Archive for the ‘Deductions’ Category
ATO Compliance Program
The ATO Compliance Program for 2009-10 indicates that they will paying specific attention to the following items this year: • work expense claims where there are large or rising claims or which do not fit the pattern for a particular occupation • the following occupations will receive particular attention: Truck drivers Sales & marketing managers Sales representatives Electricians • insufficient documentation to support motor vehicle and travel expenses notably including bulky equipment claims • ineligible claims for living-away-from-home allowance • capital gains obligations for disposal of assets (shares, investment properties etc) Don’t get caught out!! See us at ITP for complete peace of mind.
Education Tax Refund
Are you missing out?? The ATO state that many eligible families did not lodge a claim for the Education Tax Refund (ETR) for the last tax year. The ETR allows you to get a refund of 50% of the cost of eligible education expenses up to a maximum of $779 pa for each secondary student and $390 pa for each primary student. Eligible expenses include computers & accessories, printers, educational software, internet connections, textbooks and stationery. (School fees, uniforms, transport and sporting equipment are not included.) You must be entitled to claim Family Tax Benefits Part A to be eligible to claim the ETR.
Superannuation Changes
New arrangements affecting superannuation for individuals took effect from 1 July 2009. 1. The government co-contribution has been temporarily reduced to 100% (down from 150%) with maximum co-contribution of $1,000 for 2009-10 and the two subsequent financial years. 2. The concessional contributions cap has been reduced from $50,000 to $25,000 and the transitional cap for over-50s from $100,000 to $50,000. 3. Eligibility for a number of tax offsets and liability for some ancillary payments may be affected by the level and type of superannuation contributions made by, or on behalf of, an individual. Full details were contained in our previous Tax Informer.
Small Business Tax Obligations
The ATO have introduced new measures to assist small businesses who may be having trouble meeting their taxation payment obligations due to the economic climate. Until 30 June 2010, small businesses (turnover less than $2M) can apply for: - 12 month interest free payment arrangements - deferred activity statement payment dates* *Up to two month deferrals for quarterly and annual payers, and one month for monthly payers.
