7 Daily Hacks to Better Tax Refunds – Day 1.

By Stephen Burns. CEO Mr Tax Refund.

There are only a few times every year that we get excited about money. A part from opening birthday cards and grabbing a bargain at the Boxing Day sales, the biggest cash time for most of us is during Tax Season.

We are among the highest taxed individuals in the world; in fact, the top marginal tax rate in Australia is now 47%. If you are earning between $37,001 – $80,000 you could be paying up to 32.5%. That’s just under a THIRD of your annual salary.

This is why it’s important to make sure that you’re not paying any more tax than you have to and that you understand what tax deductions are available to you.

Tax Time is 7 days away. In an effort to reduce the tax season headache we thought we’d give you some daily short hacks as a countdown to tax refund time.

HACK 1: Keep ALL Your Receipts

This is our number 1 tip when it comes to maximising your tax refund and minimising the amount of tax you pay. Keep all of your receipts because you never know what you might be able to claim with the help from a tax consultant!

Receipts = Tax Deductions = More $$ Tax Refund

BASIC RULES ABOUT DEDUCTIONS.

You can only claim deductions for work related expenses. If you’re an Administrative Assistant you can’t claim sunglasses and sunscreen, but if you’re a Roof Tiler you can.

You can only claim deductions incurred while performing your jobIf you are a Warehouse Worker completing a paid training course to become a Chef you can’t claim that deduction. You’ll have to wait until you become a Chef to claim.

You can claim an expense if it’s used for both work and personal use. If you use your mobile phone or internet for both personal and work reasons, you can still claim what you use for work (so keep the bill or receipts!)

Deductions aren’t added to your tax refund, dollar for dollar. They’re taken from your taxable income, which means you get a proportion back depending on your income and taxation bracket.

Whether your receipt is for $2 or $2,000 it can quickly add up over the financial year.

HOW TO STORE YOUR RECEIPTS ELECTRONICALLY

You can store your receipts electronically by downloading the MyDeductions App from the ATO. Alternatively, you can store them on your phone or computer by taking a clear photograph or scanning them.

HOW TO STORE YOUR RECEIPTS MANUALLY

Just pop your receipts in your bag, wallet or purse. From here you can toss them into a folder every couple of days. If you want to write notes on the receipts make sure you don’t use a highlighter as it can fade the ink.

After you submit your Tax Return, make sure you keep the receipts for at least 5 years. This is so you can prove your claims if the ATO asks for them.

Stay tuned for Daily Hack 2 tomorrow or if you want all 7 now download our FREE EBOOK.

 

 

 

Late Returns – Don’t risk it much longer. We can help today.

Tax return late? ATO on your back? Many tax returns to lodge at once?

It can be a stressful time. For some of us, lodging a tax return year after year can be a pain, and some of us just plain forget, but lodging a tax return annually is the law for most taxpayers in Australia.

The good news is it’s never too late to lodge a tax return. If you haven’t lodged your tax for a few years or you have a return outstanding it’s ok as long as you lodge voluntarily and don’t owe any tax to the ATO. If you do owe tax then you could be up for penalties interest (we can help you get those waived)

The peculiar thing is that up to 1.5 million Australians annually don’t even lodge a tax return – most of these don’t because they mistakenly don’t think they will get a refund. heaps of our clients had not lodged tax returns for many years and have received due sizable refunds. For example, one of our clients was pleasantly surprised to hear he was due over $30,000 from 9 years of unlodged returns.

The average tax refund issued last year was $1,800 which would tend to indicate there are literally billions in unclaimed refunds Australians are missing out on simply because they don’t bother to check or don’t know how to check what they are entitled to.

Don’t be one of them. Talk to us about getting your prior year returns in asap. Click here for a 2 minute signup.

Mr Tax Refund specialises in the lodgement of multiple year tax returns. We help people just like you all the time. Even if you are many years behind we can look after you. Our low fee structure and maximum refund guarantee ensures that you get the best possible outcome – more cash in your pocket.

But do it now, there is absolutely no reason to wait, and you could be missing out on some serious cash.

Click here for a 2 minute signup.

Leaving Australia Permanently and Want Your 2016 Tax Refund Early?

If you’re a resident leaving Australia and will stop receiving income from Australia and are ceasing to be an Australian resident you may be eligible to get your 2016 tax refund now rather than wait till July!

Simply collect a payment summary from each of your employers plus details of other income you have earned while in Australia then give us a call on 1300 829 227 or email us at support@mrtaxrefund.com.au. We can do it all over the phone at the best value fees around and we’ll usually have your refund to you in weeks!

Former Nun fined $8,500 for failing to pay tax she says is used ‘to fund wars’

Very interesting story. ATO 1 God 0.

A northern Tasmanian woman who has not filed a tax return since 1996 on “religious grounds” has been fined $8,500 for failing to pay tax.

Key points:

  • Clemencia Barnes has failed to pay tax since 1996 on “religious grounds”
  • In January she was ordered to file tax returns from 2000 to 2010
  • She refused and was fined $850 for each of 10 counts of failing to comply with a court order
  • Ms Barnes says she is prepared to go to jail

Clemencia Barnes of White Hills in northern Tasmania said she objected to paying tax to the Australian Government on religious grounds because her taxes could be used to pay for war or conflict.

In January, Ms Barnes was ordered to file tax returns for the financial years between 2000 and 2010.

She refused and was found guilty on 10 counts of failing to comply with a court order and fined $850 for each count.

In sentencing in the Magistrates Court in Launceston, Magistrate Reg Marron said he had no doubt that Ms Barnes’s religious views were genuinely held, but they did not amount to a defence.

Outside court, Ms Barnes maintained she had the right not to file tax returns.

“Under the law of the constitution I have a right to object to this,” she said.

“It isn’t just me being difficult or thinking I know more than anybody else, it’s my belief that I’m allowed to have belief in God.”

She said she was opposed to armed conflict.

“The time that they actually decided to go to overseas with our young men I wrote to the department and said I can’t let you have my tax so that these young men and women [are] killed in the war on my behalf. I can’t do that,” she said.

“That’s all this is about.

“They send people to war and they get killed on our behalf, if you’re halfway decent you’re going to say that’s not OK.”

Last year Magistrate Marron warned Ms Barnes a custodial sentence was a potential outcome of the case.

“I was anticipating and I would have accepted that if that was going to happen, I would not have questioned that,” she said.

“Basically I don’t actually want to go to jail, believe me, but I will go if I have to.”

The maximum penalty for each count was a fine of $5,500 or 12 months in prison.

The court heard Ms Barnes worked as a mental health counsellor but now received a commonwealth pension.

“If they want to take it off me that’s fine because it isn’t about the pension, it’s about a belief in God and what I need to do,” she said.

She has not decided if she will start lodging tax returns and said she would also have to consider whether she will pay the fine.

Happy 2016! It’s time to get your late tax returns up to date.

Happy 2016!

Have you done your 2015 tax return?

What about 2014, 2013 and earlier?

What about other taxpayers in your family?

The ATO is becoming less and less tolerant of those lodging late returns. It’s becoming a problem for them and today they are more likely to fine for late lodgement that ever.

Mr Tax Refund is open for business and can easily prepare and lodge all of your current and previous year returns quickly and easily over the phone in the comfort of your own home for much less than you think. And most of our clients are pleasantly surprised with unexpected late tax refunds.

This is our 4th year of operations in which time we’ve website registered over 30,000 new Australians and lodged over 20,000 tax returns.

Give us a try today. Go to www.mrtaxrefund.com.au – it only takes a minute.

Happy New Year. Ready for your 2016 Tax Return

Ok so we are a bit early. But we’ve always been ahead of the game! Happy 2016 to all and thank you to our thousands of Mr Tax Refund clients for your patronage and support this year. We are gearing up for a huge 2016 tax return year!

Dragging the chain in getting your tax return lodged last year? Fear not. Mr Tax Refund specialises in late tax returns, so get in touch with us next week. We make the process easy. You could be due a decent refund just in time for the January sales. Maybe you have friends or family with an outstanding tax return? We offer $10 off for all referred tax return work. Just mention it when one of our friendly consultants call.

We are open for business on Monday Jan 11.

Visit www.mrtaxrefund.com.au today.

The 5 minute 2015 budget summary

A reduction in the company tax rate, help with costs of starting a business, and the ability to write off every asset that costs less than $20,000, are among the positives for startups in the 2015 federal budget. Absent are any measures which aim to tackle the skills shortage in IT, or educate the next generation of entrepreneurs.

Startups that supply their employees with portable devices like laptop and tablets will no longer need to pay Fringe Benefits Tax (FBT) on either device.

Treasurer Joe Hockey says the government is sticking to its plan to strengthen Australia’s economy as he revealed a budget deficit of $41.1 billion for 2014-15.

The Entrepreneurs Infrastructure Program, implemented in last year’s budget as a replacement for Innovation Investment Fund and Commercialisation Australia, is the source of $27 million worth of government savings.

The Australian Securities and Investments Commission will receive $7.8 million over the next four years to implement and monitor a regulatory framework to facilitate the use of crowdsourced equity funding, suggesting a scheme will be in place soon.

Budget papers have outlined a few minor technical changes to the proposed Employee Share Scheme legislation.

Startups specialising in on-demand storage solutions are battling it out as entrepreneurs increasingly look at storage as one of the next sectors ripe for disruption.