Private Health Insurance I see the commercials every year from the health funds, sign up now and save on your tax return, I am even tempted to sign up myself. However, the reality is completely different, unless your MLS income is greater than $90,000 if you are single or yourRead More →
Working in Remote Areas? The Zone Tax Offset is currently (May 2015) available to people who live or worked in remote areas (not necessarily continuously) for more than 183 days in the current financial year or if the taxpayer did not claim the zone rebate in the previous year, 183 daysRead More →
The income levels for repayment of the Student Financial Supplement Scheme (SFSS) and the repayment rates for the 2014/15 financial year are set out below. 2014-15 Repayment income (RI*) thresholds Repayment rate Below $53,345 Nil $53,345-$65,497 2% of RI $65,498-$92,970 3% of RI $92,971 and above 4% of RI *RI= TaxableRead More →
What is income protection insurance? Income protection insurance covers you for any loss of income through an illness or an accident. The insurance normally has a defined length of time for payment which typically can last from 2 years or until you’re 70. The duration of the payment is setRead More →
Some major changes have been made to the Net Medical Expense Tax offset as from the 1st July 2013, in short the ATO will be phasing out the Tax Offset by the 30th June 2019. During that phase out period there will be 2 transitional arrangements in place. Category A: Read More →
HELP repayment thresholds and rates 2013-14 HELP repayment income (HRI*) Repayment rate Below $51,309 Nil $51,309 – $57,153 4.0% $57,154 – $62,997 4.5% $62,998 – $66,308 5.0% $66,309 – $71,277 5.5% $71,278 – $77,194 6.0% $77,195 – $81,256 6.5% $81,257 – $89,421 7.0% $89,422 – $95,287 7.5% $95,288 and aboveRead More →
The dependent spouse tax offset for the financial year 2012 – 2013 has had some major changes. The largest change is that your spouse now needs to be born before 1st July 1952, making your partner over 61 on the 1st July 2013. If the Adjusted Taxable Income (ATI) ofRead More →
HELP repayment thresholds and rates 2012-13 Below $49,096 Nil $49,096–$54,688 4% of HRI $54,689–$60,279 4.5% of HRI $60,280–$63,448 5% of HRI $63,449–$68,202 5.5% of HRI $68,203–$73,864 6% of HRI $73,865–$77,751 6.5% of HRI $77,752–$85,564 7% of HRI $85,565–$91,177 7.5% of HRI $91,178 and above 8% of HRI *HRI = TaxableRead More →
Your tax return has been prepared and you are now expecting the refund cheque soon, so what can you spend your tax refund on? What about purchasing green, eco-friendly products to save you money now and that will also be a good investment for the future? 1. Solar Panels; being inRead More →
As from the 1st July 2013 the Australian Taxation Office will no longer be issuing income tax refunds as a cheque, instead, the refunds will be electronically transferred directly to your Australian bank account. So when you visit your Registered Tax Agent or complete your return online you will need to makeRead More →