Welcome to our August Monthly Newsletter!
The low and middle income tax offset has now become law and will be available until 2022. The maximum offset is $1,080 and is calculated on your income level. You will receive some of this offset if your taxable income is less than $126,000.
If your taxable income:
- does not exceed $37,000, then you will be entitled to an offset amount of $255 on any tax payable
- exceeds $37,000 but is not more than $48,000 then you will be entitled to an offset amount of $255, plus 7.5% of the excess above $37,000 to a maximum offset of $1,080 on any tax payable
- exceeds $48,000 but is not more than $90,000, then you will be entitled to the maximum offset amount of $1,080 on any tax payable
- exceeds $90,000 but is not more than $126,000, then you will be entitled to an offset amount $1,080 less 3% of your taxable income above $90,000
Monthly Tax Tip:
Do you claim a portion of your mobile phone costs as a business expense? If you claim more than $50 per year then you are required to keep a four-week diary to substantiate your claim.
You could calculate this as:
Dividing the number of business calls by the total calls (e.g. 100 business calls / 400 total calls = 25%)
Dividing the time spent on business calls by the total time spent on calls (e.g. 10 business hours / 40 total hours = 25%)
Once you have calculated the percentage of business use, you can then claim that percentage of each phone bill throughout the remainder of the financial year.
- Lodge PAYG withholding payment summary annual report
- Lodge and pay July 2019 monthly business/instalment activity statement
- Lodge and pay quarter ending 30 June 2019 activity statement if lodging electronically
- Lodge and pay quarter ending 30 June 2019 superannuation guarantee charge statement if contributions were not paid on time
- Lodge taxable payments annual report*
*You are required to lodge a TPAR if you are in the following industries and have made payments to contractors for these services: building and construction, cleaning and courier industries.