Tag: ATO

Posts Tagged ‘ATO’

6 Ways To Find Your Lost Super Fund

Want a clue as to where you can find your lost super fund?

It sounds mad; you lost your money. However, it’s more common than you’d think. In fact, in 2015, more than 17 billion dollars worth of super funds went unclaimed.  

So the question is, how is it that easy to lose so much money?

The biggest culprit in losing a superannuation fund is switching jobs. Each time you start a new job, it is more than likely that your employer starts a new super fund account in your name unless you say otherwise. But once you misplace your original super fund, there are still ways to go about finding it again. Let’s take a look.

 

#1. Check the Lost Members Register

Sure, you have a super fund. But have you not contributed recently or not heard from a provider representative in regards to your fund? You may very well be considered to be a lost member and not even know it. The thing about a super fund is that in order to remain an active member, you must do one or both of the following:

  • Confirm your address at least once within a two year time frame.
  • Indicate that you would like to remain a member of your fund.

 

If you have been inactive, unable to contact, or transferred from one super fund provider to another as a lost member, than you are most likely on the Lost Members Register.

 

#2. Create a myGov Account

This is the most beneficial choice for you. On top of being able to locate any lost super, you’ll be able to see all super fund account overviews from one place and even combine multiple super funds into one ‘preferred super fund’. All you’ll need to do is create an account and link it to the ATO.

 

#3. Use the ATO Superseeker Tool

This is what you’re looking for if you want to locate your lost super; quick, easy and painless. All you need to have handy is the following information:

  • Your TFN
  • Your family name
  • Your given name
  • Your DOB

Read the rest of this entry »

How To Lodge a Late Tax Return Online

Although it’s time to lodge your 2015 tax return, you still may need to lodge a previous year tax return.

With E-Lodge, it’s not too late to lodge your late tax return. In fact, you can get caught up on your late tax returns without being forced to leave home!

There’s no need to visit an accountant, you can do it all online! In fact, you’ll be able to prepare and lodge a tax return dating back to the 2006-2007 financial year!

Late Lodgement = Late Penalties

If you’re lodging a late tax return, you run the risk of incurring a failure to lodge on time penalty from the ATO.

You’re likely to face penalties if you fall within any of the following categories;

  • more than one outstanding return
  • a poor lodgement history, or
  • not complied with a request to lodge your tax return

Read the rest of this entry »

How To Claim Widow Allowance as a Senior Australian

In order to claim the Widow Allowance you must have been born on or before 1 July 1955

If you’ve experienced the loss of a loved one, then you know first hand how difficult it can be. Not only emotionally, but in some cases, financially.

More specifically, losing your spouse can be devastating.

If you have in fact lost your spouse,  you may qualify to receive Centrelink Widow Allowance  payments.

Keep in mind, you’ll need to report any payments received from Centrelink on your Australian tax return. Before doing so, click the link below to find out if you’re eligible to save $10 on your 2014 Tax Return;

How To Save $10 While On Centrelink

What is the Widow Allowance?

As described on the Australian Government Human Services website, the Widow Allowance offers financial help to women born on or before 1 July 1955 with no recent workforce experience that have become widowed, divorced or separated since turning 40.

Who Qualifies to Receive the Widow Allowance?

Read the rest of this entry »

Use Our E-Lodge Coupon Code if You Receive Newstart Allowance

Receive the Newstart Allowance? We want to help too.

If you are eligible and currently receive the Newstart Allowance, we have a special discount for you: take $5 off your E-Lodge tax return preparation fees!

Newstart Blog Coupon

We understand that looking for a new job can be tough. We wanted to reward you even further for sticking it out and continuing on your job search.

 

To use your E-Lodge coupon code today and save on your 2015 tax return preparation fee, follow these three steps;

  1. Create an E-Lodge account.
  2. Enter your information into the tax application and select your payment option.
  3. On the Payment Summary Page, enter the coupon code NEWSTART5 and click Submit.

 

Newstart Allowance Eligibility Criteria

The Newstart Allowance is designed for unemployed Australians to receive  payments from the Australian government agency known as Centrelink .

Read the rest of this entry »

How To Check Your 2015 Tax Return Progress

After lodging, you can check the progress of your 2015 tax return online!

Sometimes, waiting for a tax refund is worse than preparing the actual tax return. This is especially true for those that have plans on how to spend their tax refund money.

Thanks to the  ATO’s Progress of return enquiry tool, you can check the status of the income tax return you lodged for the immediately previous financial year.

In other words, if you recently lodged your 2014 tax return, you’ll be able to see it’s progress.

Instead of waiting on the phone to speak with a live representative, you can get a quick update on the status of your return online 24 hours a day, seven days a week after lodging your taxes.  Not only that, but E-Lodge also offers it’s users their own status page, allowing them to view the exact date the ATO accepted their tax return.

What can I view on the ATO’s Progress of Return Tool?

The ATO’s Progress tool allows you to check the progress and status of the following;

  • original and amended tax returns lodged for the current year
  • original and amended tax returns lodged for prior financial years

That means not only can you check the progress of your current year return, you can also see your lodgement history. Keep in mind, the tool is only for individual tax returns. You won’t be able to view the progress of companies, trusts of partnerships with it. Read the rest of this entry »

10 Changes to the Australian Tax Return 2014

Life is full of change. No, not the change in your pocket. The change which is often expected and other times, completely unexpected.

In fact, the only thing constant is change. That newborn baby you brought home from the hospital has grown and changed before your eyes.

Your once slim and muscular body has transformed into the body of…. well, let’s just say a “softer” person. Or if you’re disciplined,  your once unfit body has gradually changed and transformed for the better. The list of life changes- that we are sometimes completely unaware of- goes on and on.

Change also applies to the law, government and more specifically, taxation. Throughout certain years, the updated Australian tax return incorporates major changes.


Not any major changes but some may affect your 2013-2014 tax return

Although the taxation changes that affect your 2014 Australian tax return aren’t drastic, they still may affect you. With that said, before lodging your 2013- Read the rest of this entry »

5 Reasons To Report Offshore Income Under Project DO IT

With Project DO IT, you can come forward with unreported foreign income without fearing high penalties and fraud evasion.

The ATO has announced a hand full of changes lately. The new Australian budget includes a budget repair levy,  changes in family tax benefits, and much more.

Along with the new budget, the ATO has also announced a new initiative titled “Project Do It”. The initiative allows taxpayers a way to disclose foreign income they previously omitted to declare without facing large penalties.

That means, if you are an Australian resident and have offshore income, you should report your income right away. In fact, you can do so on E-Lodge.

Do Australians really need to report offshore income?

Yes, Australian residents must declare their worldwide income (and are taxed on it). You must declare all of your income, no matter what the source. Foreign income includes;

  • foreign pensions and annuities,
  • foreign employment,
  • foreign investment,
  • foreign business,
  • capital gains on foreign assets.

Read the rest of this entry »

How To Lodge an Individual Tax Return 2013

Tax season 2013 has come and gone! If you haven’t already, find out if you have to lodge, what you’ll be paying, and then do it all on E-Lodge.

It’s that time of year again! Time to lodge a tax return. For many Australians means lots of time, stress, and hair pulled out. Well no more. Thanks to E-Lodge the process couldn’t be simpler. Here’s everything you need to know about lodging your return.

How to lodge your return

You can find a copy of the 2012-2103 tax return here on the ATO website.

But honestly, why bother? Why use this complex and antiquated paper form?

When you use E-Lodge to prepare your return you don’t even have to look at a paper form. Just enter your information into E-Lodge’s easy online tax application and it will prepare your return for you automatically. Then after an accountant reviews it, we’ll lodge it electronically for you. Couldn’t be simpler. Read the rest of this entry »

Do You Need a Tax File Number to Lodge a Tax Return?

Even though you don’t need a TFN to lodge a return, they do make things a lot easier. Plus you need one in order to use E-Lodge!

A tax file number (also known as a TFN) is a unique nine-digit number issued to individuals and organizations by the ATO to help them keep track of everyone’s tax affairs.

The official word from the ATO is that you do not need to list a tax file number (TFN) on your tax return in order for it to be processed. However, not listing a TFN may delay your assessment and prevent you from getting your refund as quickly as possible.

Furthermore, if you don’t give your employer your tax file number, taxes will be withheld at the maximum rate, which is likely much higher than necessary. A TFN could help you keep more of the money you earn over the course of the year.

Getting a tax file number has myriad other benefits that are not just restricted to filing taxes. Having a TFN will help you Read the rest of this entry »

How to Lodge Your Tax Return

Thanks to online services such as E-Lodge, lodging a tax return has never been easier

No one expects lodging a tax return to be easy, but every year when tax season rolls around again, it’s hard not to wonder if there’s an easier way somewhere out there.

Old-fashioned accountants

Everyone knows about brick-and-mortar accountants, but they’re just so expensive. An undergraduate accountant could run you $100 an hour. And if you want a senior or principal accountant, you’re looking at shelling out up to $275 an hour.

Plus you have to actually, you know, get off the couch, get dressed, and interact with another human being. In the age of tablets and smartphones this just seems a little antiquated.

E-tax from the ATO

Thankfully there are several ways to lodge a tax return online. The first option is using e-tax, the ATO’s free tax return preparation software. Read the rest of this entry »