TAX TIME MYTHS DEBUNKED
- I plan to use an agent this year so the deadline doesn’t matter: If you used a registered agent, you need to be on their books by 31 October, regardless of the deadline. If you register with an agent after the 31 October deadline, your lodgement will still be considered overdue and penalties may apply.
- I didn’t earn any money through my business this year, so I don’t need to declare: Even if you had a nil or negative income from your business, you’re still required to declare this to the ATO.
- I’m on Centrelink benefits so I don’t have to lodge a return: If you’re a Centrelink beneficiary, you are still required to lodge tax return for the purpose of calculating your Centrelink benefits.
- I earned less than the tax-free threshold of $18,200, therefore I don’t need to lodge a tax return: A lot of taxpayers get confused between paying no tax and actually doing their tax return. If you earn under $18,200 and didn’t pay any tax during the year, you can still declare your income to the ATO. This is done through a non-lodgement advice form and lets ATO know that you don’t need to lodge a return. If you earned under $18,200 and you DID pay tax (even if it was only $1), then you’re required to lodge a return even if you don’t want your excess tax payment refunded.
- I’m retired and not required to lodge anymore: Regardless of your age and working status, you have to lodge if you have received taxable income over the threshold.
Contact Expert Tax on 0404 667 909 or 1300 8 MY TAX (1300 869 829) for further assistance.
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September 2018 Quarter BAS Reminder
Attention – Uber & Taxi Drivers and Business Owners registered for GST
It is BAS time!
September 2018 Business Activity Statement (BAS) is due by 29th October 2018.
The September 2018 quarter BAS covers the months of July, August and September 2018.
Please note failure to lodge on time penalty may apply if BAS returns are not lodged by the due date.
Call us on 0449 952 855 or 1300 8 MY TAX (1300 869 829) to book an appointment for lodgment of your BAS Return.
You can also get in touch with us by sending your query via our website – www.expert-tax.com.au or email us at firstname.lastname@example.org to book an appointment.
If you’re an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income in your income tax return.
Foreign income includes:
• Foreign pensions and annuities
• Foreign employment income
• Foreign investment income
• Foreign business income
• Capital gains on overseas assets.
As your foreign income may also be taxed in the source country, it is potentially subject to double taxation. To overcome this, Australia has a system of credits and exemptions and has signed tax treaties with more than 40 countries, including all our major trade and investment partners. Click HERE to see the list of countries with which Australia has signed a tax treaty.
From September 2018, ATO will be receiving and exchanging financial account information with participating foreign tax authorities to ensure that Australian residents with financial accounts in other countries are complying with Australian tax law. If you have foreign income that you have not disclosed, you may be liable to penalties and interest charges.
If you’re not an Australian resident for tax purposes, you are only taxed on your Australian-sourced income, so you generally don’t need to declare income you receive from outside Australia in your Australian tax return.
Contact Expert Tax on 0449 952 855 or 1300 8 MY TAX for assistance in complying with your tax obligations.