Taxbysam in Gold Coast, Queensland | Accountant

Taxbysam

Locality: Gold Coast, Queensland

Phone: +61 433 470 594

Address: 12 COMMODORE DRIVE 4217 Gold Coast, QLD, Australia

Website: http://Taxbysam.cf

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• Business service
• Tax preparation service
• Accountant
• Business consultant

25.01.2022 visit my website at Taxbysam.cf....and let me know how you like it

25.01.2022 As always, you can only claim on devices that are directly related to earning your income You can claim the full cost of a device under $300 AUD You can claim for the depreciation on devices over $300 AUD

25.01.2022 What is a ‘tax offset’? Generally speaking, a tax offset can reduce your tax bill, but doesn’t lessen taxable income, just the tax owing on it. So a tax offset can reduce tax to zero in theory, but will never in itself result in a refund. And since receiving an offset can make you liable for less tax, you can earn more income before paying any tax (and the Medicare levy)

25.01.2022 Reduce your tax bill with offsets - Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income.

24.01.2022 You dont have to come and see me i do all tax returns online. Visit my website. www.taxbysam.cf

23.01.2022 Reduction in company tax rate From 1 July 2015 a new two-tier company tax system took effect and applies to all companies. With this the Government plans to cut company taxes by approximately $1 billion over the next four years to provide incorporated small business with much needed tax relief. New company registrations in the last financial year were the highest on record and this measure will help all new and existing small companies grow and prosper. Up to 780,000 incorpo...rated small businesses will be eligible for a tax cut as a result of this initiative. Reducing the rate of company tax will improve the cash flow of incorporated small business and increase their capacity to engage in the economy. The current maximum franking credit rate for a company distribution will remain unchanged at 30 per cent for all companies, maintaining the existing arrangements for investors. This new two-tier company tax system sees a company’s taxable income subject to the following rates: 28.5% if the company’s aggregated turnover is below a $2 million threshold (i.e. a small business entity) 30% if the company’s aggregated turnover is equal to or above a $2 million threshold. This new rate will see small businesses face their lowest company tax rate since 1967. See more

22.01.2022 Free Tax Lodgement - Now on Fee from Refund only

20.01.2022 Beware of illegal individuals preparing your tax returns and lodging it with ATO. This includes people using the ATO program and not having their own software. It is easy to spot these individuals: 1) they offer huge refund amounts 2) Do not work as a full-time tax accountant 3) Use the mytax website of the ATO... In the end you declare to the ATO that all information is true (for example, the deductions) and digitally sign it. This makes you legally liable and potentially facing huge fines from the ATO. See more

20.01.2022 HECS debt recovery to commence for overseas Australians The government has announced that from 1 July 2017 Australians who have moved overseas for more than six months will be required to repay the same amount of their HECS debt as they would if they were residing in Australia. The government will introduce legislation that requires all Australian graduates living overseas to start making HECS payments based on their income in the 2016-17 tax year if they earn above the thres...hold of $53,000. Under the current system Australian’s residing overseas are able to make voluntary HECS repayments to the Australian Taxation Office (ATO) but are not under any legal obligation to do so. For the first time ever, Australians who have moved overseas for more than six months will be required to pay back the same amount of their HECS debt as they would if they were residing in Australia from July 2017. The Minister for Education and Training, Christopher Pyne stated that Currently, because graduates living overseas don’t have to lodge an Australian tax return, there is no way to know if they are earning above the threshold that triggers HECS repayments and many get off scott-free. Others come back to a debt that has been accruing interest at CPI rates while they are away. There is no good reason why someone working as a banker in London or New York and earning over the threshold shouldn’t pay back what they owe Australia. Mr Pyne went on to say that the change is fair for the individual and the taxpayer and expected to improve Australia’s balance sheet by more than $140 million over the next ten years. See more

15.01.2022 Claimable vehicle and travel expenses include: Depreciation of your vehicle Registration of your vehicle Insuring your vehicle... Costs of running your car such as fuel, oil and servicing See more

15.01.2022 Tax Refunds 101 Easy Ways to Get a Better Tax Refund from the ATO Here are five simple tips that everyone should use to ensure they maximise their tax refund:... Going direct to the ATO using their MyTax or e-Tax software is often not the best way to maximise your tax refund. If it was I would not be in business. It pays to get specialist advice. You don't have to pay for my fees as they are deductible and paid fro by the ATO. 1. Claim deductions for everything you are entitled to claim The simplest way to increase your tax refund: Claim a deduction for every expense you are legally entitled to claim. If you are required to pay for anything that relates to your work, keep the receipt. If you aren’t sure whether you can claim a certain item, keep your receipt anyway I will advise you if you’ve claimed everything correctly. Don’t go overboard: You can only claim legitimate items that you have receipts for. ‘Made-up claims’ or ‘generous guesses’ lead to ATO reassessments, audits and surprising tax bills arriving from the ATO. There are honest ways to boost your refund and that’s what your tax agent will help you with. 2. Keep good records Each year during tax time, many of our clients tell us that they spent countless hours tracking down receipts from across the past 12 months. Those people wasted hours of their time and they probably missed-out on hundreds or even thousands of dollars in their tax refund! People who lose money at tax time... aren’t organised, don’t keep track of receipts or don’t fill in car logbooks regularly. If that sounds like you you might be missing out on vital deductions that can boost your tax refund. 3. Get the advice of professional accountants Over 70% of Australians use a tax agent’s services like mine with good reason! Using an accountant to help with your tax return will not only save you time and stress it will also ensure that you get a better tax refund. Apart from checking your return for errors and accuracy, an accountant can also find extra deductions or tax offsets that you weren’t even aware of. And the best part any fees your accountant charges for your tax return are fully deductible on your following year’s tax return. 4. Don’t forget the small stuff! A $10 donation to charity or a $5 textbook might not seem like much at the time, but each of these small purchases across twelve months can add up to hundreds of dollars all money that you can claim as deductions on your tax return. Whenever you buy anything related to your work, no matter how small it is, keep the receipt. Keeping track of the small stuff is a sure fire way to ensure you receive the best possible tax refund. So , call me, you have nothing to loose Sam

15.01.2022 Low income tax offset - You may be eligible for a tax offset if you are a low-income earner and you are an Australian resident for income tax purposes.

12.01.2022 Will I be penalised by the ATO for late lodgement of my tax return? For a late tax return the answer depends on whether there is an income tax liability for the relevant financial year. If there is no tax liability then generally (but not always) we can apply to have any penalty remitted by the ATO. In most cases, I can negotiate a waiver , however the longer you leave it and the more years that are overdue the harder it can be to get a full remission of penalties.

11.01.2022 Receipts for tax purposes - The ATO generally instructs that you keep all relevant records for five years from the time your tax return is lodged, in case you’re asked to provide them. This is uncommon however, because Australians can claim undocumented expenses up to $300. You are only required to substantiate claims $300 or more with written proof.

07.01.2022 Working from home? Don’t count yourself out There are many, many ways you can claim work related expenses, fortunately, this also includes working from home. If you’re running a business from home (full-time or part-time) that requires you to use computers, phones and other electronic devices, you could be eligible for to claim deductions on certain costs.

04.01.2022 The Government has proposed a 10-year program of business tax cuts, beginning with a cut to a 27.5 per cent rate for companies with an annual turnover of less than $2 million. If the plan is implemented, the rate for all companies will fall to 25 per cent by 2026-27. Labor says it will support the initial cut for small businesses with turnovers less than $2 million, but opposes the rest of the tax cuts, which it describes as a "massive tax cut to big multinationals" and "big end of town winners". Prime Minister Malcolm Turnbull says that Bill Shorten and Labor previously supported corporate tax cuts using the same arguments the Government uses today. ABC Fact Check investigates.

03.01.2022 Taxation and Accounting Services include: Tax Return & Financial Statement preparation for: Individuals / Sole Traders Partnerships... Trusts Companies Self Managed Super Funds Accounting and Taxation Advice Business Start-up Advice Company and Trust Setups

03.01.2022 An accountant can find extra deductions or tax offsets that is unusual for a normal person to be aware of.

01.01.2022 When is the tax lodge deadline this year? - For the financial year ending 30 June, you have four months before the 31 October due date to lodge your tax returns if you’re doing it yourself. If you plan to lodge via a tax agent, you’ll still have to contact them by the same date if you’re doing this for the first time. Tax agents have their own deadlines so it would be a good idea to check with them.