Getting a Tax refund with Instant Tax Refunds

Getting a tax refund can be a bit like Christmas in July. The money always comes in handy just when you need it.

But getting a tax refund as an individual tax payer in Australia, means it has to be refunded from the tax you pay to the ATO. This individual tax is based mainly on income you receive from salary, wages and investment income.

As a wage or salary earner, you pay income tax during the year as you earn the income. This is called ‘pay as you go’ (PAYG).

The amount of income tax you pay is linked to how much you earn and whether you’re an Australian resident. The more you earn, the higher your rate of tax.

As an employee, you have little control over the tax that is deducted from your wages each pay period. Your employer uses The ATO tax rate calculator to work out how much income tax to take out of your wages. They then send it to the ATO. This is called PAYG withholding.

Income tax deductions
Remember that your employer is not required to be aware of any deductions that you could get. Employers are only obligated to deduct the amount that the ATO requires as per the tax rate calculator.

This means is that you could be eligible to get some of your tax back at the end of the financial year.

Getting a tax refund.

Getting money back from the ATO as refund on the tax you have paid is based on a set of tax rules.

Tax refunds can be given for variety of reasons. But without knowing the tax rules, it can be difficult to know just what deductions and refunds you are entitled to. Whether you are wage earner, contractor or salary earner, you are most likely due a tax refund this year.

Get the biggest tax refund with a tax agent
Using Instant Tax Refunds registered tax agents is great way to make sure you get the best and biggest refund.

Our tax agents are specialists who know every allowable tax deduction you could possibly get. Call Instant Tax Refunds on 1300 TAX GUY today and make an appointment to have your Tax Return prepared by one of our specialist tax agents. We could save you heaps! AND you could get your money on the SAME DAY.

When it comes to getting a tax refund, we’re  your #1 Tax Guys!

Get the most from your 2017 Tax refund

At this time of year, many people are looking at their 2017 tax refund to help them pay some bills. Make sure you get the best tax refund you can by speaking to a registered tax agent.

Tax agents are trained and registered professionals who specialise in individual tax returns.

They know what you can and cannot claim.

A good tax agent will recover more refund for you than the fee they charge, because they can increase your refund amount by knowing what to claim for you.

Tax agents may work for accountants and many may also be accountants. But the good thing is they usually charge much less to do your tax return than an accountant would. This is because as specialists, they are extremely efficient and get your tax done quickly and accurately with the maximum allowable deductions.

The best tax agents have advanced systems and often have online checklists and forms to help you get the preliminary work done first, so that they can dedicate their time to going through everything carefully. They will find and enter every legitimate tax deduction that you are allowed.

And that word legitimate is also important. Registered and listed tax agents will ensure they get your 2017 tax return done properly and in accordance with the Australian Tax Office rules. This gives you both peace of mind AND the maximum allowable tax refund.

So make sure you get the best 2017 tax refund you possibility can this year. Instant Tax Refunds has the knowledge and the skill to help you. To find out more, call us today, or go to our online contact form.

Watch out for a tax refund scams this year

The ATO has issued a warning to be on the alert for tax refund scams with scammers contacting people via phone or email.

If you are unsure whether your tax preparer is legitimate, the Australian Tax Practitioners Board can let you know if your tax agent is registered.

As a registered tax agent, Instant Tax Refunds will never ask you to send sensitive information via email.

When it comes to tax file numbers and other sensitive financial information, we make sure that we do this professionally and according to correct legal practices.

This part of the process only happens when you come in to our offices or talk to one of our tax agents on the phone. We have offices in Beenleigh, Maroochydore and Acacia Ridge.

Here’s some details about the Tax Refund scams

Phone scams
You receive a call from a person saying they are from the ATO. They say you have a tax refund and that you need to make a money transfer to pay for the ‘taxes’ to release this refund.

Generally, they will provide a phone number to contact the ‘ATO’ once you have completed the transfer. The scammers sometimes quote personal information such as your address and date of birth. To show authenticity, they may also quote several private contact numbers for you.

Key indicators of this scam are:

•    an unsolicited phone call
•    the caller advises that you have an unclaimed refund
•    you are asked to pay money to a third party to receive the refund
•    the payment must be made through a money transfer, often into a personal bank account.

Email scams

These emails claim to come from the ATO and usually offer a tax refund. Generally, they link to a fake ATO website asking for personal and credit card details or prompt you to open or download a file that will install a virus on your computer.

These emails can differ in appearance and level of sophistication. They generally state that you are eligible for a refund and tell you to click on a link or open an attachment to submit a form in order to receive it.

If you receive a scam email like this, do not attempt to open the attachment or download any files, as these may attempt to install a virus on your computer.

If you receive a suspicious email claiming to be from the ATO, do not click on any links, open attachments or respond to the sender.

Key Indicators that it is a scam include:

•    the email not being personalised
•    poor grammar
•    links in the email – you should never click on a link in an email unless you are sure of the source.

You can confirm the real destination of a link by hovering your mouse over the link or on your phone by holding your finger down on the link. All ATO domains include http://www.ato.gov.au.

So stay safe and be aware so that you don’t fall for one of those scams. If you have any concerns, call us now on 1300 TAX GUY.

Haven’t got time to do your 2017 tax return?

You probably have your group certificate or payment summary from your employer by now. But have you found time to do your 2017 tax return yet?

Most people get a tax refund on their tax returns and yet still find it challenge just getting it done.

So even though you could have money owed to you by the ATO, you are probably like most Australians – Time poor and not looking forward to the hassle of working your way through e-tax.

Other reasons for not doing the annual tax return are a result of fear.

The ATO is good at making people fearful of getting it wrong. They can appear as the Big Brother Ogre to many people. Whether this is justified or not is not really relevant when you are in the middle of trying to figure it all out.

Being worried about the consequences of getting it wrong is what stops lots of people from getting started.

But not doing your tax return is not the kind of problem that’s going to go away, so it’s best to face up to it and get it done.

That’s where we come in. Using our decades of tax experience can save you all of the headaches that e-tax causes.

The best part is that we are able to get you the MAXIMUM REFUND. And even better, you may qualify for our INSTANT TAX REFUND. This mean you get the money the ATO OWES YOU straight away, rather than have to wait weeks for it to turn up.

I bet you could use that money now.

So simply call us on 1300 TAX GUY or use our form on the contact us page and let us take the fear and hassle out of your tax return. You could have money in your pocket very soon.

Do you have overdue tax returns?

We have worked with hundreds of taxpayers with ovedue tax returns to lodge and they have all felt immensely relived from the first time they called us on 1300 829 489 or just filled out our tax agent appointment form.

From the moment you fill out our tax agent appointment form, the ATO will know that we are responsible for your late tax returns and they will no longer bother you about them.

Just knowing that you won’t have to deal with the ATO or explain yourself to them is a huge relief.

Do People With Overdue Tax Returns Get in Trouble?

It really depends on your situation. If all your late tax returns are refunds, then they will probably be assessed without penalty. If you owe the ATO money, then they will generally ask for an explanation as to why they are late.

The ATO can issue fines and charge interest on money owing, but if you have a reasonable excuse then this can often be waived. We have extensive experience negotiating on behalf of taxpayers with late tax returns, and pretty much every fine we’ve seen we’ve been able to get waived.

What if I Have Lost My Group Certificates?
One of the most common reasons people have late tax returns is because they have lost payment summaries. The good news is that the ATO keep record of people’s payment summaries and we can easily order them in for you.
All you have to do is fill in our tax agent appointment form and we will request a copy of all your payment summaries from the ATO. We don’t charge anything for requesting your records, it’s really quite a simple process from our end.

What if I have Lost My Receipts
Most people with late tax returns have at least a few missing receipts, and we will be able to advise you of the best course of action in this circumstance. You have to have valid receipts for your claims once they are over a certain amount, which varies from year to year.

But there are also some receipts that can be obtained from the supplier if needed, and there are some claims that can be made without receipts. Our experience lodging overdue tax returns means we’ll be able to advise you on a year by year basis until you are up to date.

Car and Travel costs focus of the ATO

Car and travel costs continue to be one of the largest categories of work-related expenses claimed by individuals (e.g., employees, sole traders, contractors).

As a result, the ATO continues to focus on incorrect car and travel expenses, particularly where they involve travel between a taxpayer’s home and place of work.

Generally, home to work travel costs are not deductible under S.8-1 of the ITAA 1997 as they are incurred at a point that is too preliminary to an individual taxpayer’s income-earning activities.

Also, the essential character of such expenditure is considered to be private or domestic  in nature.

Two important exceptions to this general rule are where an individual is engaged in ‘itinerant’ work, or where the travel is attributable to the transport of bulky equipment.

In either case, a deduction for car and travel expenses relating to home to work travel will be allowed.

Check with your tax agent before claiming these expenses.

Increase in the Medicare levy low-income thresholds

The Government will increase the Medicare levy low-income thresholds for singles, families and seniors and pensioners from the 2017 income year.

  • The threshold for singles will be increased to $21,655.
  • The family threshold will be increased to $36,541 plus $3,356 for each dependent child or student.
  • For single seniors and pensioners, the threshold will be increased to $34,244.
  • The family threshold for seniors and pensioners will be increased to $47,670 plus $3,356 for each dependent child or student.

No deduction for travel expenses for residential rental properties

From 1 July 2017, the Government will disallow deductions for travel expenses related to inspecting, maintaining or collecting rent for a residential rental property.

This is an integrity measure to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel costs that were for private travel purposes.

This measure will not prevent investors from claiming a deduction for costs incurred in engaging third parties, such as real estate agents, for property management services.