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 :blink:
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?:blink:

Re: Tax time tips!
 

Are your students, school children?

Re: Tax time tips!
 

Yes Rambi, one is in year 11 and other graduated year 12 in December last year so only did part of year at school this financial year

Re: Tax time tips!
 

Have a look at this then http://www.educationtaxrefund.gov.au/

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. :thumbup:

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

Re: Tax time tips!
 

I am loving the sound of claiming total amount for internet :thumbsup:
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?

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 :thumbup:

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

Re: Tax time tips!
 

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.

Re: Tax time tips!
 

Wouldn't BPay/Direct Debit be received the same day?

BB

Re: Tax time tips!
 

I very much doubt it, unless of course your super fund has the same bank as you, then it might be received the same day. Any bank transfer normally takes 1 or 2 days.

Re: Tax time tips!
 

They closed that loophole :lol:

http://www.ato.gov.au/individuals/co...0&mfp=&st=&cy=

Re: Tax time tips!
 

LOL thanks for the link - I will take a look at it tonight :thumbup:

Mmmm Police informer - wonder if i can persuade my kids too :thumbsup:

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

It's up to $61,920. And some super funds could still accept contributions on the 30th. We (BT Financial Group) were still accepting over the counter contributions at some Westpac Branches, even cheques, as the Super company just has to receive the money by the 30th not have the money cleared.

But it's all done and dusted now, thank God! EOFY is a busy busy time for me.

Re: Tax time tips!
 

The ATO seems to disagree with BT, don't you think -

http://www.ato.gov.au/individuals/co....htm&page=3&H3

BB