Any tax gurus, help
 

Had a letter from the ATO which is headed YOU NEED TO START PAYING INCOME TAX ON YOUR BUISNESS AND INVESTMENT INCOME BY INSTALMENTS.

I have worked as a mechanic for the last 7 years and have no buisness or investments...why do I have to pay tax for something I dont have?

My tax is all sorted out by my parents accountant who does their buisness and they wanted him to do the whole families tax for some reason.

If anyone can help please do. If you need more info PM me please.

Thanks in advance

You need to ask yourself if all taxable income you receive is real salary/wages 'i.e covered by Pay as You Go Withholding Tax 'PAYG', stated on a group certificate, with tax withheld per pay period). If not Pay as You Go Installments are required to be paid by the ATO over a certain amount.

Think of it like this. If you employer doesn't withhold the tax someone else has to.

Best to speak to your parents/accountant regarding your tax situation.

sounds like your parents accountant is doing a dodge and somehow, it's involving you :) ie: you have investments in your name, or you have something to do with the business

I assume you pay tax through your employer yes? If so, then you should be fine, unless your parents accountant is doing a dodge

[QUOTE=ImPreSiV;672095]sounds like your parents accountant is doing a dodge and somehow, it's involving you :) ie: you have investments in your name, or you have something to do with the business

I assume you pay tax through your employer yes? If so, then you should be fine, unless your parents accountant is doing a dodge[/QUOTE]

?

/char

[QUOTE=ImPreSiV;672095]sounds like your parents accountant is doing a dodge and somehow, it's involving you :) ie: you have investments in your name, or you have something to do with the business[/QUOTE]

I would say this is whats happening, I have had to pay the installment/up front payg tax before as all my tax/business stuff is all done together with my family.

best to have a chat with your accountant

Doing a dodge - haha

You most likely received a distribution from your parents trust. This is a perfectly legitimate way of minimising taxation.

You are being asked to pay tax in advance by the ATO based on last years return. Speak to your parents about paying the amount for you or vary it to nil if you will not receive a distribution this year.

Either way you have received instalment income of some sort last year - i.e. interest, trust distribution, rental income or business income etc that you had not had tax taken out of.

The ATO wants tax on that expected income (based on last year) now for next year.

Yeh i think he does something with a family trust, but i dont see any of it. Plus i had to sign something saying i give up rights to the trust or something like that.

Just feel like im being screwed over, might take everything of mine and go to someone else who hasnt been involved before.

Thanks for the help

Tax?

Kesh matttte, kesh

Go see your current accountant first. Find out all the facts before running to someone else and paying for them to find out what is going on.

Every family is different, but I would hope a family wouldn't be incurring you costs without giving you a benefit. Speak to them about it rather than a car forum.

I have an account with a particular investment group that pays me a small dividend on a monthly basis.

I need my Annual Tax Statement from them to complete my tax return, and I am getting pretty pissed about it.

Does anyone know if there is a time period in which they are required to provide it?
i.e. within 4 weeks of the end of the financial year?