I do mine on the 1st July every year and every year its returned via 10 working days, next year however It'll be different for me now I've started my own Small Business.
I just lodge it prefilled and all bc idk how to do any of that its too much responsibility😩 and i dont have time for it since im working day to day week after week☠️
Is it normal in Australia to "overpay" tax and then get a refund ? I was checking my gross income and worked out how much tax i should have paid according to tax brackets , and it seems that i overpaid by about 5000AUD ... I called the ATO today and was told that this will eventually be worked out on their end and get a refund
Not necessarily normal. There is normally a reason why that is happening. It will balance itself out but you should be trying to address why it is happening.
I've never had a year earning a salary whereby the employer has no over taxed me via payg. This always results in a larger than normal tax refund. If you can wait until tax time it's actually a strategy people utilize as a "savings account" or sorts, as you get a big chunk of cash at once rather than not realising that you spent small amounts of money on trash throughout the year.
@@thehoov6672 Yeah it depends on how consistent your earnings are, how much in deductions you have etc. A lot of people like it as it is a forced savings they get in a lump sum at the end of the year.
It can happen due to inconsistent work (overtime etc) or I know quite a few people who’s works are paying for a Fee help loan when they don’t have one so they get all that back. Did you make sure to add the Medicare levy on?
@@Lachlan_McDougall Yeah I have a few clients that still get the HECS withholding but have paid off the debts. This results in large overpayments and therefore larger refunds.
Hi, I’m a plumber that’s full time employed but i also have a registered plumbing business on the side as a sole trader. Can you do a video on the instant tax write off and what people like me can claim for? I’ve recently bought a new Ute that I use for my full time job and my side gig, can i use the instant tax write off? Thanks
Hi! Bc of my bad memory 😮,I fogot to claim the car that I purchased for business uses. I try to amend it, could confirm if I am at the right spot? 15. Net income and loss from balance Motor vehicle expenses P line : all other expense Thanks heaps!
Hi Ethan what is an accountants / bookkeepers responsibilities if you know for sure your client is not telling the truth on their cash payments. So they are getting paid in cash and keeping the money under the bed. So obviously I am talking about spicy dancers
Definitely an interesting area ethics is! Obviously shouldn't lodge anything knowing that it isn't correct or that the proper diligence hasn't been carried out. The client is the one who is going to sign off on the return at the end of the day BUT the accountant still needs to make sure they are meeting all of their own ethical obligations.
Hi mate,great video .. also a q.. pls If I acquired a Telstra share worth 250$ by referring a friend as bonus from stake and then I sold it for 260$ so will my profit be 20$ or 260$ ?
@@EthanRooshockMate, I don’t understand how this is situation specific. Bonus/Gift shares are a common thing and is general query. Please turn off comments if you don’t even want to answer general query and are here just to broadcast and make money and not give real genuine and general advice. Unsubscribing 👿
@@robinsinghania1961 Go through my 250+ videos and see how many comments I reply to. I also try to do my best to answer as many questions as possible. I don't understand how you can think that. You asked for a very specific example with actual numbers. I'm sorry if you feel like I haven't been able to help. I am sure your tax agent will be able to answer the question for you.
💰 Looking for an Accountant to help you with your return? I’d be glad to have a chat and help! - rooshockaccounting.com.au/
I do mine on the 1st July every year and every year its returned via 10 working days, next year however It'll be different for me now I've started my own Small Business.
Gee that's very early! Although a lot of people do lodge on 1st of July, the numbers are pretty crazy!
I just lodge it prefilled and all bc idk how to do any of that its too much responsibility😩 and i dont have time for it since im working day to day week after week☠️
Maybe you should use a tax agent next time and they might be able to help.
Is it normal in Australia to "overpay" tax and then get a refund ? I was checking my gross income and worked out how much tax i should have paid according to tax brackets , and it seems that i overpaid by about 5000AUD ... I called the ATO today and was told that this will eventually be worked out on their end and get a refund
Not necessarily normal. There is normally a reason why that is happening. It will balance itself out but you should be trying to address why it is happening.
I've never had a year earning a salary whereby the employer has no over taxed me via payg.
This always results in a larger than normal tax refund. If you can wait until tax time it's actually a strategy people utilize as a "savings account" or sorts, as you get a big chunk of cash at once rather than not realising that you spent small amounts of money on trash throughout the year.
@@thehoov6672 Yeah it depends on how consistent your earnings are, how much in deductions you have etc. A lot of people like it as it is a forced savings they get in a lump sum at the end of the year.
It can happen due to inconsistent work (overtime etc) or I know quite a few people who’s works are paying for a Fee help loan when they don’t have one so they get all that back.
Did you make sure to add the Medicare levy on?
@@Lachlan_McDougall Yeah I have a few clients that still get the HECS withholding but have paid off the debts. This results in large overpayments and therefore larger refunds.
Hey bro just quickly want to ask. What does cancellations of tax return individuals?
What do you mean?
Hi, I’m a plumber that’s full time employed but i also have a registered plumbing business on the side as a sole trader. Can you do a video on the instant tax write off and what people like me can claim for? I’ve recently bought a new Ute that I use for my full time job and my side gig, can i use the instant tax write off? Thanks
I have those videos on my channel.
Hi!
Bc of my bad memory 😮,I fogot to claim the car that I purchased for business uses.
I try to amend it, could confirm if I am at the right spot?
15. Net income and loss from balance
Motor vehicle expenses
P line : all other expense
Thanks heaps!
It would need to go into your business schedule. You should speak to your tax agent about it.
Hi Ethan what is an accountants / bookkeepers responsibilities if you know for sure your client is not telling the truth on their cash payments. So they are getting paid in cash and keeping the money under the bed. So obviously I am talking about spicy dancers
Definitely an interesting area ethics is! Obviously shouldn't lodge anything knowing that it isn't correct or that the proper diligence hasn't been carried out. The client is the one who is going to sign off on the return at the end of the day BUT the accountant still needs to make sure they are meeting all of their own ethical obligations.
When can we order the shits? LOL
maybe free merch, if we do our taxes with you? hahahah!
Haha first merch line!
@@CLFurlong haha one day could be an option!!
Hi mate,great video ..
also a q.. pls
If I acquired a Telstra share worth 250$ by referring a friend as bonus from stake and then I sold it for 260$ so will my profit be 20$ or 260$ ?
It depends on the situation. You should check with the ATO or your tax agent. I can't give individual advice via UA-cam.
@@EthanRooshock well it’s a generic question about referral/bonus shares which we get. I don’t think it is sotuation specific.
@@robinsinghania1961 again,I can't give advice about a specific situation. Call the ATO or your tax agent.
@@EthanRooshockMate, I don’t understand how this is situation specific. Bonus/Gift shares are a common thing and is general query.
Please turn off comments if you don’t even want to answer general query and are here just to broadcast and make money and not give real genuine and general advice.
Unsubscribing 👿
@@robinsinghania1961 Go through my 250+ videos and see how many comments I reply to. I also try to do my best to answer as many questions as possible. I don't understand how you can think that.
You asked for a very specific example with actual numbers. I'm sorry if you feel like I haven't been able to help. I am sure your tax agent will be able to answer the question for you.