You might be in your early years of study and about to enter the workforce as a trainee. You might have completed your degree and are now ready to start your new specialist role.
Whatever the case, if you are working and have a Higher Education Contribution Scheme (HECS) loan, make sure that you tick the yes tickbox at Section 10 of the TFN Declaration Form. By ticking this box your employer knows to withhold the right amount of tax each pay period which differs depending on your annual gross income.
Earning a HD in your final exam is a great surprise; being hit with an unexpected tax bill is not!
Visit the ATO’s website or contact our team today to learn more about the compulsory repayments for HECS loans.
Got a study loan? Tick the relevant box on the TFN declaration form whenever you start a new job! ✅
— ato.gov.au (@ato_gov_au) November 18, 2019
👉 Declaring your loan will help ensure your boss withholds the right amount of tax (so you can avoid an unwelcome surprise at #TaxTime!). See https://t.co/QiaFXkssBn pic.twitter.com/fUSVQFsfC0
Tax time can be a bittersweet time of year, especially if you end up with a tax bill you just hadn’t prepared for.
If you’re having trouble paying your bill, it’s always a good idea to contact the ATO. If they can see that you’re meeting your lodgment obligations on time they have a generous range of options to suit your personal circumstances.
Does this sound like you?
Contact the ATO or the team at McCallum Partners now
If you’ve ended up with a bill after lodging your #TaxReturn, we have a range of options to suit your needs. Pay online, via BPAY or set up a payment plan with instalment reminders @ https://t.co/NIYqGjZ8T9 pic.twitter.com/1O9CVC5BMD
— ato.gov.au (@ato_gov_au) November 14, 2019
How much of the estimated $20.8 billion in lost super is YOURS?
One of the most common ways people lose their super is from previous employment (particularly during their entry to the workforce) or when their employers create a new employer-choice fund account and existing fund details are not provided to them.
Your super fund will report you as a lost member if either:
> they have not been able to contact you
> they have not received any contributions or rollover amounts for you in the last five years
> your account was transferred from another fund as a lost member account and no new address has been found
In earlier years individuals could use the Superseeker tool to locate any missing super, but now the ATO offer a new facility to search and claim any lost super directly through your myGov account where you can transfer any balances straight through to your existing super fund.
There’s $20.8 billion in lost #superannuation waiting to be found - is some of it yours? 🤑 It’s (super) easy to check using our online services via @myGovau. Start your hunt @ https://t.co/pmWqlBUgFk pic.twitter.com/vKLzqx1Wzg
— ato.gov.au (@ato_gov_au) November 15, 2019
Hello, World!
‘If you change the way you look at things, the things you look at change’
⏰ SEPTEMBER 2019 KEY DATES ⏰
Click here to access the full list of key ATO lodgment and payment dates for the 2019-20 financial year.
Alternatively, subscribe to the ATO's small business newsroom to stay abreast of any changes and obligations affecting your business with a calendar export option to schedule any due dates directly to your calendar.
If you use a registered BAS or Tax Agent the due date for lodging your business activity statement for the June 2019 quarter is Wednesday, 28 August.
Remember, the ATO encourages that payments made by Bpay are paid up to 3 business days before the due date to avoid unnecessary delays and/or penalties.
⏰ AUGUST 2019 KEY DATES ⏰
Click here to access the full list of key ATO lodgment and payment dates for the 2019-20 financial year.
Alternatively, subscribe to the ATO's small business newsroom to stay abreast of any changes and obligations affecting your business with a calendar export option to schedule any due dates directly to your calendar.
Find out what these changes mean for you here via the ATO’s small business newsroom.
