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The ATO Announces New Fuel Tax Credit Rates!

fuel tax credits 2018

 

Great news, fuel tax credit rates have increased this financial year!

For taxpayers who own a business in machinery, plant, equipment and heavy vehicles, you’re most likely dealing with fuel expenses. You can claim the fuel tax credit for those expenses.

The ATO announces new business rates for the fuel acquired from 1 August 2018 to 31 January 2019.

Below you can see the new fuel tax credit rates. Read the rest of this entry »

The GST and Low Value Goods

What is the GST?

The ATO has announced a new tax law on the goods and services tax (GST) before the 2018 tax season. You may be wondering, what is the GST? The GST is a tax of 10% on most goods, services and other items that companies or other entities sell to Australia. We actually consume most of these goods!

New Tax Law

From 1 July 2018, the GST will affect businesses that sell low-value goods who import to consumers in Australia. Low-value goods have a customs value of A$1,000 or less when the price is under the agreement with the customer. However, any tobacco products or alcoholic beverages do not have the GST tax since they will be charged at the border.

Here’s the breakdown of the changes.

Read the rest of this entry »

How to Lodge Your Tax return as a Freelancer

You work for yourself and are loving it! Now you can lodge your tax return yourself too.

 

Now it’s almost time to lodge your tax return and, as someone in the freelance world, you may be a bit confused on how to do it. Here are six easy tips to help you survive lodging your freelance tax return.

 

#1. Apply for an ABN if You Haven’t Already

This is something that you have probably already done. If not, then this should not be delayed any longer. An Australian Business Number identifies you as a business to your community and government. Without an ABN, you may face a few disadvantages, including:

  • almost 50% of your earnings being deducted by the ATO to cover taxes, and
  • being ineligible to claim any deductions on your tax return this year

 

#2. Register for GST in Order to Claim Deductions (IF you NEED to…)

The GST is a 10% tax added onto most sales of your goods and services. If you earn more than $75,000 for your business in a 12-month period, you should register for the goods and services tax (GST). You are responsible for keeping an eye on your earnings. You have 21 days to register once you have hit the threshold mark.

 

#3. Look into Deductions You Can Claim

As a freelancer, chances are you have a rough idea about the expenses you could incur. Depending on your line of work though, you may rack up expenses that just seem to outweigh your profit altogether. As long as you’ve followed #1 and #2 above, you can definitely report some of these costs on your tax return and put some of that hard earned (and spent) cash back in your wallet. Just to name a few that may apply to you:

  • home office expenses
  • travel expenses
  • sun protection
  • tax preparation fees

Read the rest of this entry »