Tax Offsets

A new Bill has been introduced into parliament to establish a payroll tax rebate scheme which is intended to encourage the employment of people with disabilities (as opposed to the general dis-incentive payroll tax offers for employing people). The Payroll Tax Rebate Scheme (Disability Employment) Bill 2011 will provide employers with ...

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The recent spate of “get private health cover before 30 June or get taxed” campaigns really irritate me. I have nothing against Private health Cover and if you’re likley to be up for the Medicare Levy Surcharge (MLS), you should look into it. What bugs me is that unless you ...

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Low Income Tax Offset for 2011

Last year the post titled Low Income Tax Offset for 2010  proved to be one of the most popular topics. With Tax Time just around the corner, it’s time we update that information and take a look at LITO for 2011. This year, adult taxpayers do not pay tax until their income is above ...

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The Government will phase out the tax offset for dependent spouses currently aged less than 40 to help encourage more Australians into paid employment. This reform will mean that from 1 July 2011 taxpayers with a dependent spouse born on or after 1 July 1971 will no longer be eligible for the ...

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Measures to bring forward low income tax offset (LITO) relief to 6.5 million low income taxpayers will be annouced in tomorrow nights budget. From 1 July 2011, the Government will increase the proportion of the low income tax offset (LITO) that is delivered through workers’ week-to-week pay packets from 50% ...

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If you are operating a company with a turnover under $5M and with expenditure on research and development from $20,000 to $2M in aggregate, then the company can claim a tax rebate of 37.5% (or possibly 52.5% on some component) of the R & D expenditure incurred during 2009/10. If ...

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Well you all might have seen the new government advertisements on the Education Tax Refund and as a new school year is almost upon us it’s time to revisit what, how and who can claim the Education Tax Refund. The Education Tax Refund (ETR) helps parents and carers claim up to ...

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By the looks of things, the low income tax offset post is still the most sought after information on the site.   LITO is one of the easiest offsets to actually calculate and, as opposed to most other rebates, the Tax Office will even calculate and apply it for you. What ...

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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 ...

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Education Tax Refund Calculator

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, ...

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Don’t Forget About Medical Expenses at Tax Time

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 ...

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