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

Re: Tax time tips!
 

Nope.

http://www.ato.gov.au/individuals/co....htm&page=4&H4

Re: Tax time tips!
 

As from today, remember to keep all receipts for school uniform. Finally! Just as Tiddler finishes :rolleyes:

Re: Tax time tips!
 

Help.....first timer for lodging tax return here in Australia.....Any advice would be appreciated, people tell me it is simple to do online, but where do I start it all looks confusing!!! :confused:

Re: Tax time tips!
 

Very straight forward, you download the e-tax programme from the ATO website and follow the steps :)

Re: Tax time tips!
 

Or employ an accountant and get 4 x the rebate as they know all the tricks.

BB

Re: Tax time tips!
 

But only if you are using Windows on a PC. :curse:

I've got a question, actually. What do I do if I don't have a group certificate (due to company going bust)? OH seems to think I can just submit all my payslips. Is that right? And are you supposed to have a group certificate from each employer you worked for over the year?

I can't put into words how angry this tax system makes me. :frown:

Re: Tax time tips!
 

:) it's great, you can claim all sorts of stuff ;)

http://www.ato.gov.au/content/16023.htm

Re: Tax time tips!
 

Been there, tried that, got told that my job doesn't allow for any deductions, just pay the bill (again) :curse:

Don't know the first answer, though I reckon you can do it from your payslips - has the last one got an income total on it? I know you should get a group Cert for every employer - I did my mate's return for a couple of years and he had more than one employer, so more than one Group Cert each time.

I hate the system too, used to think it would be fairer cos everyone told me about all this stuff you can claim for - not quite that fair though when it comes down to it as not everyone is entitled to claim all these allowances for kids, and pcs for schools, and sunscreen cos they work outside :rolleyes:

Re: Tax time tips!
 

Lets be honest - some people can claim for all sorts of stuff, some of us can't claim anything.

Re: Tax time tips!
 

Administrator or receiver should give you a group certificate.

If you use an accountant and show them the payslips you don't have to do a stat dec.

Yes, one certificate from each employer.

Re: Tax time tips!
 

on the bright side you're probably not spending it to have to claim it. you just need to work out how to make beer an income producing expense. :)

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Ah, good thinking! Yes, it has YTD info on it.

Great - I just didn't know if it worked like a P60 or not.

Yup, I think last year we claimed for washing my OH's work clothes, and combined our incomes to be under the Medicare limit. And that was it.

Yeah, but they have my name in their system as <surname> <surname>, so I don't hold much hope for getting a correct and timely group cert. I guess I have until October for them to get it right?!

Ah, good to know. I think we might be going down that route this year.

Still three to come, then... :o

Thanks guys, I really love that I can ask dumb questions about stuff that's non-immigration related and get sensible answers. Cheers!

Re: Tax time tips!
 

Unfortunately that may not always be true. I've found that mostly they boilerplate things and cannot cope with complexity. I had to stop my first accountant here declaring my private UK pensions as a FIF when I first arrived. Due to the currency movements (falling $) he was trying to hand over $7k I didn't need to as they were still under the 6 month rule.

I know people will say I should have got another accountant but how many people have ever used 2 accountants in the same tax year? Not many I should think.

Re: Tax time tips!
 

Biggest and most consistent tip I can give. For those with Kids...If you earn less than 133,000 K joint income or there abouts and have 2 kids or more. Then there is more money available as tax concessions from Centerlink and Tax rebates than most people are fully aware off.

If there are a few voluntary medical procedures needed in your family, Then try and schedule those in one financial tax year.

Try and find an accountant that knows Centerlinks machinations. Those accountants are thin on the ground.

We turned a 5 year ongoing 7,000K debt into a refund with a change of an Accountant... We were already seeing a highly regarded independent accountant at that time that didn't handle Centerlink. . The reason we received the bill. We processed tax returns close to 24 months apart whilst the Wife returned to the work force to part time employment, and not notifying Centerlink of our changed circumstance..

We started a Monthly repayment plan and stopped claiming for the kids.. Which is how the the refund accmulated. The surplus came from 30 months of repayments after the first Centerlink bill. Throw salary Packaging into that mix and you have a 'mare of a time unravelling it.

Thing is we would have paid the debt off, Then gone back to claming from Centerlink all whilst seeing a supposedly highly regarded and recommended accountant, until we found someone that really knew Centerlink backwards and inside out. We would not have been able to get back pay from Centerlink on missed claims after a 24 month period.







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Re: Tax time tips!
 

I think I'm eligible for the government co-contribution as more than 10% of my income comes from wages.

However I work for myself so have no employer and I pay my tax at the end of the tax year so if I contribute to a super it would be before tax.

Is anyone else in this situation? I'm not sure what to do. I don't want to miss out on my $1000 but I can't seem to work out how to contribute and claim. I've read all the ATO website and the moneysmart website stuff but can't make sense of it. I called the moneysmart number but she said she didn't know and emailed me links to the websites I already looked at :confused:

Re: Tax time tips!
 

If you travel for work you can claim a tax rebate for every night away from home - national and international even if your employer pays your hotels / per diems. Etc.

I put a thread on it "If you travel for work read this" a few years back - its roughly 50$ per day in your pocket as a rebate every night away.