Welcome to the MHJ Tax Hub
Here you will find all the support, information and resources you need to understand how your back payment will affect your tax position.
07 5301 9217, option 5
Kayte is your go to guru for everything MHJ Support
Please contact her with any questions you may have
Am I eligible for a Payment in Arrears Tax Offset?
According to tax legislation, your back payment otherwise known as a lump sum E payment or a payment in arrears must be included in the financial year it was paid. Due to the payment being applicable to previous years’ income you may be eligible for a lump sum tax offset to ensure you are not adversely affected through payments of tax.
The lump sum payment in arrears tax offset is not available where the payment is less than 10% of your normal taxable income excluding the lump sum payment.
Important notes for submitting your tax return through ATO myTax or other online tax lodgement services
- Payments relating to previous financial years is called a Lump Sum E payment on your payslip or end of year Income Statement.
- AR Backpay on your payslip is treated as ordinary wages for the current year and will be added to Gross payments – individual amount on your end of year Income Statement.
- Your Interest Payment from your employer must be included in Item 10L on your Income Tax Return. This amount is not included in your end of year Income statement and must be added manually to your end of year Income Tax Return.
See Below for Signing up for your FREE Tax Plan
Your Tax Planning Journey
What's it all about?
Michael Hill Jeweller is providing support to team members by offering free professional tax planning advice. Under the MHJ remediation program, YOUtax have been engaged to provide clarity and advice surrounding the tax consequences of your recent lump sum payment.
Meet & Greet
The Compliance Stuff
This will be emailed with upload instructions. Not tech savvy? Don’t fret….we have made it super easy for you! Remember our team are here to help every step of the way.
This may take up to 5-10 working days from when your information is received.
YOUtax Wealth Hub
To finalise you will be required to digitally sign your tax plan through the YOUtax Wealth Hub.
Why do I need tax planning advice?
Your lump sum payment and additional interest may affect your tax and financial circumstances in the following ways…
- You may be pushed into a higher tax bracket and tax planning gives you the insight to prepare and make clear financial decisions.
- If you receive family tax benefit this may affect how much you are entitled to in the 2020 financial year. An incorrect estimate to Centrelink may result having to pay back family assistance.
- The newly introduced child care subsidy may be adjusted due to a change in your taxable income.
- For team members with a HECS Debt, this may affect your compulsory repayment amounts.
- Your superannuation payments may be assessed to ensure they are in line with current superannuation legislation.
- Your family income may need to be assessed against Medicare Levy surcharge thresholds.
- Under certain circumstances your spouse’s income may also be assessed in cases where combined incomes are assessed for example Centrelink, Child care and Medicare.
Am I eligible for free tax planning advice?
I’m eligible! What will YOUtax do for me?
All advice is unique to your individual or family circumstances up until the 30 June 2020.
Our advice will be in accordance with Australian Taxation Law and will account for any newly introduced tax legislation.
- Assess and project your salary, bonuses, compensation payment, interest and other income for the 2020 Financial Year.
- Estimate and account for any applicable employment or other deductions.
- Account for any investments and their tax effect.
- Calculate any effects to offsets and rebates.
- Advise of any effects to Medicare Levy, Medicare Levy surcharge and private health government rebates.
- The effects to any Family Assistance, Childcare Subsidy and Centrelink calculations
- Based on the estimates and information provided we will calculate your payable or refundable tax position.
- Your YOUtax adviser will meet with you through telephone or video chat to present and explain your tax plan.
- Where applicable we will provide you with a tax minimisation strategy you may choose to adopt. Please note: the implementation of any tax minimisation strategies that incur an expense will be at the cost of the individual team member.
- You will be provided with a printed copy of your tax plan.
Frequently Asked Questions
How will I be kept informed?
e.g. Thanks for providing all your tax information. Your service has now progressed to our processing team. Our current processing time is 5 business days.
Do I need to pay anything?
This does not include any tax lodgement services. If your tax is currently outstanding or you would like YOUtax to prepare and lodge your 2019 Income Tax Return it will be at your own expense.
As a MHJ employee you receive the Perks discount of 20% on basic services. COUPON CODE: MHJTAX
For a list of our fixed fee pricing click HERE
Do not hesitate to contact your YOUtax team with any questions.
Can I book my tax planning session after hours so my partner can attend?
When do I get to meet my YOUtax agent?
We love to meet our clients! Our video tax plan presentations means you get to see and meet your tax agent over Zoom. No matter what state you are in, we will become your fave tax buddy.
Worried about your hair or being caught in your pyjamas? Not to worry we can still meet over the telephone.
We are located on the beautiful Sunshine Coast, QLD. Why not pop your head in and say hi on your next Sunny Coast holiday.
What is a letter of engagement?
Please note our privacy rules inhibit us from informing MHJ of the services you accept and any personal or financial information.
We use third party services to collect your information e.g. the Meet & Greet form. They use pseudonymisation and encryption of personal data is used where applicable.
Phew, the boring bit is over…
Have anymore questions? Please contact your YOUtax team on 07 5301 9217, option 5
If I don't have to pay why do I have to sign?
We are constantly upgrading our security to ensure we keep your information secure.
Do you share my personal information with MHJ?
We are also bound by the privacy rules under the Tax Agent Services Act 2009 (TASA) and our tax services will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB) and the Tax Practitioners Board (TPB).
Our privacy rules inhibit us from informing MHJ of the services you accept and any personal or financial information.
We cannot disclose any of your personal or financial data to a 3rd party without your verbal or written consent.
I'm not tech savvy, what do I do?
What is the process?
Then, we will send you a Letter of Engagement which you need to sign (for compliance reasons) as well as information checklists, based on your answers on the Meet & Greet Form.
Next, we will process your information and complete your tax planning.
When it’s done, we will contact you via email with a link where you can choose an appointment time that suits YOU for your presentation meeting.
What if I don't access to a computer?
How do I download the YOUtax Wealth Hub?
I can't find my checklist to upload my financial information?
Will I be taxed more because of my backpay?
The lump sum payment in arrears tax offset is not available where the payment is less than 10% of your normal taxable income excluding the lump sum payment. Check if you are eligible for the Payment in Arrears tax offset using the calculator above.