Tax Returns Mornington
If you are looking for a tax return in Mornington you cant go past Julie Samson Tax. We offer expert tax return preparation for individuals in Mornington.
Apprentices
What can I claim as an Apprentice?
Apprentices work hard! Up early, in the elements, learning the trade.
Apprentices also often have more to claim at tax time than others.
As an Apprentice, you might need to buy tools for work, drive your own car from site to site and buy protective or HiVis workwear. These costs of employment are tax deductible, but you need to keep receipts, understand how depreciation works and perhaps keep a logbook. Tax advice early on will help with your tax returns for many years to come.
Apprentice tax returns From $199
(Includes depreciation for multiple tools and motor vehicle logbook claims)
(Excludes capital gains tax calculations including crypto, other investment income, foreign income, ABN activities and record keeping)
Students
What can I claim as a student?
To claim self-education expenses, there must be a clear connection between your study, work activities and income. You cannot claim a deduction for self-education expenses if you were not employed. If your self-education is eligible, you may be able to claim course fees, stationary, internet, transport and car expenses.
What if I have multiple jobs?
You might receive income from Austudy or Youth Allowance, working multiple jobs, a summer job, or self-employment. Having multiple income sources can lead to a tax debt if you are claiming the tax-free threshold from more than one payer.
What is the tax-free threshold?
When you start employment, you complete a Tax File Number Declaration and indicate if you want to claim the tax-free threshold. The Australian resident tax-free threshold is $18,200. This is the assessable income that you can earn before you start paying tax. If you are already receiving $18,200 from other income sources, including government payments, you should not claim the tax-free threshold on the declaration. If not enough tax is taken out of your pay, you will not receive a tax refund - you will be paying the ATO. For resident income over $18,200 and up to $45,000, the tax rate is 19 cents for each dollar, plus a Medicare levy of 2%.
https://www.ato.gov.au/Rates/Individual-income-tax-rates/
When do I need to repay my student loan?
You will need to advise your employer of your student loans on the Tax File Number Declaration form. If your assessable income for the financial year reaches over $48, 361(2023 threshold), you will make repayments towards your study debt. Your employer should do this for you by withholding extra tax from your pay.
https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/
What if I have a side hustle?
Like many students, you might be earning income from your own small business activities, Uber driving or food delivery, freelancing, or social media influencing. If this is the case, you will pay tax on the profits where your assessable income is over the tax-free threshold of $18,200. You do need to keep records of your income and expenses over the financial year, and if you haven’t kept track, I can advise you of bookkeeping methods that will help. Deductible expenses might include business name registration, car expenses, website and domain costs.
Need help?
I always enjoy helping students at tax time because it is an opportunity to provide tax advice and financial understanding that will be relevant (and make tax preparation easier) in years to come.
Student tax return with multiple income sources from $199.
Student tax return that includes a side hustle/ABN income from $250.
(Extra fees for capital gains tax calculations including crypto, other investment income, foreign income, more complex ABN activities and record keeping)
Capital Gains Tax (CGT)
Capital Gains Tax is the tax payable on your gain from investment (including property, shares, crypto, or collectable items) and is calculated in the year the investment asset is sold. To calculate the capital gain (or loss) you will need to provide records of when you first invested in the asset, the holding cost of the asset and the costs of selling. You pay tax at your marginal tax rate on the profit made on the investment. You may be eligible to apply capital losses or a 50% discount to the profit – reducing your tax payable.
Inherited Property
Generally, CGT doesn't apply at the time you inherit the property, however CGT will apply if you sell the property (unless an exemption applies).
Rental Property
When you sell a rental property, you need to provide details of the capital gain (or loss) in your tax return. You will need to provide many records that span the period of ownership which may include; property improvements such as a new kitchen or fence, depreciation claimed in rental schedules, advertising, real estate commissions and stamp duty. Collating records is beneficial to your tax preparation as the costs of holding the property will reduce the capital gain – and tax payable.
Shares
When you buy and sell shares or units you need to declare the gain (or loss) in your tax return in the financial year sold.
Crypto
If you exchange crypto assets for goods, cash or other crypto assets then this is normally considered a disposal for the purposes of capital gains tax.
