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Technology giant Google has agreed to pay an extra $481.5 million in taxes to settle a decade-long dispute with the ATO over local taxes.

Write comment (0 Comments) " ["fulltext"]=> string(1849) "

In what the Tax Office is hailing as a victory, Google joins the likes of Microsoft, Apple and Facebook who have combined paid $1.25 billion.

“This settlement is another great outcome for the Australian tax system,” deputy commissioner Mark Konza said.

“It adds to the significant success of the ATO in positively changing the behaviour of digital taxpayers and significantly increasing the tax they pay in Australia.

Federal Treasurer Josh Frydenberg said the settlement with the ATO and Google was strong evidence that the crackdown on multinational companies through new laws was working.

“The government’s successful implementation of its Multinational Anti-Tax Avoidance Laws has seen many large businesses restructure their operations to be compliant with the law,” Mr Frydenberg said.

The minister noted that since establishing a Tax Avoidance Taskforce in 2016, the government has benefited from an additional $15.5 billion.

The announcement had little impact on Google’s parent company Alphabet’s share price, which fell by 0.22 per cent following the announcement.

The Tax Office alluded to further cases in the future as it expands its taskforce.

“The extension of the taskforce until 2023 will ensure that the ATO is able to continue to pursue these issues and provide assurance to the community that we are doing everything in our power to protect Australia’s tax base,” Mr Konza concluded.

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Technology giant Google has agreed to pay an extra $481.5 million in taxes to settle a decade-long dispute with the ATO over local taxes.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3477 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3418 (3) { ["data":protected]=> object(stdClass)#3308 (1) { ["options"]=> object(stdClass)#3422 (2) { ["options0"]=> object(stdClass)#3423 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3419 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3420 (3) { ["data":protected]=> object(stdClass)#3426 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(66) "/earn-money/tax-refund/google-to-pay-nearly-500m-in-tax-settlement" ["image"]=> string(39) "images/article-826x550/Google-HQ-ne.jpg" ["image_alt"]=> string(19) "Google headquarters" } [1]=> object(stdClass)#3315 (56) { ["id"]=> string(5) "14315" ["title"]=> string(31) "How to maximise your tax refund" ["alias"]=> string(31) "how-to-maximise-your-tax-refund" ["introtext"]=> string(363) "

You’re required to pay taxes annually if you’re an Australian resident for tax purposes, and the only way to avoid this is if your income is below the tax-free threshold.

Write comment (0 Comments) " ["fulltext"]=> string(2337) "

Tax bills can run high, but careful tax planning helps you minimise your tax payable and may entitle you to a tax refund.

Here are some ways to increase your tax refund:

Maximise super contributions 

Concessional and non-concessional superannuation contributions and spouse contributions are deductible as long as they fall within the contributions cap. 

Placing your extra income in super will allow you to remove the contributed amount from your assessable income while also growing your retirement nest egg.

Incorporate investment strategies

All income from investments form part of your assessable income, so it is advisable to select tax-effective asset for your portfolio.

Likewise, you may opt to execute investment strategies that aim to lower your taxes legally, such as negative gearing for investment properties.

Claim usually forgotten deductions

There are many ATO-allowed tax deductions that may be claimed. You simply have to check if you are eligible to claim them to increase your refund. Take note of the following deductions:

• Work-related expenses
  You may claim a deduction on vehicle and travel expenses for work-related duties, laundry and dry cleaning expenses for specialised work-related clothing, overtime meals, tools and equipment for work use.
  
  You may also claim deductions for work-related self-education expenses (i.e. seminar fees) that were not reimbursed by your employer.
  
  
• Tax agent expenses
  If you paid a tax agent to prepare and lodge your tax return for the previous tax year, you’re allowed to claim a deduction on the amount you paid in the current year’s tax return.
  
  This deduction falls under the “Cost of Managing Tax Affairs” section of your tax return.
  
  
• Donations
  Any monetary or property contributions or donations may be deducted as long as it was given to accredited deductible gift recipients and was given completely voluntarily.
  
  ATO prohibits claiming deductions if the donation provides a personal benefit to the donor in exchange for their “gift”.

Explore nestegg for more ways to be smart with your taxes.

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You’re required to pay taxes annually if you’re an Australian resident for tax purposes, and the only way to avoid this is if your income is below the tax-free threshold.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3480 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3418 (3) { ["data":protected]=> object(stdClass)#3308 (1) { ["options"]=> object(stdClass)#3422 (2) { ["options0"]=> object(stdClass)#3423 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3419 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3420 (3) { ["data":protected]=> object(stdClass)#3426 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(54) "/earn-money/tax-refund/how-to-maximise-your-tax-refund" ["image"]=> string(36) "images/bulletinImages/tax-saving.jpg" ["image_alt"]=> string(0) "" } [2]=> object(stdClass)#3321 (56) { ["id"]=> string(5) "14078" ["title"]=> string(52) "Were you disappointed with this year’s tax return?" ["alias"]=> string(49) "were-you-disappointed-with-this-year-s-tax-return" ["introtext"]=> string(400) "

With the federal government publicly spruiking its $1,080 tax rebate, many Australians were understandably expectant of a larger than usual cash windfall.

Write comment (0 Comments) " ["fulltext"]=> string(1862) "

However, according to tax agents H&R Block, the average size of refunds this year was only a $420 increase: From $2,380 to $2,800.

H&R Block’s director of tax communications, Mark Chapman, said that the low- and middle-income tax offset gives taxpayers earning between $37,001 and $126,000 an additional tax offset of between $255 and $1,080. 

But returns this year have been smaller than people expect due to Australia’s complex tax rules leaving taxpayers unsure what they can and can’t claim.

The Prime Minister’s offset announcement did result in a spike of people lodging with myTax, which was up 11 per cent on last year. 

As a result, low- and middle-income earners looking to secure a tax return encountered problems, with phone calls rising by 35 per cent this year compared with 25 per cent the year before.

This left many myTax lodgers missing out on valuable tax deductions for things like work-related expenses that they were entitled to, as myTax pre-fills income information but does not pre-fill deductions, which taxpayers need to complete themselves, Mr Chapman said.

He advocated for taxpayers to use tax agents, as they are guided through all the potential deductions they can claim and are less likely to miss out on benefits.

“In short, people who lodged their own tax returns appear to have claimed the tax offset but lost some of the extra refund because they didn’t claim all the deductions they were entitled to,” Mr Chapman concluded.

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With the federal government publicly spruiking its $1,080 tax rebate, many Australians were understandably expectant of a larger than usual cash windfall.

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Three rate cuts and a tax break have not been enough to stimulate the retail sector, national figures have shown.

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Figures from the Australian Bureau of Statistics have shown that consumers are still wary of spending, cutting back on discretionary items, with growth worse than expected.

Australia’s retail turnover increased by 0.2 per cent in September 2019 to $27.6 billion, with the expected forecast being a 0.5 per cent bump in growth for the retail sector.

Overall for the third quarter, Australia’s total retail spend fell by -0.1 per cent to $79.8 billion.

Ben James, ABS director of quarterly economy wide surveys, considered the results as “mixed”.  

“Rises were seen in other retailing (0.8 per cent), cafes, restaurants and takeaway services (0.6 per cent), and food retailing (0.1 per cent).”

“These rises were slightly offset by a fall in clothing, footwear and personal accessory retailing (-0.5 per cent) and department stores (-0.2 per cent). Household goods (0.0 per cent) was relatively unchanged,” he said.

The ABS’ seasonally adjusted figures saw gains in NSW (0.3 per cent), Western Australia (0.7 per cent), Tasmania (1.0 per cent), South Australia (0.2 per cent), the ACT (0.1 per cent), and the Northern Territory (0.1 per cent). Victoria (0.0 per cent) was relatively unchanged. Queensland (-0.1 per cent) fell in seasonally adjusted terms in September 2019.

Online sales

Online retail turnover contributed 6.3 per cent to total retail turnover in original terms in September 2019 compared with September 2018’s online retail turnover proportion of 5.6 per cent.

Online retailers tend to have greater swings than the rest of the retail market, according to NAB’s Online Retail Sales Index, which saw 1.8 per cent growth month-on-month.

NAB chief economist Alan Oster said, “After a considerably weak mid-year period, online retail sales continued to grow in September, albeit at a more moderate pace than the significant growth rate recorded in August.”

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Three rate cuts and a tax break have not been enough to stimulate the retail sector, national figures have shown.

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INFOGRAPHIC: According to the ATO, 82 per cent of Aussie taxpayers lodged their tax returns on time for the financial year 2017-18. This number may even increase as the Tax Office continues to make the process more convenient for both business owners and sole traders alike.

Write comment (0 Comments) " ["fulltext"]=> string(1451) "

Five per cent used the money to go on a holiday and another 5 per cent spent for things like parties, clothing, engagement rings and registration.

The remaining 2 per cent decided to improve their homes by purchasing home appliances.

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INFOGRAPHIC: According to the ATO, 82 per cent of Aussie taxpayers lodged their tax returns on time for the financial year 2017-18. This number may even increase as the Tax Office continues to make the process more convenient for both business owners and sole traders alike.

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With tax time nearly over for another year, nestegg can reveal the amount that the Australian Taxation Office aims to collect as “debt” from individuals after last year’s tax period.

Write comment (0 Comments) " ["fulltext"]=> string(1525) "

In an appendix to the commissioner of taxation’s annual report for the 2018-19 year, it was reported that the value of debt held by Australian individuals that is collectable by the Australian Taxation Office sits at a whopping $2.9 billion.

A further $0.2 billion has been labelled as debt held by individuals that is subject to objection or appeal by those parties, while another $0.4 billion is not expected to be pursued by the Tax Office due to being labelled as insolvency debt.

This year’s tax deadline is Thursday, 31 October. 

For more information on what you can claim, click here. 

nestegg has also looked at some of the tax deductions that Australians should not attempt to claim as well as what you should do if you have made an incorrect claim this tax time. 

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With tax time nearly over for another year, nestegg can reveal the amount that the Australian Taxation Office aims to collect as “debt” from individuals after last year’s tax period.

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