BLOG: Death and Taxes

These are the two certainties in life. Sure, you can run…but sure as sure…you can’t hide! And between you and me, I’d reckon the ATO is a lot worst. After all, what else can Death take besides your life?
Delaying (tax wise) is always an option I suppose, but consider the costs - the first 28 days will incur a penalty of $170 and it only goes up.
Interest can also be charged on any amount owed to the ATO after 31 October at a rate of 11.86% per annum.

So who needs to lodge taxes?

Well, if you’ve earned some form of income during the year, it’s probably safe to say “You do”. But specifically:

Persons residing in Australia during the year for purposes that are taxable

A Tax Resident having income of more than $20,542 (worldwide) in the year 2014-15 has to lodge an Income Tax Return.
Even if you weren't residing in Australia but you did receive income from sources based in Australia, you might still be liable for taxes!

Persons who have received Government assistance

Most Government assistance are taxable. If you have received more than $20,542 you have to lodge an Income Tax Return.

Seniors and Pensioners tax offset

Depending on personal circumstances, you might be required to lodge an Income Tax Return. Please speak to us.

Businesses

In addition to (usually quarterly) Business Activity Statements, Businesses are also required to report on their annual taxable income. There are deductions on almost all costs incurred by a business that arise during the course of normal operations. However, there are some exceptions: for example, private expenses, entertainment, fines and domestic expenses are some of the expenses that are specifically excluded.

When should you lodge returns?

Generally, 31st October 2015.

Why Cube Accounting?

We ensure you have the maximum deductions allowable by law. This means you don’t lose out by claiming for less, and you also don’t get into trouble with the ATO by over claiming.
Because we’re an organization in good standing with the ATO, you can benefit from our extension on due dates.
We're here to help.


Author: 
Jason
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