Mr Taxman in Balcombe, Victoria, Australia | Tax preparation service

Mr Taxman

Locality: Balcombe, Victoria, Australia

Phone: +61 418 210 599

Address: 3 Bannie Lane, Mt Martha 3934 Balcombe, VIC, Australia

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

Likes: 2423

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• Business service
• Tax preparation service
• Accountant

25.01.2022 Worked from home? Dont claim the 80 cents per hour shortcut method. I have done quite a few 2019/20 tax returns already this past week & can confirm my previous thoughts that the 80c method is inadequate. You would be better claiming 52c per hour PLUS all your running costs including computer consumables and equipment, internet, mobile phone, stationery, etc.

25.01.2022 Principal of Mr Taxman Adrian Raftery said those who made one or multiple purchases under the threshold should remember the immediate reduction is for the business portion of the financial outlay. He said individuals should be aware the scheme was not aimed at them. The instant asset write-off is only available to eligible businesses and unfortunately not eligible for individual employees who have been working from home during COVID-19, Mr Raftery said. For individuals, a...ny asset over $300 needs to be depreciated over a number of years. And the depreciation is pro-rated which means if you buy a laptop for work for say $1100 on June 29, you will only be able to claim $1 in your 2019/20 tax return. https://www.dailytelegraph.com.au//87d31dae912d4b335824334

23.01.2022 For those eligible Victorian businesses, there has been an expansion to the Business Victoria Support grants to assist with the latest lockdown. https://www.business.vic.gov.au//bus/business-support-fund

23.01.2022 This useless deduction - the 80c per hour shortcut method for home office expenses - has been extended to 30 September. You will be better off claiming 52c per hour for electricity use PLUS also be able to claim for your internet and phone usage, computer equipment and consumables, printers, stationery, etc etc. https://ministers.treasury.gov.au//extension-simplified-wo

23.01.2022 DOES THE ATO SAY YOU HAVE TAX RETURNS OUTSTANDING FROM 15-20 YEARS AGO? In the past few weeks I have seen a rise in clients having a heap of old outstanding tax returns appear on the Australian Taxation Office Portal. This has followed an update of their systems over the past few months. If you have noticed this then please do not ignore even if you know that you didnt earn income that year. If you need some help then I am happy to help and work with the ATO who have been e...xtremely helpful for a number of clients to date. I was able to get copies of past PAYG Payment Summaries lodges by employers from their systems and got back $871 for one client for his 2002/03 return. I also did 21 years worth of returns recently for one client and he got back $10k but my record is $74k for 33 years worth of returns for someone!

22.01.2022 JOBKEEPER EXTENSION I expect that alot of businesses currently on JobKeeper will not qualify for the extension ... effectively gone from 1 bad month where turnover has declined by at least 30% ... to 2 quarters of sustained fall (and then 3 quarters from January). "From 28 September 2020, businesses and not-for-profits will be required to reassess their eligibility with reference to their actual GST turnover in the June and September quarters 2020. They will need to demons...trate that they have met the relevant decline in turnover test in both of those quarters to be eligible for the JobKeeper Payment from 28 September 2020 to 3 January 2021." "From 4 January 2021, businesses and not-for-profits will need to further reassess their turnover to be eligible for the JobKeeper Payment. They will need to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in each of the June, September and December quarters 2020 to remain eligible for the JobKeeper Payment from 4 January 2021 to 28 March 2021." https://treasury.gov.au/coronavirus/jobkeeper/extension

22.01.2022 DOING YOUR TAX THIS WEEKEND? Make sure you download my e-Book (or purchase a hard copy). You could be losing out if you don't. The cost - just $15.42!! - pays for itself ... its even tax deductible! You would pay more for a round at the pub! https://www.amazon.com.au//B0892W5RC2/ref=tmm_kin_swatch_0

21.01.2022 FYI, Facebook have applications open for grants for small businesses in Australia. If you have between 2-50 employees and been affected by COVID19 then I would encourage your small business to apply. https://www.facebook.com/business/boost/grants

18.01.2022 In episode 50 of the Mind Your Own Retirement podcast, Deeksie and Kaye get back together to talk money, health and travel for those in retirement or planning it. First up, author and accountant Dr Adrian Raftery, a.k.a. Mr Taxman, shares updates on ways retirees can maximise their tax returns as the end of the financial year beckons. Learn more about the minimums and maximums of the pension drawdown, visit the Mr Taxman website, or follow Mr TaxMan on Facebook and Twitte...r. Or look for his new book 101 Ways to Save Money on Your Tax Legally https://www.yourlifechoices.com.au/mind-your-own-retirement

18.01.2022 Applications for the third round of the Business Support Fund is now available for eligible Victorian businesses. https://www.business.vic.gov.au//b/business-support-fund-3

18.01.2022 The new financial year is here and with it comes the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having teeth pulled, but the rewards can be great. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax Legally! shares seven common mistakes to avoid when doing your tax this year. https://www.yourlifechoices.com.au//deadly-tax-sins-the-at

18.01.2022 "Invariably from experience, if you've worked two jobs, there will still be a shortfall on tax that you will have to pay at year end," says Mr Taxman Adrian Raftery. "If the marginal tax rate is 39c in dollar including the Medicare levy, you have to make sure that at least 39% tax has been deducted on your second job's salary, in general ,if you look at tax rate tables by ATO, it's not quite at that mark." https://www.moneymag.com.au/second-job-tax-free-threshold

17.01.2022 With most of the economy showing signs of weakness in the face of COVID-19, one consequence of a slowing economy is that more people are likely to experience redundancy, says Dr Adrian Raftery. Redundancy is a stressful event, but if it happens to you, there are ways in which its impact can be reduced. https://www.havenmagazine.com.au/how-to-cope-with-redundan/... Haven Hub

16.01.2022 Adrian Raftery, tax expert, adds the instant asset write-off provides only a fraction back in tax. For example, a $100,000 outlay for new machinery will ... A few comments by myself in today's Financial Review following Tuesday night's budget. https://www.afr.com//how-the-budget-can-grow-your-small-bu

16.01.2022 Mr Tax Man Adrian Raftery notes the shortcut method has limitations. You could be short-changing yourself with the shortcut method if youre spending more than $32 per week on work-related expenses, based on working a 40-hour week, when you take into account all your costs. While it seems so long ago now, dont forget there is also substantial tax reporting relief available for those affected by bushfires and other disasters, with more time to lodge your return and pay yo...ur tax. If you cant commit to tax deadlines, its really important to communicate with the tax office as soon as you can. They will be surprisingly sympathetic. The ATOs empathy has changed from a few decades ago, he adds. Raftery says people affected by the fires may also have an issue with damaged or destroyed tax records. Try to reconstruct them as best you can. Technology makes this easier. But if substantiation is impossible, the ATO may waive its motto of no receipt, no deduction if it is not reasonably possible to obtain the original. https://www.domain.com.au//how-to-maximise-your-tax-dedu/

15.01.2022 Pretty cool seeing the "#1 Best Seller" tag beside my book with a website such as Amazon. Also cool knowing that across all books in all categories that it's currently ranked 118th by Amazon! I am not sure how many books they are selling but I know they have at least 1,865,163. Have you bought your copy yet? Just $15.27 via Kindle or $19 for the paperback.... https://www.amazon.com.au/101-Ways-Save-Money//ref=sr_1_1

15.01.2022 JOBKEEPER 1.0 NOW OPEN FOR JULY 2020 CLAIM With the start of the new month, just a reminder for businesses who are claiming JobKeeper 1.0 that they can claim Fortnights 7 & 8 (ie July 2020) from today. Also note that August has 3 "JobKeeper Fortnights" - fortnights 9, 10 & 11 - so ensure that you pay your staff the equivalent minimum for August.

14.01.2022 Tax-efficient estate planning can help align the best interests of the will-maker and beneficiary by avoiding tax traps and ensuring assets are distributed fairly across different generations of family and friends. But only 55 per cent of Australians are believed to have written a will and even fewer have developed a comprehensive estate plan, says tax expert Adrian Raftery. "From a personal loved ones' perspective let alone a tax one I find this absolutely staggering," R...aftery says. A few comments with Duncan Hughes in this weekends The Australian Financial Review https://www.afr.com//wealth-transfer-how-to-beat-tax-traps

13.01.2022 Mr Taxman Adrian Raftery says you can use your early release super to put towards a house. You can do just about anything with it, except putting it straight back into your super and getting a tax deduction for it. Raftery says couples could withdraw as much as $40,000 from their super to put towards a house. This could mean you may not need to pay up to $15,000 in lenders mortgage insurance, he says. Some couples could be up to $100,000 closer to having their first h...ome than they were at the start of the year, thanks to government concessions such as the first-home saver scheme, stamp duty exemption and HomeBuilder. A word of caution, though. You would have had to have been financially affected during COVID-19 through job loss or a reduction in hours to get access to early release super. So you may not want to make such a huge financial commitment at this time by buying a house. https://www.domain.com.au//can-you-access-your-superannua/

13.01.2022 Raftery doesn't think the 80c per hour shortcut is adequate. Across 18 weeks at 40 hours a week that is just $576. "I would be almost certain that if you add up the work-related portion of your home internet, phone calls, electricity (especially in the cooler months), stationery, printer cartridges and other computer consumables and new equipment that you have purchased, such as webcams for Zoom meetings and headphones to keep the noise down, it would be more," he says. "Even... new desks and chairs are being purchased because people are complaining of sore backs from working too much at the dining room table. "Just as you have two methods to claim car expenses (68c per kilometre versus a logbook), there will be some large differentials between the three methods to claim home office expenses. "I really think the 80c an hour will be the lazy method and there will be plenty of legitimate deductions left off tax returns for those who will be lazy with their record-keeping." https://www.moneymag.com.au/fight-every-dollar-tax-refund

12.01.2022 "Historically during economic downturns, the holiday areas suffer the most, although that may change as people have realised in this COVID environment that they could easily work anywhere in the world due to modern technology," said tax expert Adrian Raftery. A few comments with Nila Sweeney in today's Australian Financial Review https://www.afr.com//city-buyers-snap-up-holiday-homes-as-

12.01.2022 I hope you enjoy my opinion piece in the ifa magazine about the tricky word games that advisers are electing to play (or not play). https://www.ifa.com.au/opinion/28606-independent-what

12.01.2022 NEED QUICK CASH? LODGE YOUR 2020 TAX RETURN Its tough for us in Melbourne right now & I know that many people will be struggling for cash ... a potential quick solution for some money will be lodging your 2019/20 return sooner rather than later. If you need help with your getting your return lodged then drop us a line [email protected] or call 1800TAXMAN - we will help out ASAP & get your refund into your bank account as quick as possible. COVID-safe practice with all returns done remotely.

09.01.2022 Being quoted on an article with a Simpsons meme is just one step away from having Mr Taxman in a Simpsons meme. https://www.pedestrian.tv//getting-the-most-money-out-of-/

06.01.2022 Fun tax segment on The Today Show this morning talking about some of the tax changes coming into effect from 1 July. Couldnt get through all of them in a short 2 minute segment but they are all in my book! #IWakeUpWithToday

06.01.2022 I'm on @reddit today 12pm AEST doing an AMA (Ask Me Anything) in r/AusFinance https://www.reddit.com//i_am_adrian_raftery_author_accoun/ #tax #finance #superannuation #fundraising #sport #reddit #AusFinance

06.01.2022 Metropolitan Melbourne businesses can register their interest for $5k Vic Govt Business Grants following the new #COVID19Vic lockdown here https://www.business.vic.gov.au//expanded-business-support

06.01.2022 Here is my tax segment this morning on Today.

06.01.2022 "I think there are a lot of people struggling right now during this economic crisis and the last thing they need is a 2.5% hike on their food bill," said Dr Raftery. Do you agree with me? https://www.savings.com.au//if-gst-gets-raised-to-12-5-sho

04.01.2022 https://www.mrtaxman.com.au/blog/need-help-with-your-tax

04.01.2022 Before jumping in and spending money with big returns in sight, understand where your income sits in terms of tax thresholds. The key is to not spend purely to get a tax deduction, Dr Raftery said. There are many savvy and desperate retailers who catch so many people at this time of the year to spend money purely to get a tax deduction.... https://www.dailytelegraph.com.au//0b148c360d81dbd60b5ab02

03.01.2022 Chartered accountant and Mr Taxman founder Adrian Raftery said the ATO usually clawed back more than $1bn annually through audit investigations. https://www.geelongadvertiser.com.au//207ffb6686cdc1ea8882

03.01.2022 Started doing 2019/20 returns and every one has been held up by private health funds yet to submit the annual tax statement with the ATO AHM and Defence Health available now. Navy Health, BUPA and NIB expected 6 July 2020 HCF expected 7 July 2020... Teachers Health expected 8 July 2020 St Lukes Health expected 13 July 2020 WestFund and CBHS expected 14 July 2020 GU Health and Medibank expected 15 July 2020 Australian Unity and Frank Health expected 20 July 2020 Its frustrating for me so I can only imagine how annoyed people who are desperate for their refund are.

02.01.2022 JOBKEEPER 1.0 Just a reminder that its the start of a new month so make sure that you log into the ATO Business Portal & claim the final two fortnights of JobKeeper 1.0 for your business. Note that you need to submit your September 2020 BAS in order to start the process for applying for the extension to JobKeeper 2.1. (Tip: make sure you don't include any JobKeeper payments in G1 in your BAS)

02.01.2022 Mr Taxman principal Dr Adrian Raftery agreed. He said one of the few positives to come out of the pandemic will be greater relief at tax time for as many as 30 per cent of Australians. But this wont be the case for everyone: Raftery said there will be a group who will have a higher bill or smaller refund as theyre unable to claim as much on car and travel expenses. Similarly, taxpayers who made capital gains in the first seven months of the year or the last two months of ...the financial year may also see a smaller return. People forget that the market reached record highs in January this year so they could have sold for a nice profit in the first seven months this year. There will also be some who bought at the depths of the stock market correction in March and again have made some nice gains from the buyback, Raftery said. https://au.finance.yahoo.com//tax-time-2020-will-your-retu

01.01.2022 A tax expert, Adrian Raftery, said some victims who had earned over the tax-free threshold could end up with a tax debt after amending their past years returns. Its not a good scenario, he said. Hopefully it wont impact too many, but Im certain there will be a pocket that will have a tax liability. https://www.theguardian.com//centrelink-robodebt-victims-c