End of Financial Year tax tips

[Diane]

Thought I'd start a thread as we're nearing that time of year for tax tips etc that newbies might not have realised.

 

As I only work part time, my earnings are pretty low usually so we have always taken advantage of the government super co-contribution scheme. I think it has changed a little this year but there is a good article about it here http://www.superguide.com.au/how-super-works/cashing-in-on-the-co-contribution-rules

 

Basically if you put extra money into your super from money you have already paid tax on, before the end of the year, the government chips in with a contribution too.

 

Cool, eh? Not often you get money for nothing from the government!

 

Anyone else?

[Guest Adelaide_bound]

If you wear a logo'd t-shirt or similar for work you can claim something like $2/week for washing it.

[Guest Guest12727]

You can claim all donations of at least $2 to registered charities (provided you have the receipt!).

[Tamara (Homes Down Under)]

If your tax return is simply you can do the return over the phone with an automated system. Just fill in the paper form to use as a reference and spend a few minutes talking to a machine and it's all over with!

Most new migrants get all or most of their tax back depending upon earnings so it's really worth the effort to do it. My two sons are low income earners...one is doing an apprenticeship and the other works part time and they get all their tax back.

If your return is a little more complicated then the fees charged by a tax consultant are deductible in the following year.

 

Tamara

Edited June 11, 2013 by Tamara (Homes Down Under)
wrong info

[Guest Guest12727]

there are so many things like computers ,internet, consumables etc that families can claim for if they have children at school.

 

Is this still the case with the school bonus? I thought this replaced claiming individual school/education related expenses.

[Tamara (Homes Down Under)]

I think that you are right.

They have changed the way that this is paid.

I will edit this part out...thanks.

 

Tamara

[Andrew from Vista Financial]

Good thread Diane.

 

A few more, not specifically for newbies:

 

• Consider pre-paying interest on investment loans to reduce taxable income;
  
• Remember to claim against Income Protection insurance premiums funded outside of Superannuation, (consider also pre-paying premiums);
  
• Potentially look to make a spouse contribution to Super so as to claim a tax offset http://www.ato.gov.au/super/content.aspx?doc=/content/19144.htm
  
• For self-employed people consider making a tax deductible contribution to Super to lower taxable income (be aware of the contribution caps);
  

 

 

 

Regards

 

 

Andy