Tax time tips!
#1
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Thread Starter
Joined: Jan 2007
Posts: 3,991
Tax time tips!
Just thought it may be useful having a thread where people can post tips on what can and cannot be claimed for. For instance I just caught the tail end of today tonight saying something about claims can be made without receipts for up to $300. Wish I had known this last year when I mistakenly threw away the receipt for a very expensive work related book
I also believe you can claim part of internet usage for time students spend doing homework, and internet for the same - anyone know how you work out how what percentage of monthly bill is claimable?
I also believe you can claim part of internet usage for time students spend doing homework, and internet for the same - anyone know how you work out how what percentage of monthly bill is claimable?
#2
Re: Tax time tips!
Just thought it may be useful having a thread where people can post tips on what can and cannot be claimed for. For instance I just caught the tail end of today tonight saying something about claims can be made without receipts for up to $300. Wish I had known this last year when I mistakenly threw away the receipt for a very expensive work related book
I also believe you can claim part of internet usage for time students spend doing homework, and internet for the same - anyone know how you work out how what percentage of monthly bill is claimable?
I also believe you can claim part of internet usage for time students spend doing homework, and internet for the same - anyone know how you work out how what percentage of monthly bill is claimable?
#4
Re: Tax time tips!
You can claim the whole of the internet cost and other equipment up to the allowances attributed to your children. So you can effectively get 50% off the cost of your internet.
#5
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: Tax time tips!
If you or your spouse earned less than $31000 in this tax year, and you put $1000 of your own money into super, the government will put another $1000 into your super for you.
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
#6
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Thread Starter
Joined: Jan 2007
Posts: 3,991
Re: Tax time tips!
If you or your spouse earned less than $31000 in this tax year, and you put $1000 of your own money into super, the government will put another $1000 into your super for you.
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
I don't have a spouse and haven't paid extra into my super so thats a no go but someone else may not know that so thanks for posting.
Anyone else got any little know facts they care to share?
#7
Re: Tax time tips!
Here's a handy page.
http://www.ato.gov.au/individuals/pa...pc=001/002/013
I'll just have to see if I can make one of the kids a police informant so I can claim the cost of supplying them with food, clothing and gifts
http://www.ato.gov.au/individuals/pa...pc=001/002/013
I'll just have to see if I can make one of the kids a police informant so I can claim the cost of supplying them with food, clothing and gifts
#8
Re: Tax time tips!
If you are a drug dealer and lose your stash in a gangland heist you can claim the street value as a deduction
"Frank La Rosa claimed a tax deduction on $220,000 he said was stolen from him during a botched drug deal."
http://www.abc.net.au/news/stories/2.../10/876419.htm
"Frank La Rosa claimed a tax deduction on $220,000 he said was stolen from him during a botched drug deal."
http://www.abc.net.au/news/stories/2.../10/876419.htm
#9
Re: Tax time tips!
If you or your spouse earned less than $31000 in this tax year, and you put $1000 of your own money into super, the government will put another $1000 into your super for you.
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
It doesn't have to be your spouse. Anyone can make a co contribution into their super, upto a salary cap of about $55,000 I think. It's all pro rata'd though, so the less you earn, the more the Government will contribute.
Its too late for this year though as your super fund would need to have received it by today, no good putting it in today as it wouldn't be received in time.
#10
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
#12
Re: Tax time tips!
If you are a drug dealer and lose your stash in a gangland heist you can claim the street value as a deduction
"Frank La Rosa claimed a tax deduction on $220,000 he said was stolen from him during a botched drug deal."
http://www.abc.net.au/news/stories/2.../10/876419.htm
"Frank La Rosa claimed a tax deduction on $220,000 he said was stolen from him during a botched drug deal."
http://www.abc.net.au/news/stories/2.../10/876419.htm
http://www.ato.gov.au/individuals/co...0&mfp=&st=&cy=
#13
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Thread Starter
Joined: Jan 2007
Posts: 3,991
Re: Tax time tips!
LOL thanks for the link - I will take a look at it tonight
Mmmm Police informer - wonder if i can persuade my kids too
Mmmm Police informer - wonder if i can persuade my kids too
#14
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Joined: Jul 2007
Location: Brisbane
Posts: 2,949
Re: Tax time tips!
If you or your spouse earned less than $31000 in this tax year, and you put $1000 of your own money into super, the government will put another $1000 into your super for you.
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
You have to put the $1000 in by tomorrow to get this free $1000 though!
Very useful for non-earning spouses, for instance.
BB
http://www.bt.com.au/forms-and-calcu...ntribution.asp
It doesn't have to be your spouse. Anyone can make a co contribution into their super, upto a salary cap of about $55,000 I think. It's all pro rata'd though, so the less you earn, the more the Government will contribute.
Its too late for this year though as your super fund would need to have received it by today, no good putting it in today as it wouldn't be received in time.
Its too late for this year though as your super fund would need to have received it by today, no good putting it in today as it wouldn't be received in time.
But it's all done and dusted now, thank God! EOFY is a busy busy time for me.
#15
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: Tax time tips!
Not great for a non earning spouse. As the government states that at least 10% of their income must come from employment or a business to be eligible for the co-contribution.
http://www.bt.com.au/forms-and-calcu...ntribution.asp
http://www.bt.com.au/forms-and-calcu...ntribution.asp
http://www.ato.gov.au/individuals/co....htm&page=3&H3
BB