If you receive the Government Aged Pension, how do you know if you still need to lodge tax returns Broome?
There are a lot of Australians on the aged pension who are not too sure about their taxes and tax returns. These are the common questions pensioners have in mind:
- Should pensioners like me lodge a tax return in 2014?
- What should I declare to the Australian Taxation Office?
This article will help you learn more about the different circumstances where you may (or may not) need to lodge a tax return this financial year.
1. The aged pension is my only source of income.
If your only source of income is the aged pension, then you don’t need to lodge a tax return. You would be pleased to know that Centrelink does not withhold any tax from your pension especially if you have no other source of income.
If Centrelink does withhold tax from your pension payment, this will automatically be recorded in your PAYG (Pay-As-You-Go) summary. This also means that you need to lodge your tax returns Broome. To make sure you are on the right track, it would be good to consult with a registered tax accountant, and discuss whether or not you really should be doing tax returns this year.
2. Aside from the aged pension, I have other sources of income.
If you have other sources of income including fringe benefits, investments, interest, and employment – you may need to lodge a tax return. To find out whether or not you need to lodge a tax return this year, you first need to determine your ‘rebate income’. The ‘rebate income’ calculation can be done by having a sum of all your taxable income alongside the following amounts:
- Net rental property loss
- Net financial investment loss
- Deductible personal superannuation contributions
- Reportable employer superannuation contributions
- Adjusted fringe benefits amount
You can use ATO’s calculator to help you sort out your rebate income – or you can use the professional services of a tax accountant to make your life easier. Once you have your rebate income calculated, you need to lodge a tax returns Broome this financial year if it is more than the following amounts below:
The combined rebate income of you and your spouse’s:
- $62,558 – If you had a spouse but you had to live apart due to illness, or one of you lived in a nursing home
- $57,948 – If for the full year you lived with your spouse
Single’s rebate income:
- $32,279 – If you were separated, widowed, or single any time during the year.
If want to make sure that the preparation and lodging of your tax returns is done accurately and correctly – you might want to consider partnering with a tax accountant.
If, in the 2014 financial year, you made out-of-pocket medical expenses for you and your dependents – you would be pleased to know that you can claim these expenses as tax offset on your tax returns Exmouth. When determining the out-of-pocket medical expenses you are eligible to claim, first make sure that you do not include the amounts that have been reimbursed to you.
The Phase Out Of Net Medical Expenses Tax Offset
Before you go ahead and claim the out-of-pocket medical expenses when you lodge your tax return online or offline – you should know that in the 2013-2014 financial year, the Net Medical Expenses Tax Offset is going to be phased out.
However, if you received this tax offset in your 2012-2013 income tax assessment – you will still be eligible to claim the tax offset for this 2013-2014 tax year. That is, if your out-of-pocket medical expenses is above the relevant claim threshold.
You will continue to receive the tax offset in the 2014-2015 financial year if you received it in your 2013-2014 income tax assessment, as well. It might be good to consult your financial and tax affairs with tax accountants – to ensure that you are on the right track.
If your out-of-pocket medical expenses are related to aged care, attendant care, or disability aid expenses – the changes on the tax offset will not be applied on your tax returns Exmouth. Instead, you would still be able to claim it until 1 July 2019.
Net Medical Expenses Tax Offset And Income Testing
If you are single and you have over $84,000 adjusted taxable income, or if you are a couple or a family with above $168,000 adjusted taxable income – you will be affected by the changes when you lodge your tax return online or offline.
For families, there will be an $1,500 increase on the threshold for each dependent child after the first. For the out-of-pocket medical expenses in excess of $5,000 – you can claim a 10% reimbursement. If your adjusted taxable income are below these thresholds, you can claim 20% reimbursement for over $2,120 net medical expenses when you lodge your tax returns Exmouth.
To make your life easier, you might want to consider using the professional services of tax accountants. Whether you are looking to lodge your tax return online or offline, having the assistance of a tax accountant can give you the peace of mind knowing that your tax return is lodged accurately, complete, and on time.
What’s more is that you take advantage of legitimate strategies that can help you get maximised tax refund and minimised tax bill. Contact tax accountants in your local area so you can let them do all the work on your behalf.
Professional assistance with your tax returns in Broome means cashing in on several advantages that you may not be able to benefit from, if you opt to go through the process by yourself. This is the reason why most of us entrust our taxation needs to an expert; we know they can make better sense of them. While the benefits of hiring a tax accountants are many, however, there are also risks that we need to avoid. In this way, we boost the advantages that we experience, and consequently protect our finances.
One of the most common risks inherent in hiring tax accountants is the potential of paying for penalties because of fraudulent information. Mostly, when this happens, some integral cross-checking has been overlooked. Your tax expert must be thorough in verifying all the information that you need to present to the ATO, as well as make sure that each bit is accounted for. To this end, it is vital that you hire a professional or a firm that has had a lot of experience in handling tax returns in Broome. Experience, more often than not, makes one well-versed in adhering to all the necessary steps of the process, and subsequently lead to their successful conclusion.
Another mistake to watch out for is to buy into the promises of getting you refunds. Nobody should make such a claim unless he or she has examined your finances and correlated them with specific situations. Offsets and refunds are possible, but they have to fall within the established requirements.
It is also important that you, as much as possible, minimise being entirely dependent on your tax expert. He or she naturally knows more about the nuances of taxation in Western Australia more than you, but that does not mean you should feel free to know nothing about tax returns. Gaining optimal results comes from knowing which results the service should aim for. There are plenty of help that you can find, in that avenue. The Internet, for instance, is rife with articles and other materials that can shape your perspective, and contribute to setting down expectations that are ideal for your purposes.
When scouting for tax accountants, lastly, go with someone that you trust. Your professional relationship with your tax expert must be founded in mutual respect for it to flourish and grant you the satisfaction that you need. In some cases, too, your tax expert will be your financial confidant, so it’s best to hire someone that you are comfortable with.
Geraldton is a commercial and agricultural hub located in the Midwest region of Western Australia. The town is near Perth where there are multi-billion natural gas and petroleum mining companies. No wonder the city’s population has grown up to 38,030 and its taxable residents have been recorded at 15,325. This also means, though, that the Australian Taxation Office is also busy monitoring the tax returns of the city’s citizens.
If you live or work in the city, it might come in handy to take steps to reduce the taxes you have to pay even before the end of the financial year happens. See, tax planning is not a last-minute process, rather something that should be carefully thought out.
Whether you are looking to lodge your tax return online, get the help of your family and friends, or hire a tax accountant – it might be good to glean some insights from these personal tax or business tax tips:
Personal Tax Return
1. Prepay expenses
When you prepay your 12 months of tax deductible expenses, the deduction can be forwarded into the 2013/2014 financial year. Some examples include prepaying interest on investment loans or having the income protection insurance.
2. Participate in charity
Gifts and donations you give to charities in Geraldton can be included as you lodge your tax return online. Once assessed and approved, it will be deducted from your tax and you can receive that deduction this financial year.
3. Repairs and maintenance
Do minor repairs and maintenance if you hold an investment property, and make sure to do it before 30th June, 2014 so you can include it in your tax returns.
4. Get health insurance
If you are a high-income earner, it might be a wise choice to buy health insurance, particularly private health cover. This way, you can avoid the Medicare Levy Surcharge. You need to be aware, though, that it will be prorated if the insurance is not held for the entire year, though.
Business Tax Returns
1. Pay as early as possible
Even though the superannuation guarantee payments for your staff will be due in July, if you pay in June – the deduction will be done within this financial year (and not in the next financial year).
2. Trusts and companies
Trust and companies can minimise tax payments by distributing funds to the recipients that belong to the lower tax brackets. Talk to your financial adviser about your tax returns, or perhaps your tax accountant can help.
3. Structure
It is good to review your current business structure from time to time – and find out whether your current situation is still appropriate to your structure or not.
These are only some of the many ways you can minimise your tax while in Geraldton. Whether you are going to lodge your tax return online, or going to use a tax accountant – it’s always good to prepare ahead of time.
Located at the tip of the North West Cape in Western Australia, the town of Exmouth was originally a military base during the WWII. After the war, it has prospered and is now progressing because of the mining industry that serves as the major contributor to its local economy.
The town has become so progressive that it its workers’ average total income is recorded as the highest amongst other regions outside Australia’s capital region and the ones near it (according to the Australian Bureau of Statistics). In fact, between 2010 and 2011, the town’s average total income has been recorded at $86,828.
Why Hire Tax Accountants To Prepare Your Tax Returns Australia
With all the data mentioned, it means that most workers in the town live a comfortable lifestyle compared to other workers in Australia – and that’s a good thing. The downside is that the cost of living in the region is still high, and the local government is keeping a close eye with your tax rates.
You would want to enjoy the maximum refund and minimum tax, as much as possible – and this is where using the professional services of a tax accountant in Exmouth come in most handy.
How To Choose The Right Tax Accountant
Whether you are an individual who wants to escape all the hassles of doing your own tax returns Australia, or a business owner who needs professional assistance to make sure you are missing out on anything tax related – it is always a good idea to seek the professional help of tax accountants.
But before you go ahead and hire a tax accountant to sort out your needs, it’s good to look into a couple of things first:
1. Reputation. Ask your family, friends, and colleagues if they know tax accountants whom you can contact for advice and recommendations throughout the year – and not just those who show up at the end of the year.
2. Size. There are many firms in Australia, particularly in Exmouth, that offer tax returns Australia preparation as a service. But finding the one that could provide you a good service with commitment can be pretty difficult as it normally depends on the size of the firm. You can get good rates from large firms, but a more personalised service from small to medium sized ones. It would be good to find a firm that could can provide you both these benefits.
These are only some of the factors you need to look into. Some factors you need to take into consideration include specialisation, qualifications, and other services (in case you need help with other financial areas).
Filling out forms and collecting all the receipts are only some of the tasks all taxpayers dread to do during tax time. Although it’s a fact that we hate sorting out tax returns Geraldton, there’s also a good side to it. We somewhat get excited about the possibility of receiving a cheque back from the Australian Taxation Office. This is the money we could use for the family holiday, or to pay off our credit card bills.
If you were little disappointed by the sum of cheque you received last financial year, you could do better this year perhaps with the professional help of tax accountants like Melissa Simpson.
Melissa is the current CEO and owner of ITP Western Australia (WA) Regional. For over 23 years, she (alongside her team of tax accountants) have served Western Australian small businesses, families, and individuals – maintaining their reputation as trusted income tax professional firm that is both Australian operated and owned.
Make Sure You’re Not Missing Out
One of the most common cases Melissa and the ITP WA Regional team have witnessed amongst the average Aussie workers is that they don’t have too many options to get a better tax returns Geraldton. The main reason is that they are on a fixed income, and can only find a few legal deductions to make.
The good news is that it’s possible to get a better tax return and receive better tax benefits. The key is to look at all the angles of legal deductions. To do this, you need to learn more and understand how the tax system works.
1. Education Rebate
Education rebate are the legitimate expenses incurred in your children’s education which you can claim. If you were not able to claim this last year, you can consult with Melissa Simpson to make sure that you do not miss out on it this financial year.
2. Family Tax Benefit (FTB)
Don’t confuse childcare rebate with FTB though, as they are two different things. You can claim FTB through Centrelink. If this is something you were not able to include in your tax returns Geraldton last year, be sure to include it this year so you can receive a cheque from the ATO with a higher amount compared to last year’s.
3. Self-Education
If you are currently doing a course in the same field with your work, you would be pleased to know that this is also tax deductible. The ITP Western Australia (WA) Regional team would be glad to help in sorting out your travel expenses between uni and work, or TAFE.
4. Motor Vehicle Expenses
There are a few methods you could use when maintaining a record of the expenses incurred for your motor vehicle. But the most efficient way is to keep logbook for three months, and you can use this for five years. Melissa Simpson, alongside the ITP Western Australia (WA) Regional could very well help you prepare and lodge your tax returns – and make sure you don’t overlook these important areas.
Broome is a small town in Western Australia that has around 14,436 permanent residents, and the number can even go up to 45,000 during tourist season. Though it is a small town, it is progressive in its own way as it already has its own international airport. In fact, it has been recorded that 15,325 residents in there are taxable, according to the Australian Bureau of Statistics.
Whether you are a business owner or a taxable individual in Broome, you know very well how tax returns Broome can be a big headache. This is where hiring tax accountants can make your life easier. If you are too busy to personally meet up with a tax accountant to discuss your tax returns, you’ll be delighted to know that you can process everything at the convenience of your own home. That is, through tax return online.
Once you have tried online filing of your tax returns Broome, you will put down the pen forever. Here are some of the advantages of getting online tax return services from your chosen tax accountant in Broome:
1. Pull up your information easily
Once you file your tax return online, all your tax returns Broome records will be permanently tracked and organised online. This means that if there questions that come up about your tax returns, you don’t need to go through the hassles of digging through giant stacks of paper, or filing cabinets. Instead, you can conveniently do everything on your computer and never have to waste time and effort again.
2. Enjoy better tax returns.
Though you still have to pay fees when you file tax return online, the benefits you receive can be better than doing things offline. Many people who get their tax returns prepared online, and enjoy the benefits of more tax credits and tax deductions. This is because there assisted online tax returns Broome programmes that allows you to know about your potential tax benefits real time.
3. Take advantage of more accuracy.
Since filing tax return online is much easier to do with the help of online tools and some assistance from tax accountants in Broome, you can have the peace of mind knowing that your tax returns Broome are in good hands. This means that you don’t have to worry about inaccuracies. Also, you don’t have to go through the headache of filling in forms, or wondering what next step to take – because tax return online programmes will provide you what you need step by step – alongside consultation with your tax accountant, of course. .
If you need help with your tax returns, the services of an income tax professional business such as ITP Western Australia (WA) Regional might come in handy.
About ITP Western Australia (WA) Regional
ITP Western Australia (WA) Regional is one of the many reliable and credible tax preparation firms in the Western Australian region. Its offices are located in Karratha, Geraldton, Kununurra, Broome, South Hedland, Kalgoorlie, and Exmouth.
An Australian owned and operated income tax professional business, ITP Western Australia (WA) Regional has been serving individuals, families, and small business for over 23 years. It prepares tax returns particularly for:
- Individuals (no matter how simple or complex the types of returns may be)
- Primary producers, small businesses, investors, corporate and trust returns
The firm also provides accounting and bookkeeping services for businesses. This includes all GST related activities.
What Makes ITP Western Australia (WA) Regional’s Services Unique?
1. They carefully listen to your needs.
ITP Western Australia (WA) Regional uses a tailored approach when sorting out tax returns for different people and organisations in Karratha, Geraldton, Kununurra, Broome, South Hedland, Kalgoorlie, and Exmouth. They very well know how to maximise your tax benefits, which explains why they have lots of repeat customers. It’s no wonder why they prepare of over 600,000 tax returns on average each year.
2. They help you free additional funds.
One of ITP Western Australia (WA) Regional’s mission is to improve the lives of their clients. They properly manage your tax so you can use the additional funds on other more important things in life like hobbies, leisure, family, and even retirement. It is their top priority to bring balance to your lifestyle through the effective tax management they provide.
3. They provide a free 15-minute consultation.
The best part about ITP Western Australia (WA) Regional is that they offer free 15-minute consultations with people who need their tax returns services. Whether you need accounting, bookkeeping, or other types of tax returns services, they would be glad to hear from you and learn more about your needs. This way, they can find the best solutions that can work to your advantage.
Whether you are in Karratha, Geraldton, Kununurra, Broome, South Hedland, Kalgoorlie, or Exmouth – you can contact ITP Western Australia (WA) Regional to ensure maximised return and minimised tax.
If you are clueless about tax, and you don’t know where and how to begin lodging your tax returns Exmouth there are two kinds of people who might be able to give you hand:
1. Family and friends
Family members or perhaps a friend could help you preparing all the things you need. This works best for those who have pretty straightforward tax situations. This is not advisable, though, if you have a more complex return.
All you need to do is sign the return yourself. The downside is that you are still legally responsible for the accuracy of the details it contains. The good news is that they can’t charge you any fees for the preparing your tax returns.
2. Registered tax accountants
If you want to have the peace of mind knowing that your tax returns Exmouth is lodged accurately and properly (in a manner that maximises your refund and minimises your tax) – it’s best to use the services of registered tax accountants. There are so many benefits that comes with using tax accountants in Exmouth:
- You don’t need to waste time on excessive paperwork. Instead, you can spend your precious time with other more important and valuable things.
- You can have a clear idea of how to lodge your tax returns without missing any base that needs to be covered.
- You can avoid errors, inaccuracies, and having to face some issues with the Australian Taxation Office in the future.
Getting Started – Information You Need To Prepare
There are various documents you need to gather when preparing your tax return. These include your tax file number and financial records or payment summaries.
The financial records you need to prepare are:
● Statement from financial institutions – i.e. building societies and banks.
● Statement of earnings – i.e. managed investment fund or units in a unit trust.
● Buy and sell advices – i.e. from your stockbroker or investment advisor for any shares you have bought or sold
● Receipts – if you want to claim deductions
You also need your Tax File Number (TFN).
A Tax File Number is a 9-digit number – which comes in three groups appearing this: 987 654 321. Having a tax file number is important when lodging tax returns Exmouth. You need to apply for one if you don’t have it before you can lodge tax returns.
You TFN can be found on:
- a payment summary from your employer
- any correspondence the Australian Taxation Office have sent to you
- notice of assessment of your last income tax
Even if change your name, move interstate, or change jobs – your TFN is yours for life.
If you’re someone who generously supports charities, good on you. You would be pleased to know that your generosity can serve you an advantage when it comes to getting your tax returns Australia lodged. This is because donations to charities are tax deductible. However, if you are the type of person who misplaces or loses donations receipts, you’re going to have a bad time.
The Benefits Of Workplace Giving Program (WGP)
The good news is that Workplace Giving Program (WGP) exists to make tax returns Broome lodging so much easier for everyone. WGP allows Deductible Gift Recipient (DGR) charities to receive donations from employees as a lump sum. This works by taking donations directly out of the volunteer employees’ pay, with the help of their employer.
The WGP is a win-win for both the person donating and the charity as they can take advantage of a hassle-free process in terms of handling donations.
For employees who wish to donate:
You don’t have to worry about misplacing or losing your donations receipts, and not being able to include them in your tax returns Australia – as you can let your employer sort things out for you. Your employer will be the one who will make the donation on behalf of their employees. And there’s no need for receipts issued as this donation will already be recorded in the pay office.
For charities to receive the donations:
Charities only need to process one donation from each employer, instead of processing individual donations from each employee. This can reduce costs on the charity’s end.
How It Works
Your employer will either:
1. Provide you a written confirmation of the total amount you have donated during the financial year, or
2. Include the total amount you have donated in your payment summary or tax returns Broome.
Generally, the WGP works much like making a direct donation to a charity, only without the hassle and headaches.
What To Look Out For
You can only claim the deduction in your tax returns Australia if the charity has a DGR status. Also, you need to make sure that your employer keeps complete and accurate records of all your donations.
If you are the employer, you need to know that there are lots of administrative requirements before you can establish a WGP for your employees. You can check out the Australian Taxation Office’s website to learn more. Alternatively, you can consult with your tax accountant and learn more on how you can best sort the WGP for your company and your employee’s tax returns Broome.