AI Legalese Decoder: Your Secret Weapon in Dealing with a $100k+ Tax Bill from the ATO
- December 1, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder can help with the situation by analyzing the legal jargon and providing a clear understanding of your rights and options. With the assistance of AI Legalese Decoder, you can navigate through the complex tax rules and regulations to find potential strategies for addressing the $100+k tax debt.
First, it is important to understand the nature of the PSI income and the rules surrounding it. With the help of AI Legalese Decoder, you can gain an in-depth understanding of the PSI rules and explore potential arguments for why your income should not have been classified as PSI. This can help in formulating a response to the ATO’s assessment and potentially challenging the tax debt.
Furthermore, AI Legalese Decoder can also assist in exploring alternative tax planning strategies. For example, it can provide guidance on how you may be able to spread the tax liability over several years, even in the presence of PSI rules. By gaining a comprehensive understanding of your options, you can make informed decisions on how to address the tax debt in a way that minimizes financial impact.
Additionally, AI Legalese Decoder can help in navigating potential avenues for negotiating with the ATO. This could involve exploring the possibility of entering into a payment plan or seeking a reduction in the tax debt based on financial hardship. With the assistance of AI Legalese Decoder, you can understand the relevant legal framework and procedures for engaging with the ATO in a way that increases the likelihood of a favorable outcome.
Overall, AI Legalese Decoder can provide valuable insights and guidance in addressing the complex legal and tax issues surrounding your situation. By leveraging the capabilities of AI Legalese Decoder, you can make informed decisions and take proactive steps towards resolving the tax debt in a manner that aligns with your financial circumstances.
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Original:
AI Legalese Decoder is a software tool that translates legal jargon and complex language into plain English. It helps lawyers and legal professionals save time and effort by simplifying legal documents and contracts. The AI Legalese Decoder can significantly improve the efficiency and accuracy of legal work by making it easier to understand and review complex legal documents.
Rewritten:
AI Legalese Decoder: Simplifying Legal Language for Efficiency and Accuracy
Legal professionals often have to deal with complex legal jargon and language in documents and contracts, which can be time-consuming and difficult to understand. AI Legalese Decoder is a powerful software tool designed to alleviate this challenge by translating legal jargon and complex language into plain, easy-to-understand English.
The AI Legalese Decoder not only saves lawyers and legal professionals valuable time and effort, but it also significantly improves the efficiency and accuracy of legal work. By simplifying legal documents and contracts, the AI Legalese Decoder enables legal professionals to review and comprehend complex legal language more effectively, ultimately leading to better-informed decisions and actions.
Additionally, AI Legalese Decoder can assist in identifying potential errors or inconsistencies in legal documents, enhancing the overall quality and reliability of legal work. This software tool acts as a valuable resource for legal professionals, empowering them to navigate through intricate legal language with ease and confidence.
In summary, the AI Legalese Decoder plays a crucial role in streamlining the legal workflow, providing a clearer understanding of legal documents and contracts, and ultimately improving the overall efficiency and accuracy of legal work. With its user-friendly and efficient translation capabilities, AI Legalese Decoder is an indispensable tool for legal professionals seeking to enhance their productivity and effectiveness in dealing with complex legal language.
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****** just grabbed a
Accountant working in tax.
You can 100% get a payment plan. But you should have a tax agent to look over the situation. There are potential options to argue it.
Look for a tax agent who is also a chartered accountant, there is a higher threshold required, so expect a more reliable service.
I can potentially do it through my firm if you dont find anything thats adequate.
But if you were going to pay yourself this $320K over the process of several years … shouldn’t this money be sitting in the business account still.
In which case, it seems disingenuous to be saying you can’t afford to pay the tax.
Otherwise, if you have already given yourself the $320K and spent it … then how can you turn around and say you were planning to pay it to yourself over several years to minimize tax?
Spend $500 on a tax agent to fix this for you? They can ammend up to 2 years, I think?
You got greedy and thought you could get away with it. Now you’ve been caught and it’s payback time.
I mean, presumably you knew you would have to pay *some* tax, and banked it ready to pay, even if you underestimated the effect of PSI, right? Like if you thought you were going to get away with a flat 30% presumably you’d still have kept aside $96K ($160K x 2yrs x 30%). How much more than that do they say you owe?
Well it IS PSI income since 100% of the income is due to your skills or efforts and an individual – unless you paid someone else to do all the software developing for you? YouÔÇÖd better contact the ATO and set up a payment plan.
I don’t understand. If you were planning to withdraw the money slowly over a long period of time, the money should be in your company account. Withdraw the money from that account into your personal account and pay your tax.
Pay it? Unless you’ve already spent the money out of the company, which was irresponsible anyway.
Oh no the consequences of you actions! How could you have possibly avoided this
Probably pay your tax bill would be first step.
Why would it not be PSI? It sounds like you’re trying to do the dodgy and use company income as personal income and get taxed only at the company rate.
I had $150k under a similar scenario. You should be able to get a payment plan although be prepared – get the knee pads dusted off
Your two options are:
1. Payment plan
2. Pay it in cash
How did you get paid 160k contract and end up on jobseeker??
There is still shit loads of work in tech, espically if you have a couple years of experience at that pay.
Sort a payment plan out with ATO, get a job.
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love these threads lol
Just pay it? Where’s all the cash?? You set aside money for tax right?…
Not sure why you say psi rules now prohibit this. It always prohibited this 🙂 was in same situation and switched out of a pty Ltd to sole many years ago due to psi. Used Ed at formula accounting since around 2013 and heÔÇÖs always been good at sorting these things out and what can and canÔÇÖt be done. I assume the company paid 30% tax already on the income so was that taken into account when getting your sole trader bill?
the posts always make me laugh. If random redditors can pick the ruse and see straight through it, what made you think the ATO wouldn’t?
If you get paid 160k, do some basic arse calculations and stash the tax and get owed away (even if you calculate it higher than what you actually end up paying), then pay it when it’s due. Anything left over, count it as your tax return.
Better get on the phone to the ATO and work out a payment plan or something.
Goodnight sweet prince
Fake ur death and start again?
You were a contractor to your own company?
Payment plan with ATO is your only option.
the bar to become a software dev is too low
Do you have any savings?
Step number one of running a company – become familiar with compliance requirements and tax obligations. Step number 2, pay your damn taxes.
Mate this is a proper bed shit. Set up at payment plan and go find a real job. The ATO isnÔÇÖt in the business of putting people on the street. Get a chartered accountant to negotiate and go from there. Taxes are unavoidable for the average corporate Johnny. That includes you bra
Pay it ….. Simple
Regardless of whether it was PSI or you did the grade 2 maths of (CTR*income) as a rule of thumb to calculate the amount that youÔÇÖd be liable for, the shortfall wouldnÔÇÖt be that much. I donÔÇÖt understand this.
Damn and I thought I had it bad paying $5000 to them today ƒÿ¼
Lol this guy.
Get a new tax agent and if the same amount is owed you are shit out of luck and I hope you like instant ramen.
Your attitude to this is garbage. You are psi. Stop spending tax money that isnt yours
Not sure why you wouldn’t be able to self assess as a PSB through either the results test or unrelated clients test.
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/personal-services-income/working-out-if-the-psi-rules-apply/self-assessing-as-a-psb