The major change in this year’s tax returns is the inclusion of a number of income tests to determine your eligibility or liability for items such as certain tax offsets, some Government benefits, the medicare levy surcharge and HELP repayments. These tests will involve the calculation of a new concept known as your adjusted taxable [...]
Probably the number one tip for maximising your deductions is to keep your receipts and records.
Almost every available deduction from your income needs to be substantiated with written evidence.
Tax agents are bound by strict legislative provisions as to what they can claim for you including the requirement for documentary evidence of your expenses – either [...]
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 [...]
The ATO have issued a warning to all taxpayers regarding so-called tax minimisation schemes which tend to proliferate at this time of year. Before investing in any such schemes taxpayers should ensure that the scheme has a current ATO product ruling and that it is a sound investment in its own right.
Any potential tax benefits [...]
It is not too early to start some basic planning to ensure you get the maximum refund possible in this year’s tax return …
Keep your receipts for all expenses which you wish to claim – work-related, motor vehicle, donations, medical expenses exceeding $1,500 etc. If claiming a vehicle do you need to create a new [...]
Until 30th June all ITP offices are offering FREE tax advice for existing and new clients.
If you have any questions on your tax affairs for the current or future years, make an appointment to see a consultant NOW.
Visit www.itpqld.com.au for your nearest office.
The most common errors detected in tax returns by the ATO are:
Claiming work related expenses without the necessary substantiation.
Not declaring interest and dividend income.
Claiming full interest deduction on a loan which is used for both business and private purposes.
Claiming expenses for an investment property which has not been available for rent.
Not declaring allowances received from employers.
The [...]
