Am I entitled to claim $300 for work related expenses as this does not have to be substantiated?

By | July 22nd, 2016|

You cannot just claim $300. You must actually incur any expense before it is claimable. Whilst you may not need receipts for expenditure up to $300 you must have spent the money and it must be relevant to your employment.

How long do I have to keep my tax documents for?

By | July 21st, 2016|

You must keep all the records, receipts and other documentation you have used to prepare your tax return. If you are claiming deductions, you must keep written evidence to verify your claims for those deductions. If you are an individual, you must keep proper records relating to your tax affairs for at least five years [...]

When can I receive the PAYG payment summaries from my employers?

By | July 20th, 2016|

Generally, payers are required to supply a payment summary within 14 days of the end of the financial year – i.e. 14 July. If an employee ceases employment part-way through the year, one must be supplied within 14 days of receiving a written request from the former employee and the request must not be made [...]

Do I have to declare the inherited money on my individual tax return?

By | July 19th, 2016|

The inheritance is not taxable unless you are advised by the executor that a part is taxable. However, if you invest the income from the estate then any earnings will be taxable.

I have started a second job. Is there anything that I need to do so that I don’t end up with a tax bill at the end of the year?

By | July 5th, 2016|

You cannot claim the tax free threshold of $18,200 from more than one employer at a time. It is better to claim it from your main employer. You will pay a little higher rate of tax on the second job but this should ensure that you have paid enough tax on all of your wages [...]

My wife and I received interest income from our joint bank accounts, can she declare all interest in her tax return because her income is much lower than mine?

By | June 30th, 2016|

All income must be declared by each recipient on the same basis as the accounts are held. Interest from a joint account must be split 50/50. You cannot declare it all on your wife’s tax return and doing so could lead to an ATO audit.

My 15 year old son has received $700 from a trust distribution, does he have to lodge a tax return?

By | June 29th, 2016|

From 1 July 2011 the Government removed the ability of minors to access the low income rebate for unearned income (such as interest, dividends, rent, royalties, trust distributions etc.). This means that a minor who earns over $416 in unearned income must lodge an income tax return. Personal exertion income (such as salary & wages) [...]

I am an Australian tax resident, do I need to declare my overseas pension?

By | June 28th, 2016|

In most cases overseas pensions are taxable and, as you are an Australian resident, you will need to include the amount in your tax return. However, there are a few exceptions to this rule, please contact One Minute Tax if you are not sure.

Do I have to declare on my tax return if I have received income from Centrelink ( Newstart, Austudy ) ?

By | June 25th, 2016|

All income must be declared. This is because the tax office needs to determine what tax rate applies to your other earnings for the year. You may be entitled to an offset to ensure that no tax is payable on your benefit. You can access the information required from Centrelink online services. One Minute Tax [...]

How much does it cost to register a company?

By | June 20th, 2016|

The total fee is $888 which includes all government fees, our service fee and GST. The ASIC registration fee is $463 and our service fee, inclusive of GST, is just $425. For $425 you get the professional advice before, on and after your business registration, Free ABN and GST setup, and also having all your company [...]