Entries by Tax Guy

Big changes to payment summaries

The new digital tax and super reporting system makes it no longer compulsory for employers to provide annual payment summaries in paper form in early July. The ATO’s new Single Touch Payroll system, which enables real-time payday reporting, started for large companies last year. It now extends to all employers from July 1 2019, meaning […]

The ATO is watching what you claim

The ATO has identified a range of deductions this year with a focus on false claims or over-claiming in the following areas: • Claims for work-related clothing, dry cleaning and laundry expenses. The ATO has flagged it will be checking taxpayers who take advantage of the exemption from keeping receipts for people who spend less […]

Beware Fake ATO email scam

Scammers have set up a clone of the myGov website to trick you into sharing your login and bank account details. The scam starts with a phishing email that looks like it is from Medicare, asking you to update your Electronic Funds Transfer (EFT) details, so you can start receiving payments for Medicare benefits and […]

ATO crackdown on Car Expense claims

The Australian Tax Office is cracking down on false work-related car expense claims on their tax after more than $7.2 billion was claimed in the last financial year alone. The ATO is now promising to put similar claims under the microscope, in a search for false and fraudulent claims. Here is the Golden Rule Of […]

Tax return due on 31 October

Haven’t lodged your tax return yet?  Did you know that with your Tax return due on 31 October, time is running out. If you’re struggling to get your tax return in by this date, you could save yourself a lot of trouble by using our Same Day Tax Return service. Because we are a registered […]

Income Tax Today can be a Minefield

Income tax today is even more complex than ever, but it can be easy if you use a registered tax agent like Instant Tax Refunds. If you are still wondering how to get your tax done right, come in to see our tax professionals and we will do your tax today. Our decades of experience […]

Be very careful about tax refund fraud

The ATO has warned against tax refund fraud which is claiming a tax refund by providing false information to them. They are checking up on cases that are more than carelessness, accidental or an error. They are specifically targeting tax returns done in a deliberately deceitful manner, from creating fictitious expenses to creating false documentation […]

74% of Australians are using a tax agent

The ATO reports that 74 per cent of Australians are using a tax agent. That’s simply because when you use a registered tax agent, they work for you, not the ATO. But if you are looking at lodging your tax return yourself, take care as the ATO is checking more returns than ever this year. […]

Haven’t done your 2017 tax return yet?

Well here’s some good news (even if you haven’t done your 2017 tax return yet). Our experienced income tax specialists can quickly get your tax return done and in most cases, get you a maximum tax refund along the way. By now you should have your payment summaries from your employers. (If not give them […]

Don’t let your Tax Return raise a red flag with ATO

It’s more important than ever to lodge an accurate tax return as the ATO now has so much data to call on and to verify your tax returns. They are cracking down hard on fraudulent claims so don’t let an inaccurate Tax Return raise a red flag. Claiming exaggerated or best guess expenses claims, with […]