From the category archives:

Tax Offsets

$527 million in unclaimed Education Tax Refund

January 25, 2010
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With back-to-school time upon us again, families are encouraged to hang onto those receipts to take advantage of the Education Tax Refund (ETR).
Figures from the Australian Taxation Office (ATO) have revealed that only half of all eligible Australian families have lodged a claim, leaving more than $500 million in unclaimed benefits.
The ETR provides parents with [...]

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Education Tax Refund Calculator

August 24, 2009

The Tax Office sure are fond of online calculators. The latest addition to the ATO’s online toolbox is the Education Tax Refund Calulator.
The Education Tax Refund (ETR) is available to you whether or not you are required to lodge a full tax return – it’s a refundable tax rebate.  
If you’re eligible, you can claim back certain education costs [...]

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Don’t Forget About Medical Expenses at Tax Time

July 16, 2009

Tax time is in full swing around here with workers eager to get the ball rolling on their tax refunds. One area we’re seeing a lot of taxpayers still need reminding about is the net medical expenses tax offset. Often a few key questions reveals a person would be able to claim this offset and [...]

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Mature Age Workers Tax Offset

July 3, 2009

The non-refundable Mature Age Workers Tax Offset (MAWTO) was introduced to encourage taxpayers to remain in the workforce. To qualify, you must be a resident for tax purposes, be aged 55 or more at the end of the income year and have received net income from working.
The rates for 2008-09 have not changed from previous [...]

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Ready to recoop some of those school costs?

June 30, 2009

I hope you held onto those back-to-school receipts like we reminded you because it’s time to get some money back. If you’re eligible for the education tax refund you’ll be able claim it in your 2008–09 tax return.
The Education Tax Refund can help with primary and secondary school costs and is a refund of up [...]

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Senior Australians Tax Offset Thresholds 2009

June 25, 2009

You need to meet four conditions to be eligible for the senior Australians tax offset (SATO). These conditions relate to factors such as age, income, and eligibility for Australian Government pensions and similar payments.
Generally, it is available to a taxpayer who:
- Was at or above age pension age at 30 June 2009:
- Receives the Commonwealth age pension or [...]

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Low Income Tax Offset Threshold 2009

June 24, 2009

An increase to the Low Income Tax Offset (LITO) was announced in the 08/09 Federal Budget. For the 2008-09 income tax year, the maximum offset is $1,200. This amount reduces by four cents in every dollar of taxable income above $30,000 until it erodes entirely at $60,000.
Adult taxpayers eligible for the full LITO will not pay [...]

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Receive Centrelink? Know about the Beneficiary Tax Offset?

May 12, 2009

Many Centrelink payments are assessable for income tax purposes and need to be included on your tax return – not all of them but that’s a post for another day. If you receive a taxable government payment you may be entitled to a tax offset called the beneficiary tax offset (BTO).
This offset kicks in once [...]

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R&D Tax Concession

April 30, 2009

 The R&D Tax Concession allows companies to deduct up to 125% of qualifying expenditure incurred on R&D activities when lodging their corporate tax returns.  A 175% Incremental (Premium) Tax Concession and R&D Tax Offset are also available in certain circumstances.

Applications can be lodged online or through any AusIndustry office.
The deadline for submissions for the [...]

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Hang onto those back-to-school receipts for tax time!

December 9, 2008

Parents should ‘keep their receipts’ for education expenses in light of the proposed commencement of the Education Tax Refund from 1 July 2008. Under the ETR, eligible families will be able to claim:
? a 50 per cent refundable tax offset every year for up to $750 for each child undertaking primary school, (that is, a [...]

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Budget 08: New Education Tax Offset

May 18, 2008

From 1 July 2008, families who receive FTB Part A with children in primary or secondary school will be able to claim a refundable tax offset for eligible education expenses. The offset will be claimed through the individual tax return for the relevant income year.
Eligible expenses would appear to include laptops, education software, text books, [...]

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Budget 08: Childcare Changes

May 18, 2008

From 1 July 2008, the Child Care Tax Rebate (CCTR) will increase from 30% to 50%. Currently this payment is made annually through Centrelink to cover out-of-pocket childcare expenses.
The maximum value of the claim will increase from $4,354 per child to $7,500 per child per year.
The payment frequency of the CCTR is set to change also and [...]

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Budget 08: Dependant Offset Restricted Eligibility

May 18, 2008

From 1 July 2008, an income threshold of $150,000 will apply when determining a taypayer’s eligibility for claiming certain tax offsets. These include Dependent Spouse, Housekeeper, Child Housekeeper, Invalid Relative and Parent/Parent-in-law tax offsets.
Currently these offsets are not income tested. By July 2009, the Government has said they will also align the definition of ‘income’ [...]

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Budget 08: Senior Australian Threshold Increase

May 18, 2008

The amount of income a senior Australian eligible for the Senior Australian Tax Offset (SATO) can earn before they incur a tax liability will increase to the following:
2008-09:
Singles $28,867     Couples (each) $24,680
2009-10:
Singles $29,867     Couples (each) $25,680
2010-2011:
Singles $30,685     Couples (each) $26,680
The Medicare Levy low-income threshold will also be increased to ensure that seniors will not pay [...]

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Budget 08: Low Income Tax Offset Going Up

May 18, 2008

From 1 July 2008 the Low Income Tax Offset (LITO) will increase from $750 to a generous $1,200. This means a taxpayer will be able to earn $14,000 before they pay tax.
From 1 July 2009, it will go up even further to $1,350 and from 1 July 2010 will reach $1,500.
The tax offset will continue to [...]

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