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Tax minimisation module
Hi, wondering if any man/woman could provide feedback or insight on the Tax minimisation module.
Eg.
Efficacy of applying the knowledge within it.
Any success stories.
The mindset in applying the knowledge, going forward.
Or Anything else that one may feel pertinent or informative.
Thank you.
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13 Replies
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I’ve also got lots of Q and As that I could PM to you if you like?
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Hi ,
Yes that would be most welcomed . Diving in.
Thank you.
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Hi Janet,
Yes, thank you, I’d appreciate anything, including the Q and A’s, you may feel relevant .
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I followed instructions for individual tax return and received credits for all PAYG paid in the previous 3 years, so Mark’s process works perfectly for individuals. I deposited 3 cheques for half the credits as they retained the rest for a partnership ‘debt’. It gets messy with the Integrated Client Account if there is an outstanding amount in a linked partnership/trust/business account. My advice is to zero any business account first. They refused to acknowledge the PN, just kept adding illegal/unlawful interest charges so I sent an adjusted return for last year to cover the amount, and will do so again this year for anything remaining, then do our individual accounts. They also insisted upon a partnership return for partnership, and did not accept individual returns.
By the way, my daughter had a full tax refund 2023 by increasing her expenses to take the ‘income’ below the threshold, with her usual signature.
The legal entity is an tax collector/agent for the ATO. It exists only on paper. Know this fact and you’ll put everything in perspective. A paper fiction cannot marry or have offspring, doesn’t need medicare so the medicare levy is not applicable. There may be push back but be prepared to go to Round 2 and Round 3 if necessary.
Curious, but I have found myself named as beneficiary to the TFN trust account. It’s in ALL CAPS but LYN OF THE MANGAN FAMILY is BENEFICIARY under Authorised Representatives in MyGov. I checked to make sure the accountant wasn’t listed. Any thoughts on that?
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Hi Imangen,
Much appreciated, thank you for your reply.
It all helps, looking to purchase the module.
Regarding the being the beneficiary, how did you find that?
I’m quite new to this. However being the ATO your not considered a living entity. and your name is all capitals.
Curious though it’s your name in the living.
I’m interested to know if you get the answer. All the best to you. Thank you again.
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I hadn’t logged in for years. I realise the All Caps may negate my appellation, but I was checking who my authorised rep is on Mygov and discovered it. I need to call and ask some questions. Not sure if the affidavit caused the change or something else. I’ll update when I discover more.
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Thanks Imangan, Please keep me updated.
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Hi Imangan,
I’m preparing my first return for the for last financial year. May I ask a few details regarding preparation and amending for previous 3 yrs ?
Now I’m going through it helps to have the input from thats walked the steps.
Thank you Imangan
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Hi Tim. Sorry to take so long to respond. I’m willing to assist if I can. I followed Mark’s directions, completed the Affidavit of Expenses (witnessed by JP), completed the return as an AGENT IN COMMERCE and autographed it, sent amendment forms for the previous years and they credited all withheld tax for the previous few years.
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Hi Imangan,
Thanks for providing the steps you followed and I noted your mention in your initial email that you followed Marks process and it works perfectly for individuals.
Couple of questions:
a) Do I send affidavits with the amendments ?
b) Also If I may ask , did you take your taxable income below the threshold ?
c) Did you implement the process in recent financial years ?
Reason I’m asking, Mark mentioned in some earlier videos that the ATO flagged the process and suggested doing a progressive reduction below the threshold as a possible workaround.
A little bit overwhelmed with it yet determined to learn .
Again Imangan appreciate your sharing of knowledge and its really helpful being able to speak
to another traveller upon the way.
Thank you.
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Hi Imangan
One more question.
Is the Affidavit of expenses sent with my initial tax return , which is for 2024 and not amended.
Thank you again and also in advance, for your patience.
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In 2022 I sent:
– a hand written cover note
– a JP witnessed Affidavit of Expenses (he was very curious)
– current 2022 return
– amended 2019, 2020 and 2021 returns.
Any PAYE income reported as income in payment summaries had to be included, and I increased other expenses to take it under the threshold.
I need to do 2023 and 2024 now, but only after they zero our partnership and close the account
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Hi Imangan,
Thank you.
I am going through the tax videos thoroughly, helps to be able to ask questions.
I’m aware your sharing private information and I make own decisions based on shared knowledge and experience
Again very appreciative.
Did you send your amended returns for 2019, 2020 and 2021 each separately .
The letter you included in your 2022 return , what was its purpose and If you feel its relevant, general content or tone.
Might be about it for questions….youve been very generous in your offering Imangan.
Much gratitude.
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