Diane

End of Financial Year tax tips

    Recommended Posts

    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?

    Share this post


    Link to post
    Share on other sites
    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.

    Share this post


    Link to post
    Share on other sites
    Guest Guest12727

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

    Share this post


    Link to post
    Share on other sites

    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 by Tamara (Homes Down Under)
    wrong info

    Share this post


    Link to post
    Share on other sites
    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.

    Share this post


    Link to post
    Share on other sites

    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

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now