rss.livelink.threads-in-node

FBT and directors loan accounts

Margy224 — Thu, 27 Feb 2020 22:30:41 GMT

Hi,

I am trying to determine if a FBT benefit paid by a company director can be deducted from her directors loan account and not included in her personal tax return?

In this case the company owes the director and isn't a Div 7A.

Mygovid

Johng — Thu, 27 Feb 2020 22:01:44 GMT

At the most recent Tax Professionals Webinar, it was mentioned that you could purchase a phone for under $100 that could be used to download and operate the mygovid app using a wi-fi connection with no data plan required.

I have been unable to source a phone this cheap that has a full version of Android. The all have the Go version which cannot be used.

Every salesperson I have encountered at various stores does not understand the difference in operating systems.

Could someone please provide me with a list of smart phones under $100 that can be used for mygovid.

MYGovid

Blossom — Thu, 27 Feb 2020 21:30:05 GMT

A team member has successfully been using her MyGovid.

Yesterday she was unable to use it as she had an error unable to verify id.

She has downloaded the app again and put in her id and it was unable to verify her id.

She deleted the app again and put in the information but am now unable to put in the details of her id.

What are we to do to get this working again?

All her id is Austrailan documentation, she has no foreign forms of id.

Thanks

DASP

Kirstymonington — Thu, 27 Feb 2020 21:19:10 GMT

Hi Chris
Thanks for answering my question however I’m still a little confused.
I chose the cheque option for my DASP as I no longer have an Australian bank account however I am still waiting for this. I have received a PAYG payment summary document but no cheque. Does this arrive separately?

Thanks
Kirsty

Travel allowance query

CDH_1978 — Thu, 27 Feb 2020 12:05:14 GMT

I am currently performing 2 roles with the same employer - the role relating to the position that I own plus a secondment in another role in another area of my organisation. Both roles are based in different offices a fair driving distance apart. Some days I am travelling between the 2 offices to work part day at each, other times I just go to one of the offices and perform duties for both roles from there. My question is - can I claim travel allowance for all of my travel since I am doing my usual role as well as another? Or can I just claim for travel to/from one of the offices?

Compulsory repayments

lolren — Thu, 27 Feb 2020 10:18:10 GMT

I am currently making compulsory student repayments through PAYG. However, I am also making voluntary repayments to pay it off sooner.

What happens to the money witheld from PAYG from the 2019/20 financial year if i pay off my debt in one go before the next financial year? Can it be refunded?

For example, person X owes $20,000 for the 2019/20 financial year. Throughout this financial year, money has been witheld through PAYG. Person X decides to pay off the $20,000 in full prior 2020/21 financial year.

Hope this makes sense.

Invoice in another language

lapple0128 — Thu, 27 Feb 2020 09:59:09 GMT

Hi Everyone
I am a sole trader and not registered for GST. I recently purchased some goods from overseas and the invoices I received were not in English. Just checking if invoices in another language are acceptable to the tax office?
Thanks a lot!

Payment of Super in wrong year

Helpneeded — Thu, 27 Feb 2020 09:31:30 GMT

Hi, my former company paid me no super during the financial year 2018/19, but did end up paying what was owed in a lump sum at the end of 2019.
But this means I have 2 years worth of super to be paid during 2019/20, and as a result I will go over the $25K threshold for the year, when I normally do not.
What is the implication of this and is there anyway I can have the lump sum attributed to the year in which I earned it.
Thanks
Steve

payment summary issued for the wrong year by employee

toby — Thu, 27 Feb 2020 08:09:00 GMT

Hi,

I worked for a company that issued me with a second payment summary after changing their payment system and needing to reconcile it. eg they had misreported to the ATO and in fact, I had earnt a few thousand more, this is true the first payment summary was short of my full earnings. I am fine with this, mistakes happen. However, what the issue is, is that they put the second payment summary in the next tax year. I did not work in this tax year for them. In fact, my employment had finished months earlier. Details are as follows I finished work in February 2018 as I was made redundant issued with payment summary all ok. Then in 2019, they issue another payment summary as they had underreported in 2018. This has tax implications for me which I do not feel I should have to bear the costs for as it was not my mistake. Is there anything I can do, so my tax filed can be true to the income I earnt it in.

CSP, HECS and TFN

OzzyGuy — Thu, 27 Feb 2020 15:23:39 GMT

Question withdrawn - I don't think anyone can answer it here.

Trade support loan

James3589 — Thu, 27 Feb 2020 07:22:10 GMT

I have recently noticed I have a credit against my trade support loan in my ATO profile on my.gov how do I claim this back into my account or do I just wait until next tax return

Save yourself a call, update your personal details online

ATOCommunity — Thu, 27 Feb 2020 07:04:05 GMT

You can update your personal details online without having to call us

TAX AMENDMENT

ali786 — Thu, 27 Feb 2020 07:03:54 GMT

I DID MY AMENDMENT FOR THE YEAR 2014-2015 AND 2015-2016 IN YEAR OCTOBER 2019.

DOES THIS AMENDED INCOME IS SENT TO CENTERLINK FOR REVIEWING MY FTB FOR THAT YEAR

OR ATO DOES NOT SEND INFORMATION TO CENTERLINK IF AMENDMENT IS PAST 2 YEARS.

My NOA was issued on 24 October 2019 for these 2 years. I called centerlink for any Top up FTB Payment for that year, so they send my uploaded NOA from humservices website for data matching. But uptill this date no data match has been done or any new of the FTB payment arrived.

I just want to know does ATO releases information to centerlink if amendment is for past 2 years.

Periodic AirBNB for the whole of own home and CGT

Ray_Dee — Thu, 27 Feb 2020 06:08:41 GMT

Dear ATO Community,

I own my little home and am away on business travels around half of the time in stretches of 1 month or so. If I let all of my place to short-term renters via say AirBNB when I am away anyway, do you think the 6-year rule will let me not consider any CGT consequences when I need to sell the place? Just to be clear, I am not going to dedicate part of my place to be rented out. I'd like to let AirBNB guests use all of it when I am away anyway, and when I am back I have all of my place to myself.

The alternative of having the place professionally valued before and after each AirBNB rental is clearly not practical. I really liked it how ATO was able to accommodate the phenomenon of ride-sharing such as Uber into a clear and unambiguous guide. I hope there will be a guide for the typical cases of AirBNB letting too some day.

With thanks,

Ray

MygovID error UNK000001

LS1 — Thu, 27 Feb 2020 04:33:47 GMT

Like many others, I am having trouble setting up the MYGOVID app.
I have tried EVERYTHING suggested (numerous times) to get it running.
I have uninstalled and reinstalled the app. I have cleared the cache and data. I have checked the dates and languages. I have double checked that the data I am entering is correct. I an STILL getting the UNK000001 error.
I have a Levono tab7 (Android 7)

Please help!!!

Wages paid to Individuals who are employees of another company

ijaz_aziz — Thu, 27 Feb 2020 04:32:23 GMT

This is a hypothetical question with these facts:

Company A would like to pay the wages/withholding tax/super etc to employees of company B.

The employees would be formally employed by Company B however, Company B is not set up for payroll, they require Company A to perform the payroll function of company B until such time that Company B is set up for payroll, e.g. single touch payroll, IT withholding, super etc.

During this time, Company A would charge Company B a fee for all costs associated with this arrangement.

Is there an issue with this arrangement? In particular, can company A pay and report the wages paid to employees of Company B in its payroll if the employees are not formally employed by Company A.

Thanks,

Jaz.

MYGOVID system error UNK000001

LS1 — Thu, 27 Feb 2020 04:28:44 GMT

Like many others, I am having trouble setting up the MYGOVID app.

I have tried EVERYTHING suggested (numerous times) to get it running.

I have uninstalled and reinstalled the app. I have cleared the cache and data. I have checked the dates and languages. I have double checked that the data I am entering is correct. I an STILL getting the UNK000001 error.

I have a Levono tab7 (Android 7)

Please help!!!

MyGovID Error Code

Lena14 — Thu, 27 Feb 2020 03:36:35 GMT

Hi I just downloaded the MyGovApp and it seemed to be working fine. But once I tried to to login to accept the RAM authorisation request I received an error code UNK00001. I followed the instructions and reset the app, cleared cache & data and now as soon as I go into the app I receive the error code System Error code NWK000001 (Please try again later).

I am using a tablet with Android 8.

And now I can't access the portal as my Auskey is no longer working as I have set up a mygovID account!

Please help.

Newzealand dividends paid to Aust Trusts

Derek — Thu, 27 Feb 2020 02:48:13 GMT

Hi, I hold shares in Auckland Airport (ASX: AIA), within a family trust. I'm unable to find on the ATO website how to report my NZ dividends, what supplementry forms to use (if any), and what I need to show, not show or claim. An example of the dividend is (in A$)

Security, rate, shares,declared Div, Supplementary div, withhold tax, imputation credit, gross taxable Div, net payment

Full Ord , 0.10, 750, $79.08 , $13.69 , $13.69 , $16.79 , $93.04 , $ 79.08

For each item above where do I show it on the Trust Tax Form, what do I leave out and what can or can't I claim.

Much Appreciated

Tax deductions

Bush66 — Thu, 27 Feb 2020 01:56:45 GMT

Can a psychologist who works from home claim Gym Hire Equipment as a 'self care' deduction?

Retirement earnings

Kimlovee — Thu, 27 Feb 2020 01:53:07 GMT

I retired last year but now want to work - if I work the last three months of the tax year but I have taken money out of my super (I am 63) will I get a tax bill based on my earnings and super withdrawal? Thanks in advance

Capital Gains Tax

nzbigglesau — Thu, 27 Feb 2020 01:31:39 GMT

Hi,

We inherited an investment property in 1995. What is the ato procedure for assessing the cost base? Also if their value is lower than my esitmate what steps should I take to resolve the difference? The cost base that was suggested to me (by family) is twice what I was expecting.

Thanks

Mark

Lump Sum in Arrears Payment Tax Offset

Backpayment — Thu, 27 Feb 2020 00:25:32 GMT

Hi, can anyone please direct me to where I can find the calculations the ATO uses to work out what a Lump Sum in Arrears Payment Tax Offset should be? I have determined that my LSIAP meet all eligibility requirements. I would however like to know how this is worked out so I can check if the amount the ATO has come to is actually correct. Without knowing the formula used, it is really impossible to determine whether a figure is correct or not to allow for an objection. Thanks in advance, hoping someone can help.

Tax deduction eligibility for personal super contributions

Wongman — Thu, 27 Feb 2020 00:03:42 GMT

Hi, I'd like to clarify the answer to the following situation:

Person is 61 years of age working full time (income approx. $90,000 pa) and has sold one of their investment properties recently. Wishes to make a lump-sum contribution (non-concessional) from the sale proceeds into their complying superannuation fund.

Will they be able to claim a full tax deduction for this lump sum super contribution after submitting a notice of intent to claim form to the super fund? I've read the rules and believe it's ok but want to be 100% sure.

They are not over 65 and the sale is not their own home so it's not a downsizer contribution (I know these contributions do not qualify).

Your advice would be appreciated. Thanks

Loan from family ocerseas

Gurtej — Wed, 26 Feb 2020 23:48:28 GMT

Hey, i have a car loan here in australia and the interest rate is bit much, so i’m thinking to pat my loan off by the help from my family living overseas and i’m gonna return their money slowly without interest. Do i have to pay tax on the money i receive in my bank account from overseas or have to answer or inform anyone about it?

Main Residence Exemption

Agni — Wed, 26 Feb 2020 22:57:36 GMT

Hi All

I have a residential property where I had been living till 2015, and since then I have let out the property from October 2015. Now I wish to dispose it and claim the CGT Main Residence Exemption. My question is : when is the last date that I can dispose off the property?

Many Thanks.

Exempt Scholorships

Lozza18 — Wed, 26 Feb 2020 21:48:53 GMT

Hello,

For a scholarship to be tax exempt to the recipient, I understand the following:

To be eligible for tax exemption, a scholarship, must be open to a wide range of candidates.

Scholarships are exempt from PAYG withholding and personal income tax where payment is:

made to a student receiving full time education, that is, undertaking a full-time course
not received ‘on the condition’ that they become, or continue to be, an employee
principally for educational purposes
does not have any requirement attached that amounts to the student having to render services.

My question is, does the scholarship have to come from a school, college or university or can any entity give a sponsorship that can be exempt to the recipient? What are the criteria for the entity giving the scholarship for it to be exempt to the tax payer?

Thanks

MyGovId

petermsgroup — Wed, 26 Feb 2020 21:42:55 GMT

Hi,

I've been asked if I can install an Android emulator on a corporate PC for MyGovId challenge.

Is this solution allowed?

Thank you

Private Health Insurance Suspension while travelling abroad

Sunshine99 — Wed, 26 Feb 2020 19:59:02 GMT

I am planning to travel and live abroard for a year. During that time I will earn little to no money but will retain my resident status in Australia for tax purposes. I am considering putting my private health insurance on hold during that time, as it wouldn't work while abroad, and get travel insurance for my time abroad.

I shouldn't be hit by the medicare levy in my tax return because my income will be under the $90,000 income threshold. However I would like to know if suspending my private health insurance for a while could have disavantages or consequences I should be aware about for my future tax returns.

Capital gains tax and prior year income tax losses

MrG — Wed, 26 Feb 2020 16:57:33 GMT

Hello and thanks in advance for your responses.

I have some prior year individual non-primary income tax losses and prior year CGT losses.

I'm looking at a future CGT event which will result in a capital gain. So at this point this is hypothetical and I will use some random numbers to help me understand under two different scenaries; one with underlying taxable income and the other without.

I'm trying to determine:

(a) At what point in the capital gain calculation are the prior year CGT losses expunged; (before or after discount?).

(b) When the calculated capital gain is added to taxable income, can prior year income tax losses be used to reduce the "combined" taxable income and potentially a lower marginal rate tax band.

Prior years CGT losses: $30,000

Prior years income tax losses: $80,000

Notional capital Gain: $400,000

Net Capital Gain (50% disc) $200,000

Scenaro 1: Taxable income for the year: $200,000

Scenaro 2: Taxable income for the year: $ Zero.

Thanks for your assistance.

forms

regoh — Wed, 26 Feb 2020 12:47:11 GMT

does anybody know where i would find a form for Refund of franking credits for individuals 2015-16

Small Business Capital Gains Tax Concessions - Passive assets - Business conducted by affiliate or c

Bannisterjbb — Wed, 26 Feb 2020 10:14:36 GMT

Hi,

To satisfy the basic conditions for SBCGT Concessions the asset must be an active asset.

The asset which is to be sold is owned by a company which does not carry on a business.

The asset is used exclusively in a business conducted by a discretionary trust which has a turnover of more than $2 million.

The 2 shareholders in the company control the trust and have received all distributions from the trust equally.

Net asset value of all connected entites and affiliates does not exceed $6 million.

Section 152.10 (1A) provides that if the taxpayer (the company) does not carry on a business the basic conditions are satisfied if an affiliate or connected entity of the company is a CGT small business entity.

Does this mean that because the trust is not a small business entity that the samll business CGT concession cannot be claimed even though the net assets or all connected entites and affiliates do not exceed $6 million?

GST Being Charged in USD

heleneanne65 — Wed, 26 Feb 2020 08:26:23 GMT

Hi guys! I am part of an MLM that is relatively new in this country and everything is charged in USD including the GST, Is this ok? How does an Australian tax get charged to us in USD? Thanks guys!

Downsizer super contribution

Kneewall49 — Wed, 26 Feb 2020 07:29:40 GMT

We settled on the sale of our property on 4th July 2018. I assume we meet the date restriction for allowing fir a 'downsizer' super contribution? Is that correct?

thanks

hobby income basketball referee

johndunneone — Wed, 26 Feb 2020 07:05:54 GMT

from a tax declaration iam a hobby

iam a basketball referee i do that for basketball sa in south australia

i like to now were i stand when i and going to earned $250 a week for this year which equates to $16,000 dollar per year

I must a some stage pay tax which i am at a loss try to get some sense out of ATO

i dont have a contract with basketball sa i dont have a ABN or tax file number

iam currently on a dissibility support pension iam aloud to earn $1240.00 per month without affecting my dsp

plz can someone point me in the right direction as i dont wont to get in trouble with the ato

i dont have a money to speak to a tax ccountant

Taxation Payable on Superannuation Withdrawal

BobBrown999 — Wed, 26 Feb 2020 06:36:06 GMT

Hi,

I am considering moving overseas and living there for 10-15 years - I am 68 and receive the Age Pension. I also have a Super fund that is a fully taxed fund (not an untaxed Govt fund) and I withdraw lump sums as required to top up the pension. I am thinking of living overseas full-time for a while, and together with with Age Pension to withdraw funds from my Super account as required into my Australian bank account and then transfer the funds overseas.

My question is : As a non-resident do I have to pay income tax on any lump sum withdrawals I make from my Super fund.

Meals & Entertainment

Aphrodite — Wed, 26 Feb 2020 06:24:00 GMT

After reading information on different scenarios as follows, i am still unsure what the transactions should look like. While i feel confident in determining that these are not an FBT situation, I am still unsure as to whether GST can be claimed and allocated as a business expense.

1. Meetings with clients - food & drink paid for, (sometimes including alcohol)

2. Business owner goes on the road for business related activity, accompanied by her partner with food, drink & accommodation involved

Clarification is much appreciated on this.

Trust

Sue83 — Wed, 26 Feb 2020 05:32:37 GMT

Hello,

Can someone please help to answer a question regarding Trust Distribution please?

I know a corporate trustee can also be a beneficiary of the trust; if some income of the trust is distributed to the trustee as a beneficiary, does the trustee pay corporate tax on the distribution received for the year? And then can use the after tax money to buy property for the trust? I got asked this question from a friend and my instinct answer is no, but I cannot find hard evidence to argue with him.

Can somebody please advise? thanks!

Log Book App

Kristian — Wed, 26 Feb 2020 04:58:56 GMT

Can you use a log book app instead of a hard copy log book?

TFN Declaration errors

CharlieH — Wed, 26 Feb 2020 04:38:25 GMT

One of our employees made an error in the tax file number on their tax file number declaration form. Will they need to submit a whole new form or is it possible to amend it somehow before sending to the ATO?

Employee share scheme

vjuvarajan — Wed, 26 Feb 2020 04:32:19 GMT

Hi there,

Say I acquired shares at market rate (so discount reportable) under an employee share scheme and I sold the shares after they vested. What will the acquisition date be in determining if I am eligible for the 50% CGT discount? Would it be the allocation date of shares (while they were still restricted) or vesting date?

Any help would be appreciated. Thanks!

Second job

Tammy — Wed, 26 Feb 2020 03:48:28 GMT

My son wants to take up a second job, can he claim tax-free threshold if BOTH incomes combined will be below the amount set?
Thank you

SMSF member receiving warning about changes to their reocrds

matthewk — Wed, 26 Feb 2020 03:45:59 GMT

Our SMSF clients have started receiving the following message that provides so little information but has caused alarm for the clients. As a result they call us worried or angry that we or somebody has been making changes to their SMSF without their permission. The email message doesn't tell the SMSF member what has changed or what form has triggered the change. We now have to spend time guessing which of the following might have changed and then report back to the SMSF.

* financial institution account details
* electronic service address (ESA)
* authorised contact
* members.

So far all we can determine is the tax return has been lodged with bank details (not changed) and members balances (not new memebrs).

Why can't the ATO be more informative in their warning messages. They know exactly why they triggered the message. The populated the client name & SMSF details. Why not the reason?

Shares capital gains tax while held in trust

taxman123 — Wed, 26 Feb 2020 03:43:02 GMT

Hey,

trying to work out my capital gains tax on shares i sold.

The shares were held in my fathers name in trust till they were passed onto me in 2015

i sold part of them in 2018 how do i work out the CGT?

Is the base cost from when i was passed on the asset in 2015?

ASX Price in 2015 - sold price = CGT?

MyGovID access from New Zealand

JulieM123 — Wed, 26 Feb 2020 03:15:47 GMT

We have an employee who lives in New Zealand and accesses the ato portal through our server. Can he still get access to the ato portal through a MyGovID on his phone.

Untaxed Superannuation Funds

BrendonBeh — Wed, 26 Feb 2020 02:48:22 GMT

1. The ATO website suggests the untaxed plan cap for the forthcoming fiscal year will be published in Feb. Can you advise what this cap will be for 2020.

2. Am I correct that the untaxed plan cap operates for members of untaxed funds is effectively the same as how the transfer balance cap of $1.6m applies to taxed funds? Another way of putting this - the $1.6m transfer balance cap does not apply to members of untaxed funds because they have a lower cap (the untaxed plan cap) for which their excess contributions will assessed for tax treatment.

3. If the answer to question 2 is yes (re the operating effects of the caps) - what is the policy behind untaxed plans having a cap lower than that for untaxed funds? Members of untaxed funds are more likely to have larger balances at retirement age due to the compounding effects of not paying tax over periods of time? Given this shouldnt the untaxed plan cap be greater than, not below the $1.6m balance cap?

charging GST

RimaDalal — Wed, 26 Feb 2020 02:31:34 GMT

How do you determine when to and when not to charge GST between commonwealth government agencies

do i pay GST

Lingling — Wed, 26 Feb 2020 02:01:42 GMT

I am going to take a job offer, which I need to provide the company my ABN to get paid $100,000 annualy. If I take this offer, I will pay my own income tax and super; and I need to use my own tools for the work. Do I need to pay GST as well?

Gold Bullions in SMSF

Jen1 — Wed, 26 Feb 2020 01:55:10 GMT

Hey everyone,

I am just wondering, if a member of the fund invests in gold bullion, as it doesn't fall under the collectables rules, it does not need to be insured. With the valuations however at year end 30 June. Is a confirmation from the trustees sufficient if they confirm no changes in value from prior year financials? Also is it okay for the trustees to store the bullions at their own personal home?

Redundancy Payment for employee over 66 years of age

Clarez — Wed, 26 Feb 2020 01:17:40 GMT

What would redundancy payment for an employee over 66 years of age get processed as, Excluded ETP or Non - Excluded ETP?

Thanks

ATO Clearance Certificate

Sarah05 — Wed, 26 Feb 2020 00:16:57 GMT

Clients name is spelt Marie on all legal documents and Certificate of Title however clearance certificate has come back with name spelt as Maree. We have drafted a stat dec to say that she am one and the same person, is this ok and can I seek that the purchaser accept this?

Australian permanent resident - Investments and asset in Home country

captainmathew — Tue, 25 Feb 2020 23:51:54 GMT

I am an Australian Permanent Resident. I have some assets and investments in my home country. Should I declare them when I file taxes in Australia?

MyGovid App Not Working

MargotS — Tue, 25 Feb 2020 22:42:27 GMT

Same issue as others, app has just stopped working. I was wrapped the set up went smoothly and all my client info was there. But now app has stopped working. Followed the instructions I found on here , cleared data, cache, and now need to set up again. The real issue - this has been over an hour and I really don't have time for this! Now I can't access at all.

Superannuation for Terminated Employee

cshallueato — Tue, 25 Feb 2020 22:29:45 GMT

What do you do with returned superannuation from a terminated employee. The employee has been contacted three times by email and twice by a telephone call and still wont provide his current superannuation fund information so payment can be made. What do you do with the returned funds?

Reporting loss on cryptocurrency from the past

doskoi — Tue, 25 Feb 2020 20:19:27 GMT

Hi everyone,

I'm just a little confused about what I need to do. So I do understand the loss from the cryptocurrency (investment purpose) can be carried on to the next years to take down the capital gains. On Tax Year 2017, I've lost $2982.80 and on Tax Year 2018, I've lost $1752.03.

During that time, I didn't think that cryptocurrency was going to be taxed, and forgot about it ever since and did not report it to ATO till now.

I do my taxes myself, and I want to figure out whether I'm supposed to amend the previous years and include those losses, or wait till the 2019-2020 tax report time, and report it then. I am quite lost on what category I must add this to if I was to amend the past reports.

Expertise and insight from someone who knows a lot about this would be greatly appreciated!

Refinance interest from paid off property

Miamia — Tue, 25 Feb 2020 18:20:15 GMT

Hello, I have a question, is I pay off my mortgage for my current property, in the future, if I use this property to get mortatge from bank again, can the interest be used for deduction? Say if this property generates rental income of 20k and the interest is 10k and depreciation is 5k, how much tax do I need to pay?

Thank you!

Family Loan

MJ2020 — Tue, 25 Feb 2020 15:19:40 GMT

My parents have kindly agreed to lend me money to buy my first home. The plan is that they will give me the full amount of the property purchase price so my cash offer is more competitive. I will then get a mortgage to pay back half of the loan interest free so my siblings can also benefit. The other half may never get paid back and no interest will ever be charged. What are the tax issues for me and my parents?

Overseas Hosting Companies charging GST on USD amounts

daniel_rossi — Tue, 25 Feb 2020 14:16:29 GMT

I don't believe this has been thought through properly and needs investigation. I believe Ebay are also doing it. Overseas Cloud hosting companies are forced to charge GST. But months later I discovered they are skimping extra off the top by charging GST off the USD bill not the converted AUD amount. It's paid via Paypal so paypal could convert and add the GST. But they are doing it on their side as the subscription amount.

Not only are the USD bills becoming expensive due to the trashed dollar, I am being charged extra a month on top. When if you convert the amount to AUD then add 10%, the bill should be much less.

They get more when the dollar dives further.

What they are doing is criminal and illegal and need help trying to find answers. I complained but they are going to keep doing it.

Amazon Cloud charge in AUD therefore the GST is correct. It's my VPS hosting place, Vultr.

Is transferring money from business bank account to personal bank account taxable?

Opel135 — Tue, 25 Feb 2020 13:51:25 GMT

Hi,

If I run a business as a company with me as a Director where I do not pay myself an income (I already have a permanent fulltime job), am I allowed to use the income from the company for personal expenses?

Would transferring that money from my business bank account to my personal bank account be deemed as personal income, even if I've paid business tax?

Are advice fees for Income protection advice deductable?

SANLaw — Tue, 25 Feb 2020 11:03:59 GMT

Financial advisers have traditionally received commissions for the advice they give to establish and manage personal income protection policies. By way of an example, for a client income protection premium of $5,000, advisers receive commissions, $3,000 upfront to establish and $1,000 ongoing to manage the policy. In this case, the client is able to claim a tax deduction for the full $5,000 income protection premium which includes the commission payment to the adviser.

For an adviser who charges a fee for service rather than receiving a commission - the premiums for the same income protection policy as above without commissions would be $3,500. The adviser would charge an advice fee of $3,000 to establish the policy and $1,000 ongoing.

My question is are the advice fees associated with (1) the establishment and (2) the ongoing management of a personal income protection policy tax deductable.

MyGovID for non-resident directors

Kateryna — Tue, 25 Feb 2020 10:50:49 GMT

Our small company has a non-resident Australian director. Will he be able to get the Standard access to MyGovID and access to RAM?

Right now it does not let him enter his overseas address where he is a resident.

Why won't the ATO provide an STP facility in the Business Porta"

jamie10 — Tue, 25 Feb 2020 09:47:08 GMT

Why does the ATO refuse to provide a simple STP lodgement facility in the Business Portal? Currently you provide Super Payments for micro businesses, but refuse to provide an STP facility. If STP is as simple as you claim, then it should take roughly 2 weeks for you to code and test it. We've been waiting 3 years now and the ATO still refuse to provide this simple facility. Small businesses must now trust 3rd party payroll and STP providers of unknown origin, storing personal details on their cloud somewhere. Its amazing how many overseas software providers have popped up as a result on STP being introduced.

Amongst all the other compliance requirements for small business, it seems the ATO and government are intent on driving small operators out of business, while creating more bookeeping jobs in larger business. This is a false economy, driven by artificial production just to meet some legislative compliance. The STP does NOT make things simple for business, it is a measure to punish 99% of businesses who do the right thing.

Depreciating assets

Alba — Tue, 25 Feb 2020 08:32:16 GMT

Hello Community,

I have a question in regards to purchasing a depreciating item, for instance if I buy an item of $400, can I claim only $300 immediate deduction, because is less than $300 and not claiming the other $100, rather than depreciating the item for its useful life. Any help with this would be very appreciated.

Are deductions allowable for fraud?

PeaceLilly — Tue, 25 Feb 2020 08:01:53 GMT

Hi ATO community,

I am finishing up my company's tax return and just have one question before I submit it.

I sent a somewhat small sum via bank transfer to be credited to an investment trading account to a U.K. limited company. This money was meant to be segregated from their operational expenses. Unfortunately, before the money arrived at them, their website went down and I was unable to contact them and I have been unable to retrieve the money back. The company the money was sent to is still registered and is solvent. I have reported this to Action Fraud U.K. (police) but still haven't received a response.

Would I be able to claim this amount as a deduction under theft or potentially an investment loss?

Thank you for your time and answers.

Tax on sale of UK property

weaseltron — Tue, 25 Feb 2020 07:31:32 GMT

Hi there.

I purchased a property in the UK in 2007 for 200k GBP. It was my residence in the UK until 2011 when I moved overseas and it has been rented out ever since. I am now thinking of selling.

The property has been valued at 200k and, assuming it sells for this amount (I.e. there will be no Capital gain) what would my potential tax liability look like in Australia?

Thanks in advance

myGovID App

SB11 — Tue, 25 Feb 2020 07:21:59 GMT

When I try to download myGovID app to my Android tablet I see this.

this app is incompatible with your device.

My tablet is brand new but it is not a brand name tablet.

Tablet information:

Model: ZL10

Android: 9.0

Can you please help me out as I cannot not find a list of tablets that are compatible with the app

Thanks

Shirley

TAX AMENDMENT

ali786 — Tue, 25 Feb 2020 07:19:34 GMT

I DID MY AMENDMENT FOR THE YEAR 2014-2015 AND 2015-2016 IN YEAR OCTOBER 2019.

DOES THIS AMENDED INCOME IS SENT TO CENTERLINK FOR REVIEWING MY FTB FOR THAT YEAR

OR ATO DOES NOT SEND INFORMATION TO CENTERLINK IF AMENDMENT IS PAST 2 YEARS.

I just want to know does ATO releases information to centerlink if amendment is for past 2 years.

request TFN from overseas

Angellica — Tue, 25 Feb 2020 07:13:13 GMT

Hello Community, I'm currently overseas and on my way of getting my work visa via sponsorship. My sponsor has suggested starting applying for the TFN while the visa is issued.

1. I understand I can request it from overseas. Can this be online (email) or just via postal mail?

2. If by postal mail: I have to send other documents to Australia, can I send this to a friend and ask her to send the corresponding documents to apply for the TFN?

Kind regards.

Buying stock from a non-GST registered business and selling as a GST registered business

Amy020 — Tue, 25 Feb 2020 06:27:53 GMT

I am a small business registered for GST. I purchase most of my stock (used vehicles) from a non-GST registered business. When I sell the vehicle the purchase price includes GST.

How would I represent this information in a BAS Statement?

Thank you.

mygov and RAM

Russellcorp — Tue, 25 Feb 2020 05:14:40 GMT

I am concerned with the removal of the auskey and the introduction of the use of your personal mygov account for business use. I work for a Liquidator and I do not want my clients linked to my mygov account. How does the RAM work? Is this the best thing for me to do. Does that work similarly to the auskey?

Work Related Injury - Working Director not covered by Workers Comp

TOMACCOUNT — Tue, 25 Feb 2020 03:29:12 GMT

I am looking for some further information about income tax/GST deductions on medical expenses incurred by a company. The situation was related to a single director company that does not have workers compensation insurance. The injury was sustained by the director who is a working director and performs all the work for this company (it is quite a physical role) and this injury occured during his normal work day. At this stage he doesn't take a wage and there are also no other employees within the business.

In WA it is optional to cover a working director for workers compensation so could these injury related expenses be deductible/ GST creditable (if applicable) to the company? Or does this become a personal expense of the director? Can you point me in the right direction to do some further research on this?

Wages & self employed

Alice17 — Tue, 25 Feb 2020 03:09:20 GMT

Hello, for the last finincial year I have been part time employed on wages and have worked part time as 'self employed' (sole trader). I am trying to work out how much tax I will be up for with my self employed income. Looking at ATO guides for self employed it says there is no tax for the first $0-$18,200. Will this still apply to me as I would be claiming the tax free threshold from my wages job (i've been working there for two years). I will have made over $18,200 so will be in the next bracket.

Does my wages income affect what tax I will have to pay on my self employed income in any way? Or will they be dealt with separately?

Thank you in advance

FHSS and Tax

cms — Tue, 25 Feb 2020 02:28:04 GMT

Requested FHSS withdrawal June 26, 2019 - 2019 Tax Year. Received July 2019 - 2020 Tax Year. Purchased first home and Notified ATO. Also Salary Sacrificed the entire Assessable Amount back into Super Account.

Recently discovered letter in My Gov Messages from ATO stating I must include Assessable Amount on 2019 Tax Return.

Should I amend my 2019 tax to include Assessable amounts of FHSS even though I provided notifications AND repaid the amount?

Thanks for your guidance.

Family Member lead money to help business

JessicaSpring — Tue, 25 Feb 2020 02:25:06 GMT

Hello, my parents will borrow their personal saving with no interest to help me out with my business cash flow issue. I will return the money in a month time. may I know if there is any tax implication by doing this?

Back payment of leave on redundancy

rxqueen60 — Tue, 25 Feb 2020 02:16:13 GMT

Hello there, I was made redundant a few years ago and have recently been notified by my employer that the payout of my leave was understated and that I'll be receiving an additional amount. Will this be taxed at the concessional redundancy rates? Or marginal given it was a few years ago? Thank-you!

SMSF

Janfra — Tue, 25 Feb 2020 01:12:23 GMT

Can I lend my SMSF money to enable me to purchase a property? Can my employer pay me my super contributions to repay that loan?

Re-loaning from individual to a trustee of discretionary trust on P&I terms

pwnchi — Tue, 25 Feb 2020 00:54:44 GMT

Sorry i have another question regarding trustee loans.

We are looking at creating a discretionary trust with myself as trustee. My wife and I (the individuals) are going to borrow against our owner occupied home, split 100,000 loan on P&I terms, paydown and redraw to onlend to the trustee on P&I terms.

Few questions
1. I am confused in regards on how to word a loan to reloan the funds to the trustee, so that the individual would pay the same amount of interest to the bank that they receive from the trustee. If the loan to the trustee was 'on the same terms as receieved by the lender' would this suffice, so that each year the individuals net interest would be zero??
2. I am also confused if the onlending loan is made later in the life of the loan, would this wording still be okay? As the principle and interest calculations would be different to the first year of a loan, I'm not sure this affects anything.
For example if the loan was made on the second year of the loan
- individual pays $4000 interest, $2000 principle
- trustee pays the individuals the same amount, and the $4000 interest is deductible?

3. Would a loan on such terms be sufficient without any security? I believe the loan would need be on arms reach, and onlending at P&I terms with the same rate without any security may not be what you would do to a stranger?

Thanks i hope that makes sense.

HELP Debt

dussumieri — Tue, 25 Feb 2020 00:22:55 GMT

Hi, I want to check my current HELP debt as I am pretty sure that since the end of the financial year my compulsary repayments have exceeded what the balance was at the end of the 2018/2019 financial year. I keep seeing that you can check your current debt via myGov, however I can only see what the balance was at the end of the financial year. I want to find out what the current balance is so I can update my details with my employer if needed.

Cheers!

Self-education deduction for childcare, and the childcare rebate/childcare subsidy

Jennifer1 — Tue, 25 Feb 2020 00:14:12 GMT

Hi,

does the childcare rebate/childcare subsidy impact my ability to claim childcare as a self-education expense?

Thanks, Jennifer

Self-education deductions and unpaid maternity leave

Jennifer1 — Tue, 25 Feb 2020 00:07:18 GMT

Hi,

I was working at a job and went on paid, and then unpaid maternity leave to have a child.

During this time I undertook study which met the criteria for being self-education expenses as I improved specific skills and knowledge in my current employment. I have successfully claimed self-education expenses back for this education.

My question is - if I studied this while being on unpaid maternity leave - still with the same employer and less than 12 months in duration and immediately after taking paid maternity leave - am I able to claim self-education expenses?

Many thanks, Jennifer

Listed shares as contributions

Gmcg — Tue, 25 Feb 2020 00:04:55 GMT

Hello

Just looking for some guidance...

Age 60 and not retired (self employed- low income) with a smsf balance circa $600k.

Have listed shares outside of smsf on ASX value circa $100k with significant cgt payable if sold but have held for longer than 12mths.

I'm looking to transfer said shares directly into smsf (if possible) and to obviously minimise tax payable in the process.

Looking for options here if anyone can help.

With thanks

Graeme

Multiple novated car leases

Shane14711 — Tue, 25 Feb 2020 00:04:52 GMT

Hi everyone,

Im looking at taking a novated lease on a a second vehicle. I want to know if the pre-tax deducations for both vehicles are combined or is there a threshold/cap to what can be deducted "pre-tax"?

Thanks

Tax refund cheque lost in mail

kgcheung — Mon, 24 Feb 2020 23:53:47 GMT

Hi there,

I recently moved after I filed my taxes with a new accountant. Usually I get my refunds electronically, but for some reason this new accountant filed it for a cheque. Subsequently the cheque was lost in the mail.

How do I go about replacing it? Do I order a replacement cheque or can I ask them to refund electronically into my account?

Thanks very much.

Target redundancy + new job salary within the same FY

mightybob — Mon, 24 Feb 2020 22:35:56 GMT

Hi,

I received a redundancy payout as part of a targeted redundancy at my last place of employment. 2 months later I have managed to secure new employment (all within the same Financial Year). In total, inclusive of the payout + new salary, it looks like it would theoretically push me over in to a new tax bracket for the remainder of this Financial Year.

My question is how will my earnings be taxed for this Financial Year (given that I received the payout)? I'm just trying to understand so I can take the appropriate action to ensure I don't get caught come Tax time.

Thanks.

OnePath Plus

Cobramwindows1 — Mon, 24 Feb 2020 22:30:41 GMT

I have a message to update an employees Super payment details but not sure what its about They are with OnePath Plus has there been a change in USI or ABN details for this Super Fund?

my.gov, filing overseas and accessing tax info

Punished — Mon, 24 Feb 2020 22:02:34 GMT

I live in the US, I've been living overseas since 2013, but briefly stayed in Australia in 2019, during which I worked the election.

I have not recieved any documents from the AEC, but am trying to file my taxes.

I cannot access the my.gov website as I do not have an Australian mobile phone number.

I have tried contacting the ATO, livechat services and even my member of parliament to no avail. Each shunted me on to another department or address, all leading back to logging in to my.gov, which I am still unable to do.

Any suggestions for a way around all of this tape? I just need the income data and I ought to be able to file via post, but this seems an utterly unreasonable process for what likely will result in a reimbursement of less than 100AUD in my favor.

RAM Setup

Shagrad — Mon, 24 Feb 2020 21:00:39 GMT

I am trying to link my business in the RAM setup and all it does is direct me to a blank screen with the address https://poro.ato.gov.au/poro/ with nowhere to link my business. There are three options in the top bar ... Business Portal,Tax Agent portal and BAS Service provider Portal but going into these just takes me to the old method of login.

MyGov verification text

DChew — Mon, 24 Feb 2020 19:33:18 GMT

Good morning all. I woke up at 6am and checked my mobile phone. I received an myGov Security verification text (msg ref: SV001) at 4.50am while I was asleep. I did not request for any access code. Does this mean that someone is trying to access my ATO account? Would someone able to advice me on what to do next,,, change the password? Much appreciated, Cheers, D.

Cgt for foreign residents

Miamia — Mon, 24 Feb 2020 19:05:57 GMT

I know that from July 2020, foreign residents will no longer be able to apply 6-year exemption rule, so if I sell or transfer my former home in Sydney, will I be taxed on the capital gain based on the original purchase price, or the market value when it was first rented out?

And how many months will a valuation report valid for? I mean if I am going to transer title on June, when is the earliest time I can get the valuation report? Can I use the same report for stamp duty evaluation for cgt?

Thank you so much!

Business tax

Addy — Mon, 24 Feb 2020 13:38:19 GMT

Does ATO offer free tax help for people who run a business? I am currently selling skin care and just wanted to know if I can access help to do my own tax returns thank you

Asset disposal closing business

nicolas974 — Mon, 24 Feb 2020 10:24:51 GMT

Hi,

I m a sole trader and own a caravan under my business name. I m closing my business and would like to give the caravan to a relative. I have claimed GST credits when I puschased the caravan a year ago. Will I be liable to any GST for this donation?

Thank you

NM

Cryptocurrency capital loss offset capital gain from property sale

Lplau — Mon, 24 Feb 2020 09:46:41 GMT

Hi all

Can I use the captial loss from my cryptocurrency to offset the captial gain from the sale of my investment property?

FHSSS - using funds

jesswa — Mon, 24 Feb 2020 07:52:18 GMT

I have requested a release, sent the funds to the ATO and express posted my form back to ATO to conform.

How long until I can expect the funds in my account?

Tax Deduction for removal of Horticultural Plants

JE_72 — Mon, 24 Feb 2020 07:20:54 GMT

I have planted grapevines as an agricultural producer. As part of plantng the new vines I have removed some old olive trees to make way for new vine planting

What I need to know is how to claim a deduction for the removal of the old olive trees. Is the removal considered a capital deduction or immediate write off in its own right,or do I add the cost of the removal to the capital cost of the new vines and depreciate as part of the new vines?

SG on purchased leave?

KB7 — Mon, 24 Feb 2020 06:48:36 GMT

Hi, can someone confirm whether Super Guarantee is payable on purchased leave. If my Gross PAYG income is $100K and my employer allows me to purchase leave (get additional holidays) my gross annual income will drop by the amount of $ equivalent for the leave taken. Is SG payable on the original income of $100k or the reduced amount?

I cannot see anywhere references to this sort of arrangement as a Salary Sacrifice. I am not receiving a financial benefit of any sort, just getting more time off for which I am not paid.

Look forward to hearing your thoughts and any references.

Transferring Money from the UK

Caithann — Mon, 24 Feb 2020 06:46:34 GMT

Hi, My husband has sold a house in the UK. We plan to transfer the money to our Australian Bank Account to put towards a house purchase in Australia.

I am an Australian Citizen while my husband is on a woking visa. The house was registered under his name alone.

What are the tax implcations for transferring a large amout of money from a UK account to an Australian account? Are there any financial implications if the funds are being used to purchase a property here?

Thanks advance if you can answer any of these questions.

Super

Corinne1 — Mon, 24 Feb 2020 06:33:04 GMT

If you work for yourself can you put money into super and does the government match it?

GST - electronic distribution platform operators

LG123 — Mon, 24 Feb 2020 05:54:25 GMT

Does online sales facilitator need to charge GST on second hand personal goods sourced by other individual/business (the actual vendor) and then resale through the facilitator's online platform? The sales facilitaor will charge a commission including GST to the vendor, but should the faciliatator also charge GST on the goods itself on the resale and then pass it on to the vendor?

Thanks.

bring large amount of money from overseas

sislammontu — Mon, 24 Feb 2020 04:45:33 GMT

Want to bring large amount of money from overseas to buy a property.

Car expenses - depreciation

sherlynneoh — Mon, 24 Feb 2020 04:23:58 GMT

Hi

I am a sole director and employee of the company. I have been using my own car for business purposes and reimburse my car operating expenses like fuel, petrol, registration, insurance for business % (around 50%) from my company. (Based on the log book % that I have recorded)

I am planning to buy new car under my personal name and still using them for both business and private purposes. Can I claim depreciation of the car in my personal tax return based on log book method business use % and continue reimburse all the operating cost such as fuel, insurance, registration and etc from my company?

Thanks