Catch up on Some Bills with Your Tax Refund

Life is full of both expected and unexpected costs! and no matter how much you budget sometimes things can spring up on us at the worst of times. You may find yourself in a position where you need to find the cash to pay for:

  • Car repairs,
  • Insurance,
  • Medical bills,
  • Home repairs.

We understand that this can make you feel a bit stressed financially and so it’s important to get back any money that is owed to you, like your tax refund. Register now and start your online tax return!

Lodging a tax return will mean that you may be able to receive a nice little sum of money in your back pocket.

The best way to find out if you have any money owing to you from the ATO, is to talk to one of the professional tax consultants at Mr Tax Refund. All you need to do to get started is to register!

And if you’re in need of the money ASAP, then we can provide you with fast tax refunds.

For a small fee, this type of service can get you your money faster – in fact, we can organise an optional one-business day refund service!*

That means you can have your car repaired and back on the road in no time, or clear away those dentist bills.

If you would like to lodge an online tax return this year, then contact one of the professionals at Mr Tax Refund for advice and assistance – we can take care of your return for you!

*Optional one-business day refund service is provided by authorised ASIC licenced lenders and subject to approval. Fees and charges apply.

Need Some Help With Your Tax Return This Year?

If you are having a hard time wrapping your head around lodging your tax return in Australia, then why not get in contact with one of the professional tax consultants at Mr Tax Refund?

For a small fee, our tax consultants can sort out your return on your behalf with the Australian Tax Office, meaning that you can spend your time doing better things!

All it takes is a few minutes to register for our services online. After that, you will need to send us some documents such as your payment summary (group certificate), receipts that are work related or self-educated related, medical receipts and if you have private health insurance you will need to send through a statement.

These can be sent via:

  • Email,
  • SMS,
  • Fax,
  • Mail.

Once this has been done, let us do the rest of the hard work. We can organise an over-the-phone appointment that is convenient for you!

Using the services of a tax professional will mean less room for error. Our tax consultants process returns every day, which means that they know what they are doing – so leave it up to the experts to sort it out for you.

If you would like some professional assistance with your tax return this year, register today through our website.

Beat The Winter Blues With Your Tax Refund!

As winter has definitely made its presence known across the country, it can lead to some of us suffering from a bad case of the winter blues!

To help combat this, why not lodge your online tax return to see if you have a nice little surprise waiting for you – surely this will help to kick any nasty winter-related feelings.

All it takes is a few minutes of your time to register and send documents suss out and you can be on your way to enjoying some extra cash in your pocket.

Take a warm winter holiday

During the colder months we all dream of jumping on a plane and heading somewhere warm (Hawaii, perhaps?). However, funds can often be a problem for many of us, limiting where we can travel to.

Would you like to go on a warm winter holiday? Then you may want to lodge your tax return soon!

It’s easy too, all you need to do is register online and send through your tax documents. When this is done we will contact you to arrange an appointment over-the-phone with one of our professional tax consultants. So if you’re thinking about taking a nice trip away with your tax refund go with a tax agent that guarantees your maximum refund possible – Mr Tax Refund.

Do it Online to Save Time

One of the most off putting things about lodging a tax return is thinking of all the time spent finding documents and filling out paperwork.

There are probably a million better things to do than spending a couple of hours filling out forms and manually sending them through.

So, if you would like to access your tax refund but don’t want to waste your time completing your tax return manually, then leave it to the professional tax consultants at Mr Tax Refund!

By having us submit your tax return online, you can be one step closer to receiving your sweet tax refund for the year.

And it doesn’t take long – just register online and you will be able to get started by submitting your Tax Documents. Once we have received these documents we can then organise your appointment over-the-phone with one of our professional tax consultants.

In a hurry?

If you need your tax refund in your account as soon as possible, then we can sort that out for you!

We can organise to have cash transferred to your account within 1 business day of approval (For a small fee) and then you will receive the rest of your refund when it comes through from the ATO.

Would you like to lodge an online tax return this year? Then register online for assistance from a professional tax consultant!

Have You Done an Online Tax Return yet?

Life is full of unexpected costs and they can often crop up at the worst of times! If you’re feeling a little strapped for cash then you may want to ask yourself – Have you kept up to date with your Tax Returns? If you have said no, then it’s time to lodge an online tax return!

If you have been working for a few years and have yet to file your tax returns, then you may be in for a little treat. One of the best things about filing one through Mr Tax Refund is that we can refer you to a fast cash option that can be taken out of your refund.

The way it works is that when you register online – you send through your documents first, we then organise your tax return over-the-phone at a time that is convenient for you. As a registered tax agent we will lodge your return with the Australian Taxation Office once your appointment is complete and you have signed your Tax Agreement!.

If you receive a refund you could enjoy a trip away, treat yourself to something special, catch up on your general bills, car repairs or home renovations!

If you would like to receive the maximum tax refund possible, then registered now to organise your tax return!

Tax Deductions and Your Income

It can be difficult sometimes to wrap your head around tax deductions, so when it comes to processing your tax return it’s best to gain some quality assistance from a tax professional.

In Australia, a deduction is an expense that can be deducted from your taxable income. You may be able to claim any expense that is  work related expenses, investment related or even the cost of managing your tax affairs. Donations to charity are also deductible. By determining what these are can help you to save how much tax you are paying, and many often forget to do it!

Tax Deductible Items

Here is a small list to give you an idea of some of the tax deductible items that you may be able to claim:

Home office expenses – if you work at home, then you may be able to deduct some utility expenses such as heating, lighting, and power. You can also claim items such as stationery, printers and computers.

Repairs – to income producing property or work related equipment.

Some travel expenses  – You are not able to claim travel between workplaces if they are separate employers and travel from your home to your workplace. If your employment has two locations you can claim the travel between the two. You can also claim travel between your workplace for business purposes e.g travel to a clients home or place of business.

If you are thinking about claiming tax deductions, then you may need to provide evidence through receipts if the total amount is more than $300.

Don’t miss out and see if you can claim various tax deductions from your tax return this year – by visiting www.mrtaxrefund.com.au, to get started today and be on your way to enjoy the maximum refund possible.

 

 

Completing Your Return Over The Phone

Often when people think of lodging their tax return, they picture piles of paperwork and lots of time spent waiting in line.

However, you can make things so much easier for yourself by just completing your Australian tax return online or over the phone.

When and where you want

Many of us lead extremely busy lives, and when we get spare time it’s not ideal to spend it running errands! So to help you get your tax refund sorted out faster and with less fuss, you can do it over the phone at any time and any place.

Whether you’re stuck in traffic on your hands-free mobile phone, sitting at the office in your lunch break, or even at home, you can sort out your refund in a matter of minutes with one of our expert tax consultants.

Sending your documents

The process gets even easier by having the ability to send all of your necessary documents via email, fax or SMS. This also means that you’ll be getting your tax refund quicker! instead of relying on snail mail to deliver your documents for you.

If you’d like to get your hands on your maximum tax refund possible, apply online now!

Getting Ahead on Your Taxes

When it comes to sorting out our tax return, many of us forget to give it a second thought. The process may seem to be complicated and lengthy, but it can be made so much faster and easier with help from a experienced and convenient tax accountant.

The financial year is gradually coming to an end, which means that it’s almost time for you to lodge your online tax return.

To help make the process a lot smoother, you may find it wise to keep a good record of your financial details throughout the year.

Sort out your documents

A few of the documents that you may need to provide include a payment summary from your employer, bank account details, photo identification, a list of work or self-education expenses, and a private health insurance statement.

Some people may even need to submit medical receipts if they have spent spent a certain amount on out-of-pocket medical expenses throughout the year – so a good filing system definitely makes a sound investment if you haven’t got one already.

Why wait?

Apply online to have a professional Tax Consultant complete your tax return over-the-phone with the option of having access to your funds early! – Get started and be one step closer to receiving the maximum tax refund possible!

 

2013 Tax Industry Reforms

 

Understand The Changes That Could Affect You.

The tax season is upon us again and it’s time for fellow Australians to start thinking about their tax return and anticipated refund. With recent industry changes, it could affect how your tax return is completed and the amount you receive.

Based on recent trends, well over 15 million tax returns are likely to be lodged with the Tax Office in the upcoming financial year with individual returns representing almost 85%, or, around 13 million of all returns [1]. At a total population nudging 23million [2], well over half of us submit an individual tax return yearly.

Though the number of us lodging our individual returns via self-service platforms, such as the ATO’s E-tax is increasing, over 70% of us still use a Registered Tax Agent to lodge our tax returns – a figure which is likely grow in the next few years.

Why? Most of us justify the cost of professional tax advice with a better refund – especially as our income and assets grow. Also given the recent step up in tax agent licensing requirements, it has resulted in us receiving better advice! On the downside, increased licensing standards could result in slower growth of tax agents, therefore prompting higher fees. On balance however, most of us are better off financially (and emotionally) using a tax professional rather than going it alone.

Best advice aside, personal income tax rates, allowable deductions, Centrelink and family payment policies and superannuation will forever dictate how much you owe the Tax Office and conversely, the size of your refund. So although your accountant may do the hard work for you, it’s good to know the changes that are occurring.

Personal Income Tax

Step back a year or so when the government forecast a cash surplus of $1.5 billion.

In came personal tax cuts, including a rise in the tax free threshold from $6,000 to $18,200. Previously at $6,000 you could earn up to $16,000 before income tax was payable, due to the low income tax offset [3]. Now you can earn up $20,542 when taking into account the low income tax offset before income tax is payable, so some of us are definitely better off.

Additional cuts were planned for July 2015 including another rise in the tax-free threshold from $18,200 to $19,400, while also increasing the tax rate for those earning over $37,000 (but under $80,000) by 0.5%. Happy days – yet short lived.

Fast forward to May 2013 and our $1.5 billion surplus morphs into an $18 billion deficit with a promise to take it back into surplus in a few years. So it comes as no surprise to learn your personal tax cuts have been deferred, reportedly until the revenues from the overestimated new carbon tax levy (likely repealed by the coalition [4]) doubles.

The potential for personal tax cuts seemingly drift further into the future in the shadow of increased funding of infrastructure ($60B), Gonski education reforms ($10B), pharmaceutical benefits ($700M), farm household allowance ($100M), cancer prevention ($250M) and others.

Arguably, it’s possible the government will not only be deferring tax cuts indefinitely, but may actually be looking to find lost revenue in personal income tax hikes in the near future.

For now however the rates for Australian residents will remain as they were last year.

 

Taxable Income

Tax

Up to $18,200

Nil

$18,201 – $37,000

19% of each dollar over $18,200

$37,001 – $80,000

$3,572+ 32.5% of each dollar over $37,000

$80,001 – $180,000

$17,547+37% of each dollar over $80,000

Over $180,000

$54,547+45% of each dollar over $180,000

Don’t forget these rates don’t include the Medicare levy, which is currently an additional 1.5% of taxable income and is set to jump to 2% from July 1 2014, to help fund more reforms to Disability Care. If your income is below $18,200, you don’t have to pay the Medicare levy. If it’s between the lower and upper thresholds you only have to pay part of it [5]. The government will increase the low-income threshold for families to $33,693 for the 2012-13 income year. The additional amount of threshold for each dependent child or student will also increase to $3,094.

Net Medical Expenses Tax Offset

Those without private insurance and above thresholds are up for the Medicare levy surcharge, which is still a minimum of another 1%. The government will also phase out the net medical expenses tax offset (with transition arrangements for those with current claims), but it will remain available for medical expenses relating to disability aids, attendant care or aged care expenses until 2019.

Family Payments & Centrelink

In the government drive for revenue there have been a number of changes to Centrelink, family policy and payments.

One to watch closely is the government’s 3 year trial (commencing July 2014), to support age pensioners who want to downsize their home without it immediately affecting their pension. Under current rules, the value of a pensioner’s home is not assessed and does not affect their pension. This means that many seniors may not sell their home as a result of it impacting their pension.

The trial, which on the surface seems logical, will allow qualifying pensioners who want to downsize the home they have lived in for 25 years to deposit at least 80% of the excess sale proceeds into a special account, up to a maximum of $200,000 (plus interest). The funds and earnings in this account will fall under the pension income and assets test for up to ten years or until an account withdrawal is made.

Frequently abroad? From July next year, the length of time that you can be temporarily overseas and continue to receive family payments will reduce from three years to one.

Deductions for work-related self-education expenses will now be capped at $2,000 per annum from 1July2014, which could impact vocational education providers nationwide.

If you are on Newstart, parenting payment partnered [6], widow, sickness or partner allowances you can earn an extra $38 per fortnight – up to $100 prior to your income support being reduced with the income becoming indexed from 1 July 2015.

Finally, for those on higher incomes family payments will be locked down for at least 4 years [7].

Baby Bonus

On budget night the Treasurer also announced that the baby bonus would be abolished from 1 March 2014, but would be replaced with new family payments for newborns involving adjustments to the Family Tax Benefits Part A (FTB-A). The increased FTB-A payments will be $2,000 for the first child and an additional $1,000 for each child after (if they are not accessing the Paid Parental Leave Scheme).

Payments consist of an initial installment of $500, with the rest rolled into normal fortnightly payments over a three-month period. The FTB-A threshold is about $112,000 and it will be harder to get than the $150,000 threshold from the baby bonus. From the 1st of January 2014, the FTB-A will only be paid up until a teenager is finishing school as well

If you wait till June 30 to claim the FTB entitlement or Child Care Benefit (CCB), you will now have a grace period of a year (to 30 June 2014), instead of two to claim payments.  You will also only have a year to lodge your tax return in order to receive the end-of-year FTB supplements.

Superannuation

Though it had been rumoured for some time, the budget confirmed a number of superannuation reforms including a higher tax (30%) on contributions for those earning over $300,000 and an increase in the minimum pension payments draw-down amount [8]. In addition, the tax free status of retirement phase earnings for each individual member will be retained, but capped at (and indexed) at $100,000. Annual earnings above this amount will be taxed at a concessional rate of 15%.

Capital gains tax will apply to assets (in pension phase) if purchased after 1 July 2014 with special arrangements in place for capital gains on assets purchased before this date. You should see your accountant for more details.

The Government has also reduced the $50,000 concessional cap linked to super balances under $500,000 to $35,000 (unindexed) effective 1 July 2013 if you’re 60 or over and effective a year later for over 50’s.

See Your Accountant for Details

There are a number of further reforms that could affect your taxable income. The short and long of it is that, due to the ever changing tax rules, if you work and pay tax then it’s likely you will be ahead of the game if you use a qualified tax professional to do your taxes. If you’re an investor or business owner it’s a must. We recommend you meet with your accountant or business adviser to discuss medium term strategies to reduce the impact as soon as possible.

The content of this article has been provided for your general information only and is sourced from the various current publicly available articles, government and opposition websites, the budget and related information. It’ strongly recommended you talk with your accountant or business adviser prior to any course of action relation to the content of this article.


[1] Extrapolation from ATO Taxation Statistics 2010-11.

[2] 2012 Australian Jobs Report. Department of Education Employment & Workplace Relations.

[8] In response to the downturn in global financial markets, the government provided pension draw-down relief in 2008/2009 by halving the minimum payment amounts. As the government has not addressed this further in the budget we have assumed that the minimum payments will return to their normal rates next year.

It’s Tax Refund Time Again! Get the Biggest Refund Possible, Fast.

With Mr Tax Refund you get a fast and hassle free return completed by a Tax Professional and have some of your refund sent to your bank in hours – not weeks or months*[1].

Register before June 30 and get the early bird discount rate of just $99! We can even take this out of your refund – so there’s nothing to pay up front*!

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