Good news first - Over the last several months we have worked tirelessly, updating our knowledge bas/tax blog, offering effective tax tips both for now and over the next tax year. Here are a couple of samples:
- Tax deduction finder for my job - locate deductions specific to your occupation
- Education Tax Refund 2010 - updates on rates and tips
- Bank Fee Legal Action - taxation implications
- Paid Parental Leave- Fact sheet on introduction on 1 January 2011
- Redundancy Pay Calculator - How to calculate taxable and non-taxable components
Bad news - There have been changes to the income tests used to work out some tax offsets, deductions and the Medicare levy surcharge. This may increase the amount of tax and Medicare levy you have to pay in 2009-10.
You may be affected by the changed income tests if:- your employer has made extra super contributions for you such as salary sacrifice super contributions – these are called reportable employer super contributions
- you have rental properties, and the deductions you will claim exceed the income you have derived from them
- you have financial investments and the deductions you will claim exceed the income you have derived from them.
- no longer qualify for certain tax offsets or you may only qualify for a reduced amount
- no longer qualify for super co-contributions or personal super contribution deductions
- be liable for the Medicare levy surcharge
- be required to pay more of your Higher Education Loan Program or Student Financial Supplement Scheme debt.
We look forward to interacting with you over the next year.
Our 2010 online tax return system will be available for the 1st July. See you at our online tax return site.
Kind regards
David Maynard