Tax tips to save you money

Bankruptcy and Tax Refunds

Some people still look lucky during taxes with a generous return. But what about a bad piece that always matters? If so, it is, as a rule, how can you minimize the amount of Tax return you have to pay and make one of these great gains from the ATO? There are a number of legal opportunities that the Australian Tax Office allows – without deviating from creative accounting – and we are here to help you find what might work for you.

Labor costs

You can apply for Tax return for expenses incurred while running your job. You need a receipt, if the total amount of your operating request more than US $ 300 but that limit does not apply to car, food, travel, and travel allowance requirements.

Costs of unification, additional food, formal training courses offered by professional associations, seminars, conferences or training seminars, books, magazines, specialized journals, tools and equipment, protective items such as sunscreen and sunglasses, computers and software, also the cost of the phone and home office.

Also, if you earn income protection, insurance premiums can be deducted. However, life insurance, injuries and serious illnesses are not subject to taxation.

Although things like magazines and CDs can be deductible, it’s important to note that you can only ask that it is directly related to your work or income. According to the Australian Tax Office, the truck driver can Tax refunds for the Australian Journal of trucker subscription, but he cannot claim a deduction for subscribing to magazines without specific instructions on professional orientation, such as the magazine Wheels.

Bank charges

Some bank charges are deducted; the key requirement is whether taxes are related to your ability to generate income or access to your income. If you pay by bank card or unexpected expenses for withdrawing their income from their accounts, they are Tax refunds as well as a monthly fee for a savings account that gives you an income.

On the other hand, if an account – it’s just a way to pay bills and other expenses, and you will not be able to get interest, taxes cannot be claimed. Likewise, if you pay one annual fee for the bank package (home loan, credit card, account transaction, etc.). It is unlikely that these taxes will be deducted.

Donations to charity

Donations of $ 2 or more for charity can be claimed as a Tax refunds if the organization has the status of a tax donor recipient (RDG), which can be visited at abr.business.gov .au. However, no payments can be made to charitable organizations. For example, you cannot claim tickets for charity lotteries, articles such as pens and candies, or the cost of participating in the fundraising ball.

Cost of clothes

You can request the cost of buying, washing, drying and ironing of suitable clothing, including cleaning and dry cleaning costs. Examples of appropriate clothing are divided by working, protective clothing required for your work and wear for a particular profession, for example, the pants worn by the chef.

If the clothes are fit for participation, you can also Tax refunds for the cost of washing, drying and ironing; ATO believes that $ 1 for a full load of work clothes is a reasonable base to develop your laundry request. If you choose a different base to develop your needs, you may be asked to explain it. When the obligation to spend on clothing exceeds $ 150, the ATO requires written tests, such as logs and receipts in the newspaper. Visit our blog: http://www.taxreturn247.com.au

Last Minute Gift Ideas for a Youngster!

When it comes to keeping parents informed about what’s happening in school, children aren’t the most reliable of messengers. Of course, until the last minute when you are told that they need to attend a birthday party the next day and you are only now realizing that you have to find a present!

At those times they are communication geniuses.

If you just know that this is going to happen to you, below are some great gift ideas for kids which you pick up at the last minute.

Clothes

Parents love it when you gift their children with clothes, and with online shopping, it’s easier than ever to get them delivered quickly. Sites like the Groupon Coupons page for Hudson’s Bay can get a range of children’s clothes delivered to your door without the need to spend hours browsing through stores trying to find something which you think they will like. This option also allows you to shop from and receive the item at your work.

App Credit

If your recipient is at an age where they will be receiving their first mobile device then consider starting them off with an app-store credit. Find out whether they will be receiving an iPhone or an Android phone and pick up a voucher for the respective app store. Once they have this, they can immediately load it onto the account attached to their new device, allowing them to download and utilize apps and games straight away.

Movie Tickets

Kids love going to the movies, but taking their friends always depends on their friends’ parents budget. Head to your local cinema and pick up a pack of children’s movie tickets. Buying them in a pack saves on buying individual tickets, and allows them to take their friends along to a movie with them.

Video Games

If the recipient is of the age where they like video games, and the last game you can remember playing is Donkey Kong, don’t worry, all is not lost. The first thing you will need to do is to find out what console they have, likely to be either a Playstation or an XBox. Then, find out what genre of games they enjoy.

Once you have this information, head to your local video game store and ask them for the must-have game which matches the description.

Why is this a tip? This is on the list because it’s something which most adults don’t consider because they don’t understand the games they are shown, often thinking that it doesn’t make sense and the recipient won’t like it.

Of course, if you were interested, you could also for any games which have an educational element to them to help mix learning and fun.

There you have it! Four great gift ideas for youngsters that are sure to be well received and ones which you can easily pick up at the last minute! Do yourself a favor and bookmark this article so that when the time comes (and you know it will), you can be prepared.

How to use your tax refund money effectively

It’s a great feeling when you get a check or money deposited into your account, especially if it’s a tax refund. However, how can you make your money work for you? We’ve put together a list of our favorite things you can do to make your money worthwhile.

Put the tax refund money into a savings account

Fiscal experts advise around 7 months’ worth of your salary in a bank account. This would be put towards a big spend or for an unexpected circumstance that requires a large sum of money. This would include but not be limited to unexpected dismissal or redundancy, change in financial circumstances or loss of property.

If you don’t have one already, you should open an account and gradually build it up. Your tax refund money will increase the account substantially.

Buy the essential things your house needs and get your car fixed

Have you had your eye on a particular kitchen, bathroom or bedroom item but unable to purchase it? You can use your tax refund to pay part or in full for a new mattress, washing machine or other item. You could also use the money to get your car maintained whether it needs to or not- it will save you a massive bill in the long run and may even help avoid future breakdown costs.

Pay off essential bills or outstanding payments

Have you looking at your mounting credit card or mortgage bill? Your tax return money is an excellent opportunity to pay off some outstanding loans or bills, whether it’s a student loan, a mortgage, credit card bill or other. This will save months of repayments and will increase your credit score.

Start a business

In the past, registering to become a business used to be a momentous decision, financially and mentally, since it took months to be approved and begin. Nowadays it is far easier and more hassle-free to start your own business. It could be a bakery, an e-commerce site or a software consultancy. Using the tax return money, you can put down some capital money for it. We suggest having at least $15,000 or more minimum before taking the great leap towards starting your own business. Check here !

Alternatively, similar to the point above, it could also go towards some much needed stock, appliance, upholstery or other equipment for the business.

Invest in some stocks and shares

Using your tax refund money to invest in some shares would be a financially wise decision. It’s now easier than ever to set up a portfolio, have a fund manager and start investing. The fund managers can also manage your account for you. They can also advise you which markets to invest some of your tax return money. Be aware that using your tax refund money to invest should be always thought about as a long-term commitment.

Conclusion:

There are so many ways to use your tax money effectively and which could have positive effects in the long term. You could put it into a bank account, pay off outstanding bills and credit, start a business, buy new appliances or invest in shares. Whatever you do, you should look into benefitting the most out of your tax return money. Find out more in this site : http://www.taxreturn247.com.au

Six Frequently Asked Questions about the Unfiled Tax Returns

Tax Tips

Q # 1 – How does Unfiled Tax Return work?

Answer: There are three main steps for working of the Tax Return.

  • Submit GET STARTED form

One of the Consultants is always ready to take the calls of customer on spot for a spontaneous phone interview or to book you a suitable time according to your choice.

  • Submit your Tax Returns over the phone

Tax interviews will be conducted by one of the qualified accountants. For further information and guidance regarding receipts, you can have an option to send via Fax, Email or MMS.

  • Sign off and wait for Refunds

After receiving sign off authorization, one copy of return is sent to your email and tax refund would be received within few days.

Q # 2 -Are you really available 24 hours every day?

Answer: Yes we hold bookings any time in the day with some conditions like all the required relevant information should be uploaded in time. Weekends are also working. Any claim about tax refund can be done anytime anywhere.

Q # 3 –If I am a Backpacker leaving Australia then how can I claim my refund now?

Answer: If you are leaving Australia permanently and you are entitled to claim refund back at the end of financial year. The Australian tax year runs from first July to thirty June every year. If you are about to leave Australian permanent basis in a tax year, you can apply before end of the tax year for assessment. After leaving, you don’t have to wait for the completion of tax year. More details in this post: http://www.allmomshops.com/tax-refund-identity-theft/

Q # 4 –What is NON resident for tax purposes?

Answer: When you have to arrive in Australia and apply for Tax file number, Australian tax office will assume that you are a ‘NON resident for tax purposes’. As main objective is to do some incidental work and see the country. All of it is done to fund the whole trip and unlikely to stay in one place for some period of time or rent some private accommodations but stay in hostels. Many of people stay in Country for up to two years. They work for employers for several months and stay in same place and probably rent a room or flat. A very important note is that Tax residency might won’t be same a residency for visas.

Q # 5 –How quickly can I receive my tax refund?

Answer: Generally it can take up to two weeks for the ATO to process all of your return.

Q # 6 –How many deduction can I claim?

Answer: Some common deductions claimed are vehicle and travel expenses, clothing, laundry and dry-cleaning expenses, Gifts and donations, some home office expenses, various Interests, dividend and other investment income deductions, self-education expenses, tools, equipment and other assets and some other deductions. For more detailed and comprehensive list of deductions, an appointment can be booked with one of tax consultants any day.

Tax Refund Identity Theft

Tax Refund

These days, filing tax refunds and tax returns via the Internet has become more common. Unfortunately, it has also given birth to a new breed of scam artists, too. Phishing scams and identity theft is more prevalent. Following are a few things to look out for if you receive an email from somebody purporting to be from your local tax authority.

What should I look out for?

These scammers will go to great lengths to ensure that the email correspondence they send to you looks genuine. They will even replicate tax authority logos and what looks like a link to the relevant website. They ask you to provide personal details such as name, date of birth, address, bank details – this gives them everything they need to be able to search for your tax refunds and bank account.

The links they provide you with may direct you to a website which looks exactly like the tax office site, look for anomalies, spelling errors and bogus emails, they can be easily spotted if you know what you are looking for. The bogus websites can also request personal information and your credit card detail information. If you do receive this type of email do not click on any links provided and do delete and block any future emails. However, make a note of the email address you received it from and report it as a potential scam. The authorities will then investigate and hopefully this will prevent others from being duped.checkout their latest updates at http://abcnews.go.com/US/wireStory/20-years-prison-100m-tax-refund-fraud-leader-38231914

What if I have provided all of my details?

If you believe you may have submitted your details to a fake site, then contact your bank or financial institution without delay. Explain what you think has happened; they may send you new account details or just keep watch for any unusual activity on your account. Banks, financial institutions and tax authorities will never ask for verification online of your personal details.

How can I protect myself?

There are many ways to protect you from tax refund identity theft and online fraud.

• If you receive unsolicited emails claiming to be from the tax authorities or banks, take a note of the email address which sent it, the date and time, delete the document and report it.

• If you are unsure if the email sent to you is a legitimate request, contact the organization from their regulated website, not from the details given via the email or phone. Search the internet and find the details for the tax authority or bank yourself or use the contact details from any official letters or documentation you have from them.

• Don’t open any email attachments or open any links and definitely don’t reply to these emails. If you do, it may download a virus onto your computer.

Tax Refund

• Most importantly never send your financial details over the email or give them over the phone, keep your credit card and banking details safe – con artists can commit identity fraud and steal your tax refunds and your money if you allow them access to this information.

Be vigilant, if you are unsure that someone is asking you for information which they shouldn’t be, take the details and report it to your local authority, that way you will never fall prey to people trying to steal your hard earned cash.

Tax Preparation Tips to Get a Larger Income Tax Refund

Tax Preparation Tips

There are many ways to boost your Income Tax Refunds by simply getting organized. Many people lose money when they don’t keep track of their receipts or don’t fill in logbooks at regular intervals. Keep on top of your expenses and expenditures as you go along and you are sure to reap the rewards later.read more detailed information at this article.

How Can I Boost My Tax Refunds?

The first thing to do is claim deductions for expenses you are entitled to claim legally. For example, if you work in IT and had to purchase new computer software – this is job related and could be classified as a legitimate expenditure for business purposes. If you are a landscape gardener or builder and had to purchase a vehicle to get you to and from your appointments you may be able to claim a portion back for gas, vehicle and mileage.

Keep all receipts no matter how small as all of these can be offset against your tax returns and help boost your tax refund. If you don’t have the correct paperwork to back up your claims – don’t guess or just add them in anyway. If the tax authorities decide to audit you and you can’t prove these documents exist, you may be liable for a hefty fine. Also another thing worth mentioning is charitable donations, these can also be claimed as tax deductions so keep all receipts and bank statements pertaining to these too.

How Do I Keep on Top of My Expenses?

There are many ways to keep on top of your expenses, don’t wait until the day before your tax return is due to try and track down hundreds of receipts. A simple filing system can help you. Keep an excel spreadsheet dated by week and month – many templates are available online. Then in a folder of the same name store all receipts and documentation in date order. That way, when tax time comes around you will be so organized and accurate with your tax returns that your refund will be turned around quickly and without question. Once your tax refund has been received, don’t throw away any receipts, keep them in a safe place in case you need them for auditing in the future.

Get some Good Advice

 

Tax Preparation Tips

Tax agents Taxreturn247.com.au can assist you with your tax refund claims and ensuring you log all work related receipts and paperwork. Letting someone else assist you can save you time, stress and money. They keep on top of things for you, ensuring you haven’t missed out on any expenses you should be claiming for, these professionals know the tax laws inside out and can ensure your tax refund is exactly what it should be. They will also check any tax returns for discrepancies and errors, another bonus – any fees charged by your tax advisor or accountant are fully deductible on next year’s tax return!learn more detailed information at http://www.itv.com/news/2016-04-07/the-camerons-could-not-have-avoided-income-tax-through-blairmore/

All of these tips will boost your tax refund, and the key is organization – if you have everything under control from the very start – filing your tax return and achieving the tax refund you deserve will be plain sailing.

How to Expedite a Tax Refund

Expedite a Tax Refund

Many of us overpay tax throughout the year. The good news is, if you complete your tax returns and lodge them on time, your local tax office will issue you with a notice of assessment. This will let you know if you are entitled to a refund for the year in question or if you have a debt of tax to pay.visit her latest post at http://www.allmomshops.com/bankruptcy-and-tax-refunds-5-things-to-know/

How long does it take?

If you filed your tax returns online your assessment notice will be sent to your inbox, you will receive an email or SMS to inform you that is has been sent so you don’t miss it. Realistically, most tax refunds are issued within 12-14 business days, if you lodged your return online. For paper tax returns your tax refunds can take up to 50 business days. Enclose your bank account details when you first file your tax return, this can speed up the process as any refunds will be paid directly into your bank account, there is no need to wait for a check and no delays while it clears in your bank.

What if it is delayed?

Occasionally delays do occur, this could be for a variety of reasons. Some of the most common being:

• You have previously lodged tax returns either on their own or for the current year.
In this case it will take the tax authorities longer to verify as they will have to check all of your returns to ensure they are correct.

• If you currently have an outstanding debt with the tax authorities, you may not receive your tax refund – it may be used to offset any outstanding debts.read more information straight from the source.

• You have a debt with another government agency for example child support – the tax authorities will check the information and if there is an outstanding debt, your tax refund could be used to settle this debt.

What if I made a mistake when I filled out my tax return?

The beauty of filing your tax returns online is that you have the option to log into your account and amend it by using your username and dedicated password. The speed of requesting your amendment online depends on how you originally lodged your return. If you lodged directly via the tax authority website, you can usually log in and correct any errors straight away. If you filed your tax returns via a tax agent such as Taxreturn247.com.au you still should be able to amend your forms online within a few days of lodging.

Expedite a Tax Refund

 

If you don’t have access to a computer or your tax returns were filed using the paper method, you can write to your tax authority and request an amendment of income tax return form. Once received, complete and fax or post to the relevant authority with any attachment requirements. You will need to explain clearly why the error was made on your original tax return and the reason you would like to amendment to take place. The authorities will assess your claim and hopefully your tax refund will be on the way to you shortly afterwards.

Bankruptcy and Tax Refunds – 5 Things to Know

Bankruptcy and Tax Refunds

The realization that you may have to declare yourself bankrupt can be scary, but if you know where you stand from the beginning it can take some pressure off. There are a few things you need to know before filing for bankruptcy, like how it will affect your accounts and tax refunds, for example.

Get some advice

If you have many creditors approaching you and pressurizing for payment, bankruptcy may seem like an attractive option, if you can avoid it though, do. It stays on your credit history for some years and can in some cases become a permanent blemish on your records. Before taking the route of bankruptcy speak with your creditors, you may be able to reach an agreement which allows you longer to repay your debt, or they may reduce your payment amount for several months while you get back on your feet.

Bankruptcy is my only option. What next?

• Speak with your bank or financial institution, if you have funds in an account and you also owe them some money your bank or credit union retain the rights to keep the amount in your account to repay your debt. All funds you have from your date of declaring yourself bankrupt become the trustees.

• They may allow you to open new accounts, or keep your existing account as long as they wish to retain you as a customer. Speak with them and explain your situation, if you don’t have debts with them and they are aware of your bankruptcy, they may change you to a more basic bank account with no reserve, this will allow you to start rebuilding your credit without getting into further debt.for more details, visit http://www.chicagotribune.com/business/ct-personal-finance-ways-millennials-can-fatten-their-tax-refunds-20160406-story.html

What about my Tax Refunds?

• There are many aspects to take into consideration, for example if your after tax income exceeds a specific figure, you will have to pay the contributions to your trustee from your income. If you don’t earn enough to be able to action these, you can make low income contributions voluntarily.

• If you have a debt due to your local tax office, they have the authority to keep any tax refunds. If they do not keep them they now belong to the trustee. Any tax refunds which are due to you after your bankruptcy date are treated as income for the purposes of contributions.

Bankruptcy and Tax Refunds

• Also any superannuation payments received prior to the date of bankruptcy become the property of the trustees on the date you declared yourself bankrupt. Regarding superannuation payments received after the date of bankruptcy – you may be entitled to keep them but they could be subject to certain criteria or limits.

If you find yourself in this situation, don’t ignore it. If you are put in a position where you have to file for bankruptcy and need assistance with tax refunds and tax returns, contact Taxreturn247.com.au they are able to assist with all of your questions and will advise on the best way to proceed with your local tax authorities.