The new tax-free threshold for online purchases
Date posted: Thursday, August 27, 2015
Something quite topical in the press of late are the scheduled changes to the GST tax-free threshold set for 2017. A question quite commonly asked is ‘will shoppers be required to pay tax for overseas purchasers with online retailers?’
If you’re curious about these changes you might possibly be an avid online shopper or potentially an Australian retailer with an online store.
If you’re an online shopper, and you love shopping with Topshop – and pretty much anywhere you can get awesome product for a great price – you’re probably wondering if the changes to the tax-free threshold will cost you and your online shopping habit more money than it already does. Tax-free shopping is pretty attractive after all.
Or perhaps you’re an Australian retailer or business and you want to know if the changes in the tax-free threshold policies will effect your position in the market.
Well the good news is for Australian businesses. As of July 1, 2017; purchases of any amount by Australian consumers (with local or international retailers) will incur a 10% GST mark-up. This move is intended to ensure a fairer competing chance for all retailers in the Australian market, especially for local businesses.
We thrive on being the best taxation consultants in Pakenham and the South Eastern suburbs. If you have any questions about the tax-free threshold changes and how it will effect you be sure to talk to our team at Pakenham Taxation + Accounting.
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Cons to doing your own tax
Date posted: Friday, August 15, 2014
We encounter quite a few go-getters who take on doing their own tax and then wind up on a tax rebate mis-adventure. And by this time, often it’s too late to avoid incorrect deduction fines.
Sure, you can save money by not paying for an accountant and sometimes it might be a faster way to process your refund, however here are some cons to doing your own tax you should probably know about;
- You might overlook or not be aware of expenses you can deduct
- Tax returns can take a considerable amount of time if you don’t know what you’re doing (who has spare time to crunch numbers!)
- You might deduct costs of doing this year’s tax in next year’s tax return
- You might experience fines if you don’t lodge your return in time and in the right way
- You may get randomly audited, which could unearth incorrect claims and result in hefty fines
Go easy on yourself and let us get your tax records organised. We can help you understand what you can and can’t claim and do all the hard-work for you.
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It’s Tax Time in Pakenham
Date posted: Tuesday, July 1, 2014
That’s right people, it’s tax time.
Did we just hear you yawning?! Ok, we know that the topic of tax draws a universal yawn, but it’s a topic that requires so much of your attention.
No need to stress though, in fact – tax time should be seen as a window of opportunity. You might get to cash in on all of those receipts that you’ve meticulously collected. Or you might get some rejuvenated direction on how to manage things better next financial year to make things easier for you in the long term.
C’mon then, get your tax records organised and make an appointment with the Pakenham Taxation + Accounting team now. We’re looking forward to helping you organise your work life, business accounting, personal tax, bookkeeping, superannuation and company set-ups. See you soon!
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The cents per kilometre method 2014
Date posted: Sunday, May 4, 2014
So, you want to know the ‘cents per kilometre method’ to work out how to claim a deduction for petrol for tax purposes right?
This is a common question and one we can answer for you easily.
The cents per kilometre method allows individuals to claim a deduction for work-related car expenses for travelling up to 5,000 km per car, per annum.
The claimable rates have been set for 2013/14 and for the first time since 2008/09 they have increased. This increase and the new rates can be seen below;
| YEAR | SMALL CAR | MEDIUM CAR | LARGE CAR |
| 2012/13 | 63c | 74c | 75c |
| 2013/14 | 65c | 76c | 77c |
Or in other words, for every kilometre you drive for work-related job tasks you can now claim 65c for every kilometre for a small car, 76c for a medium car and 77c for a large car.
If you’d like to know more about whether you’re entitled to claim petrol as a tax deduction then be sure to stay tuned for upcoming blog posts as we’ll cover that off soon.
You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses on all things tax related in the South Eastern Suburbs – including Pakenham, Lakeside, Berwick, Nar Nar Goon, Garfield, Tynong and Koo Wee Rup.
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What Happens If My BAS Is Late?
Date posted: Wednesday, February 5, 2014
Now that you’ve read our handy table on this financial year’s BAS deadline dates, we bet you’re asking yourself ‘what happens if I don’t get my BAS in on time?’
To put it simply, if a business doesn’t lodge their BAS before the specified dates, the ATO may issue a failure to lodge penalty.
While your next question may be ‘how much are the penalties for getting your BAS in late?’, fines differ based on the size of the business, the length of delay in lodging and the lodgement history of the business.
If your business is unable to pay their tax instalment on time, they are still required to lodge an activity statement by the specified deadline. For companies in this position, a deferral of payment or payment arrangement is possible.
Still have questions? You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses within the Cardinia Shire and outer south-east suburbs including Pakenham, Berwick, Cranbourne, Officer, Beaconsfield, Garfield, and Drouin.
