KC Tax Solutions in Melbourne, Victoria, Australia | Accountant

KC Tax Solutions

Locality: Melbourne, Victoria, Australia

Phone: +61 478 923 412

Address: Greensborough 3088 Melbourne, VIC, Australia

Website: http://www.kcts.com.au

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25.01.2022 HIGH WORK RELATED DEDUCTIONS ON THE ATO RADAR The Australian Taxation Office (ATO) has issued a warning that it will be paying extra attention to people claiming higher than expected deductions during tax time this year. The ATO’s ability to evaluate work-related expense claims has become more sophisticated due to enhancements in technology and the extensive use of data analysis. To assist taxpayers making claims for work-related expenses, the ATO has a series of occupation g...uides and other general advice available on its website to help people in specific industries understand and correctly claim the expenses they may be entitled to. The ATO has stated that there are three golden rules you must consider before making a work-related expense claim: 1) you must have spent the money yourself and not been reimbursed 2) it must be directly related to earning your income 3) you must have a record to prove it. If you have a question about a particular deduction or expense you’d like to claim, please contact KC Tax Solutions on 0478923412 or email us at [email protected] You’ll get expert advice to ensure you get the best refund possible while also ensuring your return is lodged correctly.

25.01.2022 Further 'affordable housing' measures passed - Super Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation.... From 1 July 2018, a first home buyer will be able to withdraw voluntary superannuation contributions they have made since 1 July 2017 (up to $30,000 each, with individuals being able to contribute up to $15,000 a year within existing caps), along with a deemed rate of earnings, to help buy their home. Also, from 1 July 2018, when Australians aged 65 and over sell a home they have owned for at least 10 years, they may contribute up to $300,000 from the proceeds into their superannuation accounts, over and above existing contribution restrictions. Both members of a couple may take advantage of this measure, together contributing up to $600,000 from the proceeds of the sale into superannuation.

23.01.2022 INACTIVE ABNS WILL BE CANCELLED BY THE ATO The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled if they:... have told the ATO they stopped their business activity; declared no business income in the last two years; or have not lodged a BAS or an income tax return in more than two years. To avoid cancellation, the ATO has reminded taxpayers that they need to bring their lodgments up to date, and have reminded sole traders that, regardless of their income, they need to lodge the individual tax return with the supplementary section, as well as the business and professional items schedule.

23.01.2022 If you are not registered with a Tax agent then today is the last day to lodge your tax return. From tomorrow late lodgements may be penalised. Contact us today on 0478923412 or send us an email at [email protected] and get registered with us.

22.01.2022 Coronavirus Australia: JobKeeper could wrap up early https://www.news.com.au///bf4be26465bf7376829c39eed64daf91

21.01.2022 Reminder that if you are self lodger then you need to lodge your tax return by 31 October 2017 otherwise you could face financial penalties and even interest charges from the ATO. This table shows typical fines the ATO can impose on you for lodging after the tax deadline: Late Lodgement Penalty... 1 - 28 days $180 29 - 56 days $360 57 - 84 days $540 85 - 112 days $720 113+ days $900 To be eligible for a tax deadline extension, you must be registered with a tax agent like KC Tax Solutions and you must do that before the 31 October 2017 tax deadline. Contact us on 0478923412 or send us an email at [email protected]

20.01.2022 Australian Labor Party Policies for 2019 Federal Election * Removal of imputation credit refunds * 49% Top margarine tax rate for people earning more than $180,000 * 30% minimum tax rate in discretionary trust for adult beneficiaries * Negative gearing restrictions for real estate investments... * 50% CGT discount to be reduced to 25% * Required disclosure of residency or citizenship to ATO Detailed information - https://www.charteredaccountantsanz.com//Australian-Labor- Please contact our office if you would like to discuss or understand how it may affect you or your business.

18.01.2022 Small Business emerges winners in 2017 Federal Budget https://www.steadfast.com.au//federal-budget-and-small-bus

18.01.2022 Sending heartfelt Diwali wishes to all our dearest clients and readers. We wish that our association gets stronger with time and together we enjoy new heights of success. Shubh Deepavali!!!

17.01.2022 Latest update on Jobkeeper -

15.01.2022 ATO ramps up warnings about audits and potential big fines for dodgy tax return claims Key points: Each year, the ATO contacts around 2 million taxpayers about their returns... This year, cross-matching analytics will be used again to identify tax cheats or people who make innocent mistakes The president of the Tax Institute said anyone caught up in an ATO audit should be wary Source - https://www.google.com.au/a/amp.abc.net.au/article/11552238

15.01.2022 ATO creates specialist task force to tackle cryptocurrency tax evasion! https://www.google.com.au//ato-creates-specialist-task-for

14.01.2022 Vacant Land - Deductions denied People who own vacant blocks of land will no longer be able to claim tax deductions against them from July next year. The restriction won't apply to any expenses incurred after construction begins on the vacant block or any land being used by owners to carry out business, such as farmers' crops.... The Government estimates this will save the budget $50 million over the forward estimates. The measure will take effect from 1 July 2019, although the announcement doesn’t make clear if pre-July 2019 borrowing arrangements are grand-fathered.

14.01.2022 Tax time has arrived!! The team at KC Tax Solutions would like to wish you all the best as we begin another journey of challenges, victories, lessons and changes in the fiscal calendar of 2017/2018. Whilst in pursuit of achieving our mission and continuing to deliver absolute peace of mind to our customers, KC Tax Solutions has successfully crossed 2016/2017 financial year. Talk to us about your tax compliance requirements and beat the rush. Lot of tax charges are meant to h...it in 2017/18 FY. For appointments call us on 0478923412 or email us at [email protected]

14.01.2022 https://www.google.com.au//85a92deb7686103a66db346d5e8e271e

11.01.2022 KC Tax Solutions has been ranked 8th most popular taxation services in Melbourne’s Northern suburbs. Thanks everyone for your continuous trust in our business.

10.01.2022 ATO is coming hard - with the tax return season fast approaching ATO is planning to crackdown on dodgy claims and cash payments. ATO has increased scrutiny and checks through its data matching technology. If you are making a legitimate claim, you really have nothing to worry about as long as you've kept some records to show ATO how you can justify your claim. Remember everyone needs to pay their fair share for a better tomorrow.

10.01.2022 It’s important to declare all income earned in your tax returns and be aware of whose name it should be declared in. If you suspect you’ve left income out and you could be caught out, it’s better to do something about that now rather than wait! https://www.smh.com.au//be-scrupulous-with-ato-or-be-snare

05.01.2022 Taxpayers beware, scammers are spoofing now! In the months of December, January and February, there were 61,311 total scam reports with 486 taxpayers who paid $1,296,307 to scammers. https://www.google.com.au/url

05.01.2022 What the Australian government’s $17bn coronavirus stimulus package means for you.. https://www.google.com.au//what-australian-governments-cor

04.01.2022 Beware the ATO is watching you! Over the last few years the Australian Tax Office has been steadily increasing the amount of data matching information they use to check if taxpayers are declaring all of their income and gains. Recently taxpayer was audited and she couldn’t explain where she got the money to pay her expenses. For example, in the 2015 income year, the taxpayer had declared income of $61,842, but the ATO’s analysis of her bank accounts, records of international ...money transfers, and casino data suggested she had spent $107,328. In cases like this, the ATO effectively makes an "informed guess" as to the taxpayer’s income and provide the amended assessment. If you can demonstrate that ATO assessment is excessive then KC Tax Solutions can assist in lodging the objection. Contact us on 0478923412 or drop us an email at [email protected] See more

03.01.2022 GREAT NEWS IF YOU ARE A PROPERTY INVESTOR BUT NOT SO GOOD IF FIRST HOME BUYER. Australian investors are expected to storm back into the market after APRA announced to scrap housing investor loan cap - interest rate may soften and likely stop predicted drop in house prices. http://www.news.com.au//n/99ad12d19d1ce661934fec6772dadcea