Blog

15th Jun 2020

Tax time check list

Quick and basic check list

Get ready for your income tax return 2020

Don’t forget to bring following for your income tax return:

  • your tax file number
  • All your PAYG summaries (Group certificates)
  • Interest earned statements from bank, etc.
  • Dividend statements, if applicable
  • Private health insurance statement, if applicable
  • Proof of any other income
  • Receipts for work related expenses
  • Receipts for donations made, if any
  • Any other document or information as applicable in your case.

This is a general advice, for more information or to discuss your individual case please contact us.

8th Jun 2020

How to claim tax offset up to $540

Spouse superannuation contributions & tax offset up to $540

Under the current 2019-20 tax rules, you may be able to claim an 18% tax offset on super contributions up to $3,000 that you make on behalf of your non-working or low-income-earning spouse. You can contribute more than $3,000, but you won’t receive the spouse contribution tax offset on anything above $3,000.

If your spouse receives $37,000 or less in assessable income, then you can access the maximum tax offset of $540, provided an after-tax contribution of at least $3,000 is made. The tax offset is then progressively reduced until the tax offset reaches zero for spouses who earn $40,000 or more in assessable income in a year.
Read the full article here…

1st Jun 2020

How to save Medicare Levy Surcharge (MLS)

The MLS is an additional tax and applies to Australian residents for taxation purposes who are high income earners and don’t have an appropriate level of hospital cover. If you or your family do not have an appropriate level of private patient hospital cover you may be required to pay the MLS.

For 2019-20 the base income threshold is $90,000 for singles and $180,000 for families. However, you do not have to pay the MLS if your family income exceeds the threshold but your own income for MLS purposes was $22,398 or less. General cover, commonly known as ‘extras’, is not private patient hospital cover. It covers items such as optical, dental, physiotherapy or chiropractic treatment.
Read the full article here…

15th Jun 2019

Tax time check list

Get ready for your income tax return 2019
Quick and basic check list
Don’t forget to bring following for your income tax return:

  • your tax file number
  • All your PAYG summaries (Group certificates)
  • Interest earned statements from bank, etc.
  • Dividend statements, if applicable
  • Private health insurance statement, if applicable
  • Proof of any other income
  • Receipts for work related expenses
  • Receipts for donations made, if any
  • Any other document or information as applicable in your case.

This is a general advice, for more information or to discuss your individual case please contact us