assistance, it might be a good idea to contact a tax professional or use the resources available on GoTax's website to ensure you're meeting all your obligations and avoiding any penalties.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] gotax.com.au

Can you calculate depreciating asssets easily?

Absolutely! Calculating depreciation for assets can be straightforward....

....if you follow the methods and rules set by the Australian Taxation Office (ATO).

There are two main methods to calculate depreciation: the prime cost method and the diminishing value method.

  1. Prime Cost Method: This method assumes that the asset declines in value evenly over its effective life. The annual depreciation deduction is calculated as a fixed percentage of the asset's cost, multiplied by the percentage of work use.

Example Depreciation Prime Cost:

  • Asset cost: $2,000
  • Effective life: 4 years
  • Work use: 80%
  • Annual depreciation deduction: $2,000 x 25% x 80% = $400
  1. Diminishing Value Method: This method assumes that the asset declines in value more in the earlier years of its effective life. The annual depreciation deduction is calculated as a percentage of the asset's remaining value each year, multiplied by the percentage of work use.

Example Depreciation Diminishing Value:

  • Asset cost: $2,000
  • Effective life: 4 years
  • Work use: 80%
  • Depreciation rate: 37.5%
  • Year 1: $2,000 x 37.5% x 80% = $600
  • Year 2: $1,400 x 37.5% x 80% = $420
  • Year 3: $980 x 37.5% x 80% = $294
  • Year 4: $686 x 37.5% x 80% = $206

You can choose either method depending on your situation and preference, but you must stick to the same method for the same asset for its entire effective life. To make the process even easier, the Gotax Online System has all the depreciation Built in.  Just add your asset and date you acquired it and Gotax will do the rest.  Yep it's that easy.  

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15Small Business $120, Rental $99+

 

 

Find out More ..... [1] [2] gotax.com.au

How much do I get back if I earn $ 17000?

If you earn $17,000 in Australia,..

...you fall below the tax-free threshold of $18,200. This means you are not required to pay any income tax. However, if your employer has withheld any tax from your pay, you would be entitled to get that amount back when you lodge your tax return.

Since you are under the tax-free threshold, you would not owe any tax, and you would receive a refund of any tax that was withheld from your pay. If no tax was withheld, you would not receive a refund, but you also would not owe any tax.

You get all your tax back.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

i have my abn but i dont have my tfn i cant get it

If you already have your Australian Business Number (ABN) but are having trouble obtaining your Tax File Number (TFN), it might be helpful to know that applying for a TFN is free and can be done online through the Australian Taxation Office (ATO) website. However, if you encounter issues, you can contact the ATO directly for assistance.

Make sure to avoid using any third-party websites that claim to help you get a TFN for a fee, as these could be scams designed to steal your personal information. If you suspect that your TFN has been compromised or misused, you should report it to the ATO immediately at 1800 467 033, Monday to Friday between 8.00am and 6.00pm.

If you need further guidance, consider consulting a registered tax agent like GoTax, who can help you navigate the process and ensure everything is handled correctly.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

how much tax will i get bck

The amount of tax refund you get back depends on several factors, including your income and any deductions or offsets you are eligible for. Based on the Low- and Middle-Income Tax Offset, here's a general idea:

  • If you earn less than $37,000, you will receive $255.
  • If you earn between $37,001 and $48,000, the amount increases steadily up to $1080.
  • If you earn between $48,000 and $90,000, you will receive the full $1080.
  • If you earn more than $90,000, the $1080 will gradually phase out and disappear after $126,000.

Additionally, you might receive extra cash from recent tax cuts, and any other deductions you qualify for can also affect your refund. To get a precise amount, it's best to lodge your income tax return. Gotax can help you calculate all this when you lodge your return online.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

Hi just wondering if my refund has been processed

I understand. If you've lodged your tax return with Gotax, they typically review it for any missed opportunities and then lodge it with the Australian Taxation Office (ATO). The ATO usually processes refunds within 7-10 days, depending on their workload. If it has been longer than that, you might want to check directly with Gotax or log into your myGov account to see the status of your refund. If you have any specific concerns or need more detailed information, contacting Gotax directly would be the best course of action.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

What is Medicare?

The Medicare Levy is a tax imposed by the Australian government.

...to fund the country's public healthcare system, known as Medicare. It is calculated as 2% of your taxable income and is deducted from your wages each pay period. This levy helps to provide a range of healthcare services, including hospital treatment, medical consultations, and prescription medicines.

For example, if your taxable income is $50,000, your Medicare Levy would be $1,000 ($50,000 x 0.02). Some taxpayers may be eligible for a reduction or exemption from paying the Medicare Levy, depending on their income and circumstances. For instance, low-income earners, foreign residents, blind pensioners, or members of the Defence Force might pay less or no Medicare Levy at all.

Additionally, there is the Medicare Levy Surcharge (MLS), which is an extra tax for high-income earners who do not have private hospital cover. The MLS is designed to encourage higher income earners to use the private hospital system and reduce demand on the public system. The surcharge rates range from 1% to 1.5% of your income, depending on your income level.

To avoid paying the MLS, you can take out private hospital cover. The income thresholds and surcharge rates for the 2023–24 financial year are as follows:

  • Single threshold:
    • $93,000 or less: 0%
    • $93,001 – $108,000: 1%
    • $108,001 – $144,000: 1.25%
    • $144,001 or more: 1.5%
  • Family threshold:
    • $186,000 or less: 0%
    • $186,001 – $216,000: 1%
    • $216,001 – $288,000: 1.25%
    • $288,001 or more: 1.5%

The family income threshold is increased by $1,500 for each MLS dependent child after the first child.

So, while the Medicare Levy is a compulsory tax, it plays a crucial role in supporting Australia's public healthcare system.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Get the Gotax App... Deduction Grabber 

Track your expenses

 

 

 

 

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

How long will it take to get my refund?

Typically, if you lodge your tax return with Gotax...

... the Australian Taxation Office (ATO) processes refunds within 7-10 days, depending on their workload.

Gotax ensures that your return is lodged within 24 hours of receiving it, which helps expedite the process.

 

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

how do you calculate depreciating assets?

To calculate the depreciation of assets

For Tax purposes you generally follow the rules and methods set by the Australian Taxation Office (ATO). These rules are known as capital allowances. There are two primary methods to calculate depreciation: the prime cost method and the diminishing value method.

  1. Prime Cost Method:

    • This method assumes that the asset declines in value evenly over its effective life.
    • You calculate the annual depreciation deduction by multiplying the asset's cost by a fixed percentage and the percentage of work use.
  1. Diminishing Value Method:

    • This method assumes that the asset declines in value more in the earlier years of its effective life.
    • You calculate the annual depreciation deduction by applying a higher percentage to the asset's remaining value each year, multiplied by the percentage of work use.

Additionally, assets can be depreciated in a low-value asset pool, which allows for a larger percentage rate of 18.75% in the first year and 37.5% in following years using the diminishing value method.

To claim depreciation, you need to maintain records of your assets and expenses. You can also use tools like the Gotax Online system to help calculate depreciation amounts for your assets. The Gotax Online system automatically determines the correct depreciation rate of the equipment and calculates it for you.  If you're unsure, consulting with a Gotax tax professional can ensure you're getting it right.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] gotax.com.au

Can we check how much money I am getting back ?

Sure! To determine how much money you might be getting back from your tax return, there are a few key pieces of information you'll need to gather:

  1. Income Details: Your total income for the year, which can be found on your payment summary or payslips.
  1. Tax Paid: The total amount of tax that has been withheld from your income.
  1. Deductions: Any eligible deductions you can claim, such as work-related expenses, car expenses if you use your car for work purposes, home office expenses if you work from home, and donations to registered charities.
  1. Offsets and Rebates: Any applicable tax offsets or rebates.

Once you have this information, you can either use an online tax calculator or lodge your tax return through a service like GoTax. They offer a convenient online portal where you can input all your details, and their system will calculate your refund for you. If you need personalised assistance, their tax experts review your return to ensure all opportunities for deductions are maximised.

Keep in mind that if you lodge your tax return now, you can typically expect your refund within about 10 days. If you have any specific questions or need help with the process, feel free to ask Gotax!

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

What's the abbreviation for Qantas health insurance?

Qantas does offer health insurance through a partnership with nib. 

Qantas Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer, and is arranged by Qantas Airways Limited ABN 16 009 661 901 (Qantas), for which Qantas receives commission. The abbreviation would be NIB.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] gotax.com.au

What is my tax number?

Your Tax File Number (TFN) is a unique 9-digit number that is used to identify you in your dealings with the Australian Taxation Office (ATO). 

If you don't have your Tax File Number (TFN) then we can't really help you.  Your TFN is sacred and we can't give it out.

Your Options:

  1. Look for previous years Tax Assessments - it'll be on there.
  2. Look for previous years Income Tax Returns - it'll be there.
  3. Ask your employer - they need it to pay you.
  4. Ask Centrelink (if you are receiving it) - they need it to pay you.
  5. Worst option is to go to the Austalian Taxation Office.  They will take time.

Summary

It's important to keep this number secure and only share it with entities that legitimately need it, such as Gotax, current employer, or bank. If you don't know your TFN, you might find it on documents like your tax return, notice of assessment, or superannuation statements. If you're still unable to locate it, you will need contact the ATO for assistance.

Gotax.com.au Australia's easiest, cheapest, smartest online tax service. 2024 $55, Simple Return $15

Find out More ..... [1] [2] [3] [4] [5] gotax.com.au

How do I restart my tax return?

If you need to restart your tax return with GoTax, you can follow these steps:

Gotax Menu

Log into your account and select the year of the tax return you are having issues with.

There's no real way to restart your tax return without some assistance from us, as the numbers are prefilled from ATO data.

The first thing you need to ask is why do you need to do that?  You can go into any page and delete the contents or change the numbers before you finalise it.

So try that first.  You can navigate through the pages quite easily by using the Left Hand Menu system.  Just click away and you'll find what you are looking for.

If a page has the wrong numbers in it, just change them.  And yes you can just delete any of the numbers in boxes and even make them zero.

If you struggle with that, then contact us using the Chat Bot on the page.

In EXTREME situations we are able to delete your whole return.  We prefer that you make an attempt to fix things first.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

how to make claims

Making claims for tax deductions involves a few important steps to ensure you're doing it correctly and maximising your potential refund.

Here’s a general guide on how to make claims:

  1. Identify Deductible Expenses:
    • Work-related Expenses: These include anything directly related to earning your income, such as tools, equipment, protective clothing, and travel expenses.
    • Home Office Expenses: If you work from home, you can claim a portion of your home office expenses like electricity, internet, and phone bills.
    • Car Expenses: You can use either the logbook method or the cents per kilometre method to calculate your car expenses.
    • Depreciation: For assets costing more than $300, you can claim depreciation using either the prime cost method or the diminishing value method.
  1. Keep Detailed Records:
    • Receipts and Invoices: Keep all receipts and invoices for any expenses you plan to claim.
    • Logbooks: If claiming car expenses, keep a logbook for 12 consecutive weeks.
    • Telephone Logs: For mobile phone expenses, maintain itemised bills and a telephone log showing work-related calls.
  1. Use Appropriate Tools:
    • Deduction Grabber App: Use the GoTax Deduction Grabber App to record your receipts and expenses.
    • ecashbooks: For tradies, use ecashbooks to handle all your records.
  1. Calculate Your Claims:
    • Car Expenses: Total up the kilometres at the end of the year if using the cents per kilometre method, or use your logbook to determine the percentage of work use.
    • Depreciation: Choose between the prime cost method and the diminishing value method to calculate depreciation.
  1. Lodge Your Tax Return:
    • Include All Income: Make sure to wait until all your income is pre-filled in your tax return before lodging.
    • Use Online Portals: Consider using Gotax’s Online Portal for an easier and guided tax return process.
    • Consult a Tax Professional: If you’re unsure about any claims, consult with a registered tax agent like Gotax.
  1. Stay Updated:
    • Tax Law Changes: Tax laws can change frequently, so stay informed about any updates that might affect your claims.

Remember, the Australian Taxation Office (ATO) requires that you have spent the money yourself, the expense must directly relate to earning your income, and you must have a record to prove it. If you follow these steps and keep detailed records, you’ll be well on your way to making accurate and maximised tax claims.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. 2024 $55, Simple Return $15

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Telephone

When it comes to claiming telephone expenses for tax deductions, it's important to keep detailed records.

If you use your phone for both personal and work purposes, you can only claim the work-related portion. Here are some key points to consider:

  1. Call Rates:
    • You can claim 25c per work call made from your landline.
    • You can claim 75c per work call made from your mobile.
    • You can also claim 10c per work text sent from your mobile.
  1. Phone Purchase:
    • If you purchase a new phone, you can claim it according to the portion used for work purposes.
    • If the cost of the phone is over $300, you will need to depreciate it over several years rather than claiming it all at once.
  1. Logbook:
    • Keep a one-month logbook to track your personal and work-related calls or texts. This will help you determine the percentage of phone use that is work-related.
  1. Phone Contract Expenses:
    • Similar rules apply to phone contract expenses. If you use your mobile 30% for work, you can claim 30% of the cost.
  1. Documentation:
    • Keep itemised bills showing your work-related calls and texts. This documentation is crucial if the Australian Taxation Office (ATO) requests evidence for your claims. Download the Deduction Grabber App to safely record all your Tax Deductions.

Track your tax expenses

Remember, maintaining clear records, receipts, and logbooks will help you receive the best possible tax refund. If you are unsure about any deductions, it’s always a good idea to consult a Gotax professional or contact GoTax for more accurate advice tailored to your situation.

Gotax.com.au Australia's easiest, cheapest, smartest online tax service. 2024 $55, Simple Return $15

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

OTP

OTP typically stands for "One-Time Password."

It's a security feature used to provide an additional layer of authentication. When you log in to a service or perform certain actions, you might receive an OTP via SMS, email, or an authenticator app. You then enter this password to verify your identity. It's a way to ensure that even if someone knows your regular password, they would still need this additional temporary code to gain access. Is there anything specific you would like to know about OTPs?

Gotax.com.au Australia's easiest, cheapest, smartest online tax service. 2024 $55, Simple Return $15

 

Find out More ..... [1] [2] [3] [4] gotax.com.au

Tax return how long

The time it takes to process a tax return can vary. If you lodge your tax return electronically (etax return) with GoTax, the Australian Taxation Office (ATO) typically processes it within 7-10 days. However, during peak periods, such as July to October or during holiday seasons like Christmas and Easter, it might take up to 12 days or longer due to increased volume and office closures. If you choose to have the GoTax fee deducted from your refund, you should allow an additional 24-48 hours for processing. In most cases, the ATO aims to have all tax returns processed within 20 days, but some cases may take longer.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

tax not ready from previous employer

It sounds like you're experiencing a delay because your previous employer hasn't submitted their information to the ATO yet.

This can be a common issue, as employers, banks, and other financial institutions need to send their data to the ATO before your tax return can be accurately pre-filled. Historically, some organisations, like Centrelink, can be slower in reporting their information.

The ATO usually starts processing tax refunds from the second week of July, so it might be best to wait until all necessary information has been received and pre-filled. This ensures that your tax return is accurate and reduces the likelihood of needing amendments later on.

If you need further assistance or want to get started with your tax return, you can always reach out to Gotax through their online portal. They can provide guidance and help you navigate any issues you might be facing with your tax return.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. 2024 $55, Simple Return $15

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

tax not ready

It sounds like your tax return isn't ready yet. There could be several reasons for this.

  1. One common issue is that your personal details, such as your name or address, might not be updated with the Australian Taxation Office (ATO). If your details aren't current, the ATO might delay processing your return until they can confirm your information.
  2. Another reason could be that the information needed to pre-fill your return, such as details from your employer, banks, or financial institutions, hasn't been submitted to the ATO yet. The ATO typically starts processing tax refunds in the second week of July, but it depends on when they receive all necessary information from various sources.
  3. If you haven’t updated your personal details, you should contact the ATO directly at 13 28 61 and provide them with the necessary identifying documents, such as a full Australian birth certificate, marriage certificate, or change of name certificate.
  4. Lastly, make sure all your bank account details are correct to avoid any delays in receiving your refund. If you're still unsure or need more help, you might want to consider using a registered tax agent like GoTax for guidance.

 

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. Maximise your Refund… 2024 Complete Return $55, Simple Return $15.  Small Business $120, Rental $99+

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

How much on phone bill can i claim?

You can claim the portion of your phone bill that is directly related to your work use.

For example, if you use your phone 25% of the time for work purposes, you can claim 25% of your phone bill.

To claim more than $50, you will need to keep a logbook for a period of four weeks each year to show a pattern of use. Make sure to keep copies of all your phone bills as the Australian Taxation Office (ATO) may ask for proof of your spending.

If your phone use is only incidental and you are not claiming more than $50, you can claim without the logbook and bills using the following rates:

  • 25 cents per work call made from your landline
  • 75 cents per work call made from your mobile
  • 10 cents per work text sent from your mobile

Get your Log Book here - Dedution Grabber:\

Dedcution Grabber

Additionally, if you purchase a new phone, you can also claim a portion of the cost based on the percentage of work use. If the cost of the phone is over $300, it will need to be depreciated over a few years rather than claimed all at once.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Can I claim work from home

Yes, you can claim work from home expenses if you meet certain criteria.

To be eligible, you must have a designated office at home and not just work from the dining table or other non-dedicated space. You can claim home office running costs, such as electricity, internet, and office furniture.

There are two methods you can use to claim these expenses:

  1. Fixed Rate Method: You can claim 67 cents per hour for each hour worked from home. This rate covers all expenses, so you don't need to keep receipts for individual items, but you do need to keep a record of the hours worked, such as a timesheet or diary.
  1. Actual Cost Method: You can claim the actual costs of expenses like electricity, internet, and office supplies. For this method, you need to keep detailed records and receipts of all expenses and calculate the work-related portion.

Remember, you cannot claim home occupancy costs like rent, mortgage interest, or home insurance unless you run a business from home. Additionally, if you choose the fixed rate method, you cannot claim other work-from-home costs separately.

Gotax does all the heavy lifting and the calculations you need done.  Gotax Australia's easiest Online income tax return.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

What is the current status of my claim

To check the current status of your tax claim with Gotax, you would need to log into your Gotax account.

If your status shows as "LODGEMENT PENDING," it means your return is currently in the review phase. During this phase, a Gotax Tax Accountant is checking your income tax return for any errors or missed deductions. There are two possible outcomes:

  1. If everything is correct, they will greenlight it and proceed with lodging your return.
  1. If there are any concerns, such as missed deductions or incorrect personal details, Gotax will email you with their concerns, and you'll need to respond via their internal communication system for a speedy resolution.

If you are between the 20th and 30th of June, it might also mean they are preparing to lodge your return as soon as the Tax Office allows it.

For the most accurate and up-to-date information, I recommend logging into your Gotax account or contacting the Gotax support team directly.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

Refresh ATO data

I understand. If you're looking to refresh your data with the Australian Taxation Office (ATO), you can do so getting into your Gotax Return.

Prefill

.

  1. Simply log back in.
  2. Select the Year
  3. Go to the Income page and if not already there, navigate to this page using the Left Hand Menu
  4. Then select "Get my info from the ATO".

Prefill

WARNING: If you have initially prefilled and added your expenses in, then note down those expenses.  Prefilling AGAIN wipes all previous information in that years file.  Another Security Protocol.

 

 

 

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. 2024 $55, Simple Return $15

 

 

 

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

Can I claim travel?

Yes, you can claim travel expenses if they are work-related. Here are some key points to consider:

  1. Work-Related Travel: You can claim travel expenses if you travel from one work site to another or if you need to travel for work-related purposes, such as attending a meeting or conference. This includes using your own car for work-related travel.

  1. Overnight Travel: If you travel and stay away from your home overnight for work, you can claim expenses such as airfares, car hire fees, accommodation, and meals. However, you cannot claim for private or domestic portions of your travel, such as sightseeing or visiting friends.

  1. Transport Costs: You can claim transport expenses for trips between workplaces or to perform your work duties. However, you cannot claim for trips between your home and your regular workplace, except in specific circumstances like itinerant work or carrying bulky tools that cannot be left at work.

  1. Methods of Claiming: For motor vehicle travel, you can use either the logbook method or the cents per kilometre method. Keeping a logbook is essential to track your work-related kilometers.

  1. Record Keeping: You must keep records such as receipts, invoices, logbooks, and odometer readings to substantiate your claims. For other travel expenses, keep receipts, boarding passes, tickets, and travel diaries.

  1. Reimbursement: You cannot claim a deduction for any travel expenses that are reimbursed by your employer.

If you're unsure about specific details or need personalized advice, it's a good idea to consult with a Gotax tax professional or use tools like the GoTax Deduction Grabber App to help track and claim your expenses accurately.

Gotax.com.au Australia's easiest, cheapest, smartest (Ai) online tax service. 2024 $55, Simple Return $15

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

hai I want to asking if last year i did not do tax return is it possible to do it this year ?

Yes, it is possible to lodge last year's tax return this year.

If you missed lodging your tax return for the previous financial year, you should do it as soon as possible to avoid any penalties or fines.

The Australian Tax Office (ATO) may hold onto your current year refund until you have caught up with your previous lodgements.

You can lodge your overdue tax return yourself, or you can use a registered tax agent like GoTax Online to help you with the process.

If you didn’t work during the prior year, you still need to inform the ATO by lodging a Non-Lodgment Advice for that year.

If you need assistance, GoTax Online offers services to help you get your tax returns done quickly and efficiently.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Pension and salary wages

When it comes to pension and salary wages in the context of Australian tax returns, there are a few important details to consider:

  1. Tax-Free Thresholds:
    • For most individuals, the tax-free threshold is $18,200.
    • If you're single and of pension age (65) or receiving a Centrelink pension, the threshold increases to $32,279.
    • If you live with a partner and are of pension age or receiving a Centrelink pension, the threshold is $28,974.
    • If you receive a Centrelink allowance such as Youth Allowance or Newstart, the threshold is $20,542.

  1. Income Reporting:
    • Employers are required to report employee wages to the Australian Taxation Office (ATO) each pay period. This is done through a payroll finalisation declaration by the 14th of July each year.
    • Instead of receiving a payment summary, your wage information will be available electronically through the ATO's systems. You can access this information via your myGov account or through tax agents like GoTax.

  1. Lodging a Tax Return:
    • If your income exceeds the applicable tax-free threshold, you will need to lodge an e-tax return.
    • If you do not meet the conditions requiring you to lodge an e-tax return, you must inform the taxation office by lodging a non-lodgement form. If you are receiving payments from Centrelink, be sure to also notify them.

  1. Calculating Tax Payable:
    • For example, if your salary is $45,000 per year, you would subtract the tax-free threshold of $18,200, resulting in a taxable income of $26,800. The tax payable on this income would be calculated at 19 cents for each dollar over $18,200, which totals $1,524.
    • For a higher income, such as $145,000 per year, the taxable income would be $126,800. The tax rates vary for different income brackets, and the total tax payable would be calculated accordingly.

If you have specific questions about how your pension and salary wages affect your tax return, feel free to ask!

Find out More ..... [1] [2] [3] [4] [5] gotax.com.au

Can I claim km as a tax deduction if work compensates me?

No, as a general rule, you cannot claim kilometers if your work compensates you for the travel. With one exception.

According to the Australian Taxation Office (ATO) guidelines, to claim a deduction for work-related travel expenses, you must have spent the money yourself and not have been reimbursed by your employer. If your employer covers the costs, you are not eligible to claim those expenses on your tax return.

The exception is....

If the rate of reimbursement is less than the ATO rate, then you can claim the difference.  For instance if your employer reimburses you 60 cents a kilometre and the ATO rate for 2023-2024 is 85 cents a kilometre; the you can claim the difference.  That is 25 cents a kilometre.  If you travelled 2000 kilometres for work during the year, your claim would be 2000 x .25 = $500.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

What can I claim on tax as a community physio?

As a community physiotherapist, you can claim a variety of work-related expenses on your tax return. Here are some common deductions you may be eligible for:

  1. Professional Registration Fees: Fees paid to maintain your professional registration.
  1. Union Fees: Membership fees paid to professional associations or unions.
  1. Work-Related Travel: Car expenses for work travel, such as visiting patients at their homes or traveling between different work sites. You can use either the logbook method or the cents per kilometre method to calculate your deduction.
  1. Stationery and Office Supplies: Items like pens, paper, and other office supplies used for work.
  1. Home Office Expenses: If you work from home, you can claim a portion of your home office expenses. This includes a dedicated workspace, not just working from your kitchen table.
  1. Equipment and Depreciation: If you use equipment for work, such as physiotherapy tools, you can claim the cost or depreciation of these items. If the equipment costs more than $300, you can claim depreciation over its useful life; if it costs $300 or less, you can claim an immediate deduction.
  1. Training and Education: Course and study expenses that directly relate to your work as a physiotherapist.
  1. Mobile Phone and Internet: If you use your mobile phone or internet for work purposes, you can claim a portion of these expenses.
  1. Protective Clothing: Items like uniforms with your company logo, and other protective clothing required for your work.
  1. Sun Protection: If you work outdoors, you may be able to claim sun protection items like sun hats and sunglasses.

Remember, you must keep accurate records of all your expenses and ensure they are directly related to earning your income. If you're unsure about any specific deductions, it's always a good idea to consult with a tax professional or refer to the ATO’s guidelines.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

How to sign up

Signing up with GoTax is straightforward and designed to make your tax return process as easy as possible. Here’s a step-by-step guide:

  1. Visit the GoTax Website: Go to GoTax.
  1. Sign Up: Click on the LET'S START button, located at the top right corner of the homepage.
  1. Enter Your Details: Provide your name, tax file number (TFN), and other required personal information. This information helps GoTax retrieve relevant data from the Australian Taxation Office (ATO).
  1. Select Your Occupation: Choose your occupation from a list. This will help GoTax suggest common tax deductions related to your job. If your Occipation isn't listed, that's ok, just select "All Other Occupations".
  1. Fill in Your Details: Complete any additional required fields. GoTax will access ATO systems to download your income information, making the process quicker and more accurate.
  1. Review and Confirm: Double-check all your details, including personal information, TFN, and bank account details to ensure accuracy.
  1. Pay and Submit: Pay the preparation fees. If you have a promo code, don’t forget to enter it for a discount. After payment, enter your expenses, then FINALISE your Tax Return.  We then check to make sure you ahven't missed any Tax Deductions and then we submit your tax return.
  1. Wait for Your Refund: The GoTax team will review your tax return for any missed opportunities and lodge it. If you’re eligible for a refund, it generally takes the tax office 7-10 days to process.

If you need help at any point, you can use their online chat system to ask questions, use our online Tax Ai tool... Phoebe or seek assistance from our online tax accountants. Your progress is saved as you go, so you can stop and return later if needed.

Welcome aboard and happy tax filing!

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

When will my tax be in my bank account

Once you lodge your tax return, it typically takes about 7-14 days for your tax refund to reach your bank account, assuming there are no issues or delays in processing by the Australian Taxation Office (ATO). If you’re using GoTax, they aim to make the process as quick and easy as possible, and you might even get your refund sooner, depending on ATO processing times.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

When will I know exact return amount after being loged

The amount that Gotax shows you when you have finalised the tax return is generally the amount you will receive.

The only time it will alter is:

  • You have left out any income
  • You have altered prefill data
  • You have added credits that were not due.

Once your tax return is lodged, the Australian Taxation Office (ATO) will review it and send you a notice of assessment. This notice will detail the exact amount of tax you need to pay or the refund you will receive. Typically, the ATO processes refunds within 7-10 days, depending on their workload. 

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

How long after I is loged will I receive my return to my bank

Once you lodge your tax return, it typically takes about 7-14 days for the refund to reach your bank account. However, during peak periods (like July to October) and holiday periods (such as Christmas and Easter), there may be some delays. Additionally, if you choose to have any fees deducted from your refund, you should allow an extra 7-14 days for processing. So, in most cases, you can expect to receive your refund within 7-28 days after lodging your return.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

What does it mean when status says loged

It seems like there might be a typo in your question. If you meant "lodged," it means that your tax return has been officially submitted to the tax authorities. In the context of GoTax, once your return has been reviewed and any necessary corrections have been made, it will be lodged with the Australian Tax Office (ATO). This means that the ATO has received your tax return and will begin processing it. If you see "lodgement pending," it indicates that your return is still under review by GoTax and has not yet been submitted to the ATO.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

private health

Private health insurance can play a significant role in managing your tax obligations in Australia. Here are some key points to consider:

  1. Medicare Levy Surcharge (MLS): If you are a single individual earning more than $90,000 annually or part of a couple/family earning more than $180,000, you may be subject to the Medicare Levy Surcharge if you don't have an appropriate level of private hospital cover. The surcharge is an additional tax that can be at least 1% of your income.
  1. Private Health Insurance Rebate: The government offers a rebate to help cover the cost of private health insurance premiums. The amount of the rebate you are entitled to depends on your income. Typically, this rebate is applied to reduce your monthly premium payments, but any discrepancies will be reconciled when you file your tax return. If you received too much rebate, you might have to pay it back, and if you received too little, you could get a larger tax refund.
  1. Tax Savings: By having private health insurance, you can avoid the MLS and potentially save on your overall tax bill. For instance, if the cost of your private health insurance is less than the MLS you would otherwise pay, you come out ahead financially.
  1. Automatic Calculations: The Medicare Levy and any applicable surcharges are automatically calculated when you lodge your income tax return. If you have private health insurance, ensure that your health fund provides you with a tax statement to include in your return.

In summary, private health insurance can help you avoid additional taxes and potentially qualify for rebates, making it a financially savvy choice for those with higher incomes. If you need more personalized advice, it's always a good idea to consult with a Gotax tax professional.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

What can I claim as a door technician

As a door technician, there are several tax deductions you may be eligible to claim. Here are some common ones:

  1. Protective Clothing and Equipment: You can claim the cost of protective clothing and equipment necessary for your job, such as overalls, gloves, masks, safety boots, and any other safety gear.
  1. Tools and Equipment: If you have had to purchase tools or equipment specifically for your work and the expense is under $300, you can claim it outright. For items over $300, you'll need to depreciate the expense over a few years.
  1. Work-Related Training and Education: If you attend seminars, conferences, or training courses that directly relate to your work as a door technician, you can claim these expenses as deductions.
  1. Licenses and Certifications: If you need specific licenses or certifications to work as a door technician, you can claim the costs associated with obtaining and renewing these.
  1. Work-Related Travel Expenses: If you need to travel for work, you can claim travel expenses such as accommodation, meals, and transportation. This includes travel between different job sites or to attend training courses.
  1. Union and Professional Fees: If you are a member of a union or professional association related to your work, you can claim membership fees as a deduction.
  1. Home Office Expenses: If you have a dedicated space at home where you do administrative work related to your job, you can claim a portion of your home office expenses, such as electricity, internet, and phone bills.
  1. Consumables: You can claim the cost of consumables that you use in your work, such as lubricants, cleaning supplies, and other materials.
  1. Mobile Phone and Internet: If you use your mobile phone or internet for work purposes, you can claim a percentage of these costs. Keep a log of your work-related usage.
  1. Vehicle Expenses: If you travel between different workplaces or job sites, you can claim these travel expenses. Remember to log the journey details including date, to, from, and distance. If you carry heavy or bulky equipment that cannot be left in a safe place at work, you may also be able to claim travel from home to work.

Remember to keep detailed records and receipts for all your work-related expenses. It's also a good idea to consult with a Gotax tax professional.  

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

How long will it take to get my tax money back into my account after I pay the $55 dollars and how much am I getting back

I understand. Once you lodge your tax return with GoTax, it typically takes about 7-14 days for the ATO to process your refund and deposit the money into your bank account. If you opt to have GoTax's fee deducted from your refund, you may need to allow an additional day for your refund to be processed.

As for the amount you're getting back, that will depend on your specific tax situation, including your income, deductions, and any offsets you may be eligible for. GoTax's online system will help calculate your refund based on the information you provide. If you need a precise estimate, you might want to complete your tax return through their portal to see the exact amount.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

Email address to send tax in

I understand. If you need to send a letter to the ATO to request an amendment to your tax return, you should include your name, address, date of birth, tax file number, contact details, income year, and details of the changes you want to make. However, for security reasons, the ATO does not typically provide an email address for sending sensitive information such as tax details. It's best to use their online services via myGov or send your correspondence by mail or fax. If you need specific contact details, you can visit the ATO website or contact their customer service for guidance.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

Hi can I book a appointment for consultation

Hi there!

The Gotax Online Website doesn't do consultations.  Those are only done in-house at our Lawnton office.

While I can't book an appointment for you directly, I can guide you on how to do it. You can set up a consult with one of our tax accountants at Gotax by calling them at (07) 3881 3029. They should be able to help you schedule an appointment at a convenient time. 

Our Offices are located at 8/718 Gympoie Road Lawnton.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Wont let me finalise my return

It sounds like you're having trouble finalising your tax return. There could be several reasons for this issue. Here are a few steps you might consider:

  1. Check for Missing Information: Ensure that all required fields are completed. Sometimes, even a small missing detail can prevent you from finalising your return.

  1. Prefill Data: The information that prefills your return is dependent on your employers, banks, and other financial institutions sending their data to the ATO. If this information hasn't been received yet, it might delay the process.

  1. Technical Issues: Ensure that there are no technical problems with the website or application you are using. Sometimes, clearing your browser cache or trying a different browser can help.

  1. Contact Support: If you've checked everything and are still having issues, it might be best to contact GoTax support. They offer a live chat messaging system where you can get help from real people based in Australia. If you don't get a response immediately, you can also reach out via their Contact page.

Remember, patience is key as sometimes external factors can delay the process. If you need more specific advice, contacting a GoTax professional might be the best course of action.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

what are dividened deductions

Tax Deductions for Individual Taxpayers Investing in Shares: 

Individual taxpayers who invest in shares and receive dividends can claim several tax deductions related to their investment activities.

Here are some common deductions:

  1. Interest on Borrowed Funds: If you took out a loan to purchase shares, the interest on that loan is deductible. For example, if you borrowed $10,000 to buy shares and paid $500 in interest during the year, you can claim the $500 as a deduction.

  2. Management Fees: Fees paid to a financial advisor or investment manager for managing your share portfolio can be claimed as a deduction. For instance, if you paid $200 in management fees, this amount is deductible.

  3. Investment-Related Travel Expenses: If you travel to attend shareholder meetings or to consult with your financial advisor, you can claim travel expenses. For example, if you spent $100 on travel to attend a shareholder meeting, you can claim this as a deduction.

  4. Cost of Investment Publications and Research: Subscriptions to investment magazines, newspapers, or online research services that help you make informed investment decisions can be deducted. For example, if you subscribed to an investment magazine for $50, you can claim this cost.

  5. Internet and Phone Costs: If you use your internet and phone to manage your investments, you can claim a portion of these costs. You need to keep a log to determine the percentage of use related to your investments.

  6. Dividend Reinvestment Plans (DRPs): If you participate in a DRP where dividends are reinvested to buy more shares, you can still claim the franking credits attached to those dividends.

Example of Claiming Deductions: Ella invests in shares and receives $1,000 in dividends, with $300 in franking credits. She also paid $200 in interest on a loan used to purchase the shares, $100 in management fees, and $50 for an investment magazine subscription. On her tax return, Sarah will include the $1,000 dividend and the $300 franking credit as assessable income. She can then claim $200 for loan interest, $100 for management fees, and $50 for the magazine subscription as deductions.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

when it says interest deductions what could that be

Interest deductions for rental properties

Typically refers to the tax-deductible interest on loans taken out to purchase, renovate, or repair a rental property. Here are some key points:

  1. Interest on Loans: You can claim a deduction for the interest charged on a loan used to purchase a rental property or to finance renovations or repairs. The property must be rented or genuinely available for rent in the income year you are claiming a deduction for the interest expenses.
  1. Prepaying Interest: If you have an interest-only loan for your rental property, you can prepay the interest for the next 12 months before the end of the financial year and deduct it from your income in the current year. This is known as "interest in advance."
  1. Loan Refinancing: If you refinance a mortgage loan on a rental property and use the new loan to repay the original mortgage, the interest on the new loan is also tax-deductible, provided the proceeds are used for the rental property or another income-producing asset.
  1. Borrowing Costs: You can also claim deductions for borrowing costs, such as loan establishment fees, lender’s mortgage insurance, title search fees, and costs for preparing and filing mortgage documents. If these expenses are $100 or less, they are fully deductible in the year you incur them. If they are more than $100, they are deductible over the term of the loan or five years, whichever is shorter.

It's important to consult with a Gotax tax professional or visit resources like gotax.com.au to get specific advice based on your individual circumstances.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Can you claim electricity paid by goverment incentive

I don't have specific information about claiming electricity paid by a government incentive as a tax deduction. Generally, tax deductions are for expenses you personally incur. If the government is covering your electricity costs through an incentive, it's unlikely you could claim that as a deduction since you didn't actually pay for it out of pocket. For the most accurate advice, it's always best to consult with a Gotax tax professional or check directly with the Australian Taxation Office (ATO).

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

How to work out electricity amount on actual cost method

How to work out the electricity amount using the actual cost method,

Just follow these steps:

  1. Determine Total Electricity Cost: Gather all your electricity bills for the year to find out the total amount you spent on electricity.
  1. Calculate Work-Related Usage: Keep a record of the hours you work from home. You can use a diary, logbook, or an app to track your work hours.
  1. Calculate Work-Related Electricity Usage: Estimate the percentage of your electricity usage that is related to your work. This can be done by comparing the time you spend working at home to the total time you spend at home. For example, if you work from home 40 hours a week and are at home for a total of 168 hours a week, your work-related electricity usage is 40/168 = approximately 23.8%.
  1. Apply the Percentage to Total Cost: Multiply the total electricity cost by the work-related usage percentage to find the deductible amount. For example, if your total electricity cost for the year is $1,200 and your work-related usage is 23.8%, then your deductible amount is $1,200 x 23.8% = $285.60.

Remember to keep all records, such as electricity bills and your work hours log, for five years after you lodge your tax return. This documentation is necessary to substantiate your claim if required.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

If I had a certain amount the first time I lodged my tax but then checked again after it has been lodged an it's saying 0 for my refund but it stillets me edit the payment summary

If your refund amount changed to zero after you lodged your tax return but the system still allows you to edit the payment summary, it could indicate a few things. One possibility is that there was an error or mismatch in the data with the ATO that needs to be corrected. Here are some steps you can take:

  1. Review Your Data: Double-check all the information you entered, especially the income and deductions. Ensure there are no typos or incorrect figures.
  1. Check for Notifications: Look for any notifications or messages from the Australian Taxation Office (ATO) or your tax agent. Sometimes, they may flag issues that need to be addressed.
  1. Edit the Payment Summary: If the system allows you to edit the payment summary, make the necessary corrections. Ensure that the data matches what your employer has reported to the ATO.
  1. Contact Support: If you're unsure about the changes or why your refund amount changed, it might be best to contact GoTax support or the ATO directly for clarification. They can provide specific guidance based on your situation.
  1. Amend Your Return: If there were errors in your initial submission, you might need to amend your tax return. This process involves submitting corrected information to the ATO.

Remember, it's crucial that all the data you provide is accurate to avoid any issues with your tax return. If you need more detailed assistance, reaching out to a Gotax tax professional or using GoTax's support services can be very helpful.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] gotax.com.au

Will I get the amount refunded to me if it came up as 0

If your tax refund came up as $0, it means that based on your income, deductions, and offsets, you don't have any refund due to you. In other words, the taxes you paid throughout the year exactly match your tax liability, or you didn't overpay your taxes. If you believe there might be an error, it's a good idea to review your tax return for any missed deductions or credits. If you're unsure, consulting with a Gotax tax professional or using a reliable service like Gotax can help ensure everything is correctly accounted for.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

Says it's lodged but I can still editit?

Yes, if you've lodged your tax return but still need to make changes, you can file an amendment.

It's not uncommon to realise that you've forgotten to include some information or made an error after lodging. The Australian Taxation Office (ATO) allows you to amend your tax return if necessary. You can do this through their online services or by contacting your Gotax. Just remember to keep all relevant documentation and receipts, as you'll need them for the amendment process. If you need further assistance, GoTax can help you navigate through this process.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

My tax return changed

It sounds like you might need to amend your tax return. Here are a few ways you can do that:

  1. Contact Your Tax Agent: If you used a tax agent to lodge your original return, you can go back to them. They will have all your original details and can act swiftly to rectify the matter.

  1. Online Through ATO Online Services via myGov: You can access your tax return details and make changes online. You will need a myGov account linked to the ATO to use this service.

  1. Complete a Paper Amendment Form: You can download the form 'Request for amendment of income tax return for individuals' from the ATO website and send it by fax or mail to the ATO. This method takes longer to process than online.

  1. Send a Letter: You can write a letter to the ATO requesting an amendment to your tax return. You need to include your name, address, date of birth, tax file number, contact details, income year, and details of the changes you want to make.

If your amendment reduces the tax you owe, you may receive a refund (unless you have other tax debts). If it increases the tax you owe, you may have to pay interest and penalties.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

What constitues a tax deductible uniform

A tax-deductible uniform is one that is unique and distinctive to your job and is required by your employer. This typically includes clothing that has your employer’s logo permanently attached or is specific to your occupation. For example, nurses can claim deductions for uniforms that are unique to their job, such as scrubs, and construction workers can claim deductions for uniforms with their employer's logo. Ordinary clothing, like plain jeans or shirts, does not qualify for a tax deduction. Additionally, the costs associated with purchasing, hiring, mending, and cleaning these uniforms are also tax-deductible.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

How do I claim as a student nurse, not working in the field though

As a student nurse who is not yet working in the field, you generally won't be able to claim work-related expenses on your tax return because you are not earning an income from nursing yet. Tax deductions are typically available for expenses that are directly related to earning your income. Since you are still in the educational phase and not earning income from nursing, the costs associated with your studies, such as tuition fees, textbooks, and other educational materials, would not be deductible as work-related expenses.

However, if you have other sources of income and incur expenses directly related to that income, you might be able to claim those. For example, if you work a part-time job while studying, you could potentially claim work-related expenses for that job, such as uniforms or protective clothing if required.

If you are unsure about specific deductions or need personalized advice, it might be beneficial to consult with a tax professional or use resources like the Gotax live chat support, phone, or email services. They can provide guidance tailored to your unique situation.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] gotax.com.au

Claiming as a student nurse

As a student nurse, you have some specific options for claiming tax deductions, especially if your studies are a condition of your current job or directly related to your work. Here are some key points:

  1. Self-Education Expenses: If your employer requires you to take courses or if the courses directly relate to your current job and improve your skills, you can claim deductions for:
    • Tuition, course, conference, or seminar fees
    • Textbooks, stationery, internet, and phone costs
    • Depreciation of study assets like computers and desks
    • Car and other transport expenses, such as fares and parking fees
    • Accommodation and meal expenses if you are away from home overnight for study purposes
  1. Work-Related Expenses: As a student nurse, if you are already working in a nursing role, you can claim deductions for:
    • Uniforms, including scrubs and nursing shoes
    • Laundry and repair costs for your work clothes
    • Non-slip nurse shoes, anti-static theatre shoes, or support stockings
    • Equipment such as stethoscopes, FOB watches, and torches
    • Certificate fees, annual practising fees, and union or association fees
    • Stationery and subscriptions to nursing magazines or books
  1. Record Keeping: Keep accurate records of all your expenses, including receipts, invoices, and logbooks. This is crucial for substantiating your claims. The Gotax Deduction Grabber App can help you keep track of your expenses easily.
  1. Motor Vehicle Expenses: If you are required to travel between workplaces or for work-related tasks, you can claim these expenses. You will need to keep a 12-week consecutive logbook to determine the work-related percentage or record the kilometres travelled to use the cents per kilometre method.

Remember, the Australian Taxation Office (ATO) has three golden rules for claiming a tax deduction:

  1. You must have spent the money yourself and not been reimbursed.
  1. The expense must be directly related to earning your income.
  1. You must have a record to prove it.

If you're unsure about any specific deductions, it's always a good idea to consult with a Gotax tax professional or use resources like the Gotax website such as the Gotax Phobe Ai for more detailed guidance.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

Where to put business Sales from business

If you are an Individual Businese Person then you will need to do an Individual Income Tax Return  with a Business Schedule.  The Business Schedule contains areas where you submit your Business Sales.  If you are GST registered then make sure you include your Net Sales in your Business Sales Income.

The Gotax online system includes a Business Schedule for small business.

If you are GST registered, an easy way to get your sales would be to look at your BAS records.

To report sales from your business, you typically need to include this information in your Business Activity Statement (BAS) if you are registered for GST, and in your annual tax return. Here’s a general guide:

  1. Business Activity Statement (BAS):
    • GST on Sales: Report the total sales and the GST collected on those sales.
    • GST on Purchases: Report the GST paid on business-related purchases.
  1. Annual Tax Return:
    • Income Section: Include the total income from your business sales.
    • Expenses Section: Deduct any allowable business expenses to calculate your net profit.

Make sure to keep detailed records of all your sales and expenses, as this will be essential for accurate reporting and claiming any deductions. If you need more personalized advice, it's a good idea to consult with a tax professional or contact the GoTax Business Tax Specialists at (07) 3881 0942.

And if you do need some good, simple, easy Record Keeping Software that's well priced.  Then have a look at eCashbooks.com.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Password

If you are already signed up with Gotax, your password will be the same as the one you used for your initial registration. If you have forgotten your password, you can typically use the "Forgot Password" feature on the Gotax website Login page to reset it. If you need further assistance, you might want to contact their support team directly.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

I am going to get my NOA notice of assessment after I finish it?

Yes, after you submit your tax return, the Australian Taxation Office (ATO) will review it and send you a notice of assessment (NOA). This document will show you how much tax you need to pay or how much you'll get back as a refund. It's essentially the final piece of your tax return process for that year, summarising your earnings, tax paid, and the outcome of your return.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

Tax lodgement pending

"Lodgement Pending" is an internal status indicator used by GoTax to show where your tax return is in their process. When you see "Lodgement Pending," it means your return is at the review phase. At this stage, a GoTax Tax Accountant is checking your return to ensure there are no errors and that you haven't missed any deductions. There are two possible outcomes from this review:

  1. All Good: If everything looks correct, they will green light your return and lodge it as per your instructions.
  1. Concerns: If there are any issues, such as missed deductions or errors, they will email you with their concerns. You'll need to respond to this email to resolve the issue quickly and get your return lodged as soon as possible.

The "Lodgement Pending" status can also appear between June 20th and June 30th each year, which is the period when GoTax is ready to lodge your return, but the Tax Office hasn't yet started accepting lodgements for the new financial year.

If you need further assistance or have more questions, GoTax recommends using their internal communication system for the fastest resolution.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

Link my gov

It sounds like you're looking for information related to the "myGov" platform. Be cautious, as there are scams that mimic official communications from the ATO (Australian Taxation Office). These scams often claim that you are owed a tax refund and ask you to click on a hyperlink. The ACCC has advised that these scams will direct you to a fake ATO website where you are asked for personal information, including credit card and bank details.

To stay safe, never click on links in unsolicited messages claiming to be from the ATO or other government agencies. Instead, access your myGov account by typing the URL directly into your browser or using a trusted bookmark. If you have any doubts, contact the ATO directly or consult with a trusted tax professional like GoTax.

Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au

what deductions can I claim as a miner

As a miner, there are several work-related expenses you can claim as deductions on your personal tax return, provided that these expenses are directly related to earning your income and you have records to prove them. Here are some common deductions that miners can claim:

  1. Car Expenses: If you use your car to travel between different job sites or to pick up supplies, you can claim car expenses. You can use either the logbook method or the cents per kilometre method to calculate your deduction.

  1. Tools and Equipment: You can claim the cost of tools and equipment that you use for work, such as drills, helmets, and other mining-specific tools. If a tool or equipment costs more than $300, you can claim a depreciation. If it costs $300 or less, you can claim an immediate deduction for the whole cost.

  1. Protective Clothing and Equipment: You can claim the cost of protective clothing and equipment that you need for your job, such as overalls, gloves, masks, safety boots, and safety glasses.

  1. Work-related Training and Education: If you attend seminars, conferences, or training courses that directly relate to your work as a miner, you can claim these expenses as deductions.

  1. Licenses and Certifications: If you need specific licenses or certifications to work as a miner, you can claim the costs associated with obtaining and renewing these.

  1. Work-related Travel Expenses: If you need to travel for work, you can claim travel expenses such as accommodation, meals, and transportation.

  1. Union and Professional Fees: If you are a member of a union or professional association related to your work as a miner, you can claim membership fees as a deduction.

  1. Home Office Expenses: If you have a dedicated space at home where you do administrative work related to your mining job, you can claim a portion of your home office expenses, such as electricity, internet, and phone bills.

  1. Consumables: You can claim the cost of consumables that you use in your work, such as lubricants, cleaning supplies, and other materials.

  1. Sunglasses: If you need to wear sunglasses for protection while working outdoors, you can claim them as a tax deduction, provided they meet the criteria set by the ATO.

Remember, it’s important to keep detailed records and receipts for all your work-related expenses. Also, consult with a tax professional or refer to the ATO’s guidelines for more information on what you can and cannot claim as a tax deduction.

Find out More ..... [1] [2] [3] [4] gotax.com.au

Why do I have tax debt

There are several reasons why you might have tax debt. Here are some common scenarios:

  1. Insufficient Withholding: If your employer did not withhold enough tax from your paycheck throughout the year, you might end up owing money when you file your tax return. This can happen if you have multiple jobs, changes in your income, or if you didn't update your withholding information.

  1. Underestimating Income: If you underestimated your income or failed to declare all your income during the financial year, you might owe additional taxes. This is particularly relevant for those with multiple income sources, such as freelance work, investments, or rental income.

  1. HECS-HELP Debt: If you have a HECS-HELP or other student loan debt, once your income reaches a certain threshold, you are required to start making repayments through the tax system. This can increase your tax payable amount.

  1. Government Offsets: If you owe money to other government agencies, such as for child support or Centrelink overpayments, your tax refund might be offset to pay these debts, potentially leaving you with a tax bill.

  1. Incorrect Deductions: Claiming incorrect or ineligible deductions can result in owing additional tax. The ATO may disallow these deductions, leading to a higher tax bill.

  1. Delayed Lodgment: If you lodge your tax return late, you might incur penalties and interest charges, which can add to your tax debt.

If you have a tax debt and are unable to pay it upfront, the ATO can assist you with setting up a payment plan. It's important to contact them to discuss your options and avoid further penalties and interest charges.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

Mechanic deductions

Sure! If you're a mechanic, there are several tax deductions you may be eligible to claim. Here are some common ones:

  1. Workplace Licences: Any licenses or accreditations you need for your job, like a Forklift ticket, can be claimed. However, your regular car license doesn't count.
  1. Union Fees: Fees paid to your union are tax deductible, so make sure to keep a record of what you've paid.
  1. Mechanical Journals or Books: If you purchase journals, books, or manuals related to your work as a mechanic, these can be claimed.
  1. Car Expenses for Work Travel: If you travel between different workplaces, jobs, or attend training courses, you can claim these travel expenses. Remember to log the journey details including date, to, from, and distance.
  1. Stationery: Necessary work-related stationery, such as pens and other office supplies, can be claimed.
  1. Home Office: If you need to work from home and have a dedicated office space (not the kitchen table), you can claim a portion of your home office expenses.
  1. Equipment/Depreciation: Tools and equipment used for work can be claimed, but if they are not used 100% for work, you'll need to calculate the work-related portion. Items costing $300 or less can be claimed immediately, while more expensive items can be depreciated.
  1. Mobile Phone and/or Internet: If you use your mobile phone or internet for work, you can claim a percentage of these costs. Keep a log of your work-related usage.
  1. Protective Clothing & Laundry: Costs for protective clothing like boots, heavy-duty shirts, trousers, overalls, and associated laundry expenses can be claimed.
  1. Protective Equipment: Safety equipment such as hard hats, safety glasses, sun hats, and sunglasses are deductible.

However, you cannot claim deductions for personal clothing, tools or equipment not used for work, travel from home to work (unless transporting bulky equipment with no safe storage at work), or courses that help you get a job.

Make sure to keep detailed records of all your expenses and consult with a tax professional or refer to the ATO’s guidelines for more specific advice. Using tools like the Deduction Grabber App can help you keep track of your expenses and ensure you don't miss out on any deductions.

Find out More ..... [1] [2] gotax.com.au

What deductions can I claim as a painter?

As a painter, you can claim several work-related expenses as deductions on your personal tax return, provided that these expenses are directly related to earning your income and you have records to prove them. Here are some common deductions that painters can claim:

  1. Car Expenses: If you use your car to travel between different job sites or to pick up supplies, you can claim car expenses. You can use either the logbook method or the cents per kilometre method to calculate your deduction.

  1. Tools and Equipment: You can claim the cost of tools and equipment that you use for work, such as brushes, rollers, ladders, and drop cloths. If a tool or equipment costs more than $300, you can claim a depreciation. If it costs $300 or less, you can claim an immediate deduction for the whole cost.

  1. Protective Clothing and Equipment: You can claim the cost of protective clothing and equipment that you need for your job, such as overalls, gloves, masks, and safety boots.

  1. Work-related Training and Education: If you attend seminars, conferences, or training courses that directly relate to your work as a painter, you can claim these expenses as deductions.

  1. Licenses and Certifications: If you need specific licenses or certifications to work as a painter, you can claim the costs associated with obtaining and renewing these.

  1. Work-related Travel Expenses: If you need to travel for work, you can claim travel expenses such as accommodation, meals, and transportation.

  1. Union and Professional Fees: If you are a member of a union or professional association related to your work as a painter, you can claim membership fees as a deduction.

  1. Home Office Expenses: If you have a dedicated space at home where you do administrative work related to your painting business, you can claim a portion of your home office expenses, such as electricity, internet, and phone bills.

  1. Consumables: You can claim the cost of consumables that you use in your work, such as paint, solvents, and cleaning supplies.

Remember, it’s important to keep detailed records and receipts for all your work-related expenses. Also, consult with a tax professional or refer to the ATO’s guidelines for more information on what you can and cannot claim as a tax deduction.

Find out More ..... [1] [2] [3] gotax.com.au

I hate paying tax how can I avoid it?

I understand. While it's natural to feel frustrated about paying taxes, it's important to remember that taxes fund essential services and infrastructure. However, there are legal ways to minimize your tax liability:

  1. Claim Deductions and Offsets: Make sure you claim all the deductions and offsets you're entitled to. This could include work-related expenses, charitable donations, and education costs.

  1. Superannuation Contributions: Making additional contributions to your superannuation can reduce your taxable income.

  1. Private Health Insurance: If your income exceeds the threshold, taking out private hospital cover can help you avoid the Medicare Levy Surcharge.

  1. Investment Strategies: Investing in tax-effective investments like superannuation or negatively geared property can help reduce your taxable income.

  1. Tax-Free Threshold: Ensure you claim the tax-free threshold on your main job to reduce the amount of tax withheld from your pay.

  1. Utilize Tax Agents: Consider using a tax agent or accountant who can help you navigate the complexities of the tax system and ensure you're not missing out on any deductions or offsets.

Remember, it's important to stay within the legal boundaries to avoid penalties or issues with the ATO.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

Lodgement pending

Lodgement Pending is an internal Gotax Tax Return Status indicator. It shows where on the Lodgement chain your tax return is sitting. This is a DIFFERENT criteria to the ATO's Lodgement Pending Status. When you sign in and notice your status is LODGEMENT PENDING it means that you are at the review phase of the Gotax Process. That means your return is at the checking phase and that a Gotax Tax Accountant is about to run their eyes across your income Tax Return to make sure you haven't missed anything and to make sure it contains no errors. There are two outcomes from that: Firstly, it could be all good, we will green light it, and lodge as you have instructed, or Secondly, there is a concern that something in not correct, you've missed a deduction, we need to ask you some questions or your personal details require clarification. If it is the Second outcome, our internal communications systems will email you our concerns. We require you to respond on that email system, and NOT by other means, to enable a speedy resolution of the issue. That way your Income Tax return gets completed and lodged in the shortest amount of time possible. The only other time a LODGEMENT PENDING flag could appear is between years. That is when we are ready to take your Income Tax Return and when the Tax Office allows us to actually lodge it. That period is usually between about the 20th June and the 30th June each year. If you need further assistance or have any further questions, feel free to Ask the Gotax AI any additional questions.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

is gotax reliable, it looks like a joke

Gotax is indeed a reliable service. They are registered with the Australian Taxation Office (ATO) and the Tax Practitioners Board as tax agents, which means they comply with all relevant tax laws and regulations. They also employ the latest encryption technology to ensure your personal information and data are safe. Gotax has a 100% satisfaction rating from their clients, who praise their fast, easy, and affordable service. Additionally, they offer professional support and advice from qualified tax accountants. So, you can confidently lodge your tax return online with them and expect a secure and efficient service.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

do you do same day tax advance?

Gotax does NOT offer sames day Tax Advance.  However, they do offer a quick and efficient service for lodging your tax return, and the ATO typically has a processing period of about 10 days for refunds. If you need funds urgently, you'll need to consider other financial services that provide tax refund advances. But be aware, this service can run into hundreds of dollars and if you need it urgently, I'm sure you can wait and save those hundreds of dollars.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

Do you do same day refund

I understand that you might be looking for a way to get your tax refund quickly. While Gotax offers a convenient and efficient online portal to lodge your tax return, we do not specifically provide same-day tax advance services. It is a very costly exercise to do so. If you lodge your tax return now, chances are you'll have your refund within 10 days and you'll probably save at least $200 in fees. If you need immediate financial assistance, it might be worth exploring other tax services that specialise in tax refund advances.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] gotax.com.au

When do I get my payment summary?

Payment summaries have been phased out, so you won't receive one anymore. Instead, your employer reports your wages directly to the Australian Taxation Office (ATO) each pay period. Your employer is required to submit a payroll finalisation declaration by the 14th of July. Once this is done, your wage information will be available electronically through the ATO's systems. You can access this information via your myGov account or through tax agents like GoTax, who can download the data on your behalf.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] gotax.com.au

Do you do same day tax advance

I understand that you might be looking for a way to get your tax refund quickly. While Gotax offers a convenient and efficient online portal to lodge your tax return, we do not specifically provide same-day tax advance services. It is a very costly exercise to do so. If you lodge your tax return now, chances are you'll have your refund within 10 days and you'll probably save at least $200 in fees. If you need immediate financial assistance, it might be worth exploring other tax services that specialise in tax refund advances.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

how many kms can i claim

You can claim up to 5,000 kilometers per year using the cents per kilometre method. This method allows you to claim a set rate of 78 cents per kilometre for your work-related travel. Remember, you don't need to keep receipts, but you do need to have records showing how you calculated the business kilometers. If you travel more than 5,000 kilometers for work, you might want to consider using the logbook method, which can potentially offer greater deductions depending on your car expenses and usage.

Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] [9] gotax.com.au

delete account

I'm sorry to hear that you want to delete your account. Unfortunately, I can't directly delete accounts for you. However, I can guide you on how to proceed. Usually, account deletion can be done through the service provider's website or by contacting their customer support. If you let me know which service or platform you are referring to, I might be able to provide more specific instructions.
Find out More ..... [1] [2] [3] [4] [5] [6] [7] [8] gotax.com.au

What is fee from refund?

If you choose the "fee from refund" option with GoTax, it means that instead of paying the service fee upfront, the fee will be deducted from your tax refund. This option is convenient if you prefer not to pay out-of-pocket initially. However, do note that there is an additional admin fee for using this service. GoTax guarantees that you will receive the maximum possible refund or the minimum possible tax payable, or they will refund their fee. They also ensure that your return will be lodged within 24 hours of receiving it.
Find out More ..... [1] [2] [3] [4] [5] [6] gotax.com.au