Tax Offsets

Mature Age Workers Tax Offset

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 ...

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Ready to recoop some of those school costs?

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 ...

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Senior Australians Tax Offset Thresholds 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 ...

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Low Income Tax Offset Threshold 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 ...

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Receive Centrelink? Know about the Beneficiary Tax Offset?

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 ...

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R&D Tax Concession

 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. ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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