Superannuation Co-contribution One of the most suggested Government’s incentives I make to my clients is the Superannuation co-contribution. If you are earning less than $36,021 (at least 10% from employment income) and pay up to $1,000 into your superannuation as a voluntary contribution the government will pay 50 cents forRead More →
The 2016 Federal Budget released in May tabled an increase in the tax threshold where the 37% tax rate starts. The previous threshold was $80,000 and the new threshold is now $87,000. Tax Savings So how much tax does this save you? If your income is less than $80,000 then, unfortunately,Read More →
Rental properties are a popular investment for many people. Below are 3 main reasons why owning property is a major investment choice. Tax Incentives Rental properties are a common investment for Australian Taxpayers, one of the main reasons why they are so popular is the tax deduction received for the net losses from theRead More →
It’s July and you have received your PAYG Payment summaries and it’s time to lodge your tax return and hopefully receive a refund. The average refund issued by the Australian Taxation Office is just over $2000, the question is, what plans do you have for your refund? Keep in mindRead More →
“Save tax by getting private health insurance before June 30.” How many times have you seen or heard this statement in the media? I have seen it many times and have on occasions thought about getting health insurance to save tax for myself, then I realise, hang on I amRead More →
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 →
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 →