At MAS Tax Accountants Cranbourne, from time to time we come across clients with cash flow issues and are having problems paying their tax obligations on time. We can help business owners, sole traders etc with paying their outstanding tax debt for GST, PAYG, Income Tax etc by arranging the payment plan of outstanding tax debts or remission of general interest charge (GIC), with the ATO. Contrary to the belief, the ATOv does have a heart and they do take the situation and individual circumstances into consideration. In ATO’s own wording they are “being fair and equitable in the way we apply the law, our processes and policy”. more options
MAS Tax Accountants Cranbourne
ATO considers it on case by case basis and as long as business owners/individuals are attempting to do the right thing, they are committed to work with them to help them pay their outstanding debt by working out a payment plan keeping in mind their financial circumstances. In few cases, they even provide GIC free payment for a maximum period of 12 months plans, especially for those entities that have good compliance history with the ATO and are experiencing short term cash flow difficulties. At MAS Tax Accountants Cranbourne, we are able to apply for a payment plan and GIC free in some cases for our clients.
If the individual is facing serious hardship and are in a situation where they are unable to pay for the basic necessities like food, housing, clothing, and medication etc for themselves or a dependent, we can apply for a payment release on our client’s behalf, depending on their personal circumstances, ATO is willing to consider the release in full or part of the outstanding tax debt.
If you are facing problems paying your tax debt on time as a business owner, contact Sunny from MAS
We will ensure that you won’t pay a since cent of tax more than you should. Did you know that all our work is backed by our money back guarantee and our accountants can actually travel to your place and do your tax returns on the spot? Do you own an investment property and are unsure if you are claiming all the right tax deductions for your expenses. This is one of the ignored areas in tax planning, proactive tax planning for rental property can save you money in taxes, call us today to find out how..
Are you worried about the education tax refund that you haven’t claimed in the previous years, don’t worry we handle all sort of tax returns including multiple year and will try to get the penalties released if any for late lodgements.
We will provide you with one on one personalised service and our unique system of checks ensures accuracy at each step of lodgement.
Individual Taxpayers are entitled to claim certain expenses on their tax returns. For any claims under $300.00 no records are necessary however for work related claims over $300.00 evidence is required to substantiate the claim.
Below is a list of records you can organise before seeing your accountant to ensure you don’t pay a single cent of tax extra.
Group Certificates from your employer.
Any payment summary from centrelink.
Interest income received
All bills/receipts for travel including meals, parking, toll etc.
Receipts for all tools and/or computer equipment purchased for the work purpose.
Telephone bills or estimated amount of work related phone usage.
Any home office expenses including utilities, phone, internet etc
If you use your vehicle for work purpose to drive from one place to another (and not from home to work and vice versa) estimated work use percentage, log book or fuel receipts.
Self Education expenses
Any union fees or other subscriptions paid
Donations to charities etc.
Bill/receipt for the accountant services for previous year tax returns lodged.
Uniform and safety gear purchases.
Private health insurance details, if any.
Any medical expenses you had over $2000.00, this includes prescription medicines. This includes you, your spouse and any dependents.
Any personal contributions to the superannuation.
Rental Property statements and any expenses incurred for the property.
Any other expenses incurred that directly related to your work, in addition to the above.
On the top of these there are several industry specific deductions that you can claim to reduce your taxes.
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With the release of new budget there is a bit of tax relief for individual tax payers, the tax free threshold has increased to $18,000.00 from 1st July 2012 onwards. Below are the new tax rates that will apply to the individual taxpayers.
Taxable income Tax on this income
0 $18,200 Nil
$18,201 $37,000 19c for each $1 over $18,200
$37,001 $80,000 $3,572 + 32.5c for each $1 over $37,000
$80,001 $180,000 $17,547 + 37c for each $1 over $80,000
$180,001 and over $54,547 + 45c for each $1 over $180,000
The Education Tax Refund has been replaced by School kid bonus and every eligible taxpayer will receive the payments automatically in 2 equal installments. No claim is required in the tax returns neither are the taxpayers required to provide any receipts of the expenses. This will make tax time simpler for families with kids in primary or secondary schools.