The Government has announced an increase to the “low and middle-income earner” tax offset. The reality of this change is:

Tax Offsets were already in place, for taxpayers.
The Federal Government has changed the amounts of Tax Offsets.
It actually only increases for taxpayers with taxable incomes between $37,001 to $125999. Some examples are listed below:

For a taxable income of $ 37,000 in 2018, your tax offset was $ 445
For a taxable income of $ 37,000 in 2019, your tax offset is $ 255
(Less tax offset for the lowest income tax bracket)

For a taxable income of $ 48,000 in 2018, your tax offset was $ 280
For a taxable income of $ 48,000 in 2019, your tax offset is $ 800

For a taxable income of $ 90,000 in 2018, your tax offset was $ 0
For a taxable income of $ 90,000 in 2019, your tax offset is $1080

For a taxable income of $100,000 in 2018, your tax offset was $ 0
For a taxable income of $100,000 in 2019, your tax offset is $ 780

 

Please contact me if you need assistance.

I am here for you, to help with any accounting, bookkeeping or tax issues.

If you work from home: keep a diary of hours worked in your home office for your job or business and record your internet and telephone usage.

Donations: Make donations to registered charities before 30th June and obtain a receipt in the name of the highest income earner in your family.

Income Protection Insurance: This is tax-deductible. Life Insurance is NOT.

Interest Income: The account should be in the name of the lowest earner.

Logbooks: Make sure you have one for at least 13 weeks of the financial year

Superannuation: consider salary sacrificing bonuses or some of your income

Capital Gains: If you made a capital gain this financial year and you have some poor performing shares, consider selling them prior to 30th June.

Keep receipts and records: Use a credit card or EFTPOS for all expenses then highlight the work/business ones. Keep receipts in one place, like a folder.

Claim all of your allowable deductions and tax offsets.
As your Registered Tax Agent, I will make sure you get the best tax refund.

 

Please contact me if you need assistance.

I am here for you, to help with any accounting, bookkeeping or tax issues.

DID YOU KNOW……

about the School Transport Assistance Scheme?

It is an allowance payable to parents or guardians of students who are conveyed by private motor vehicle to primary/secondary school, provided that the students do not reside within 3.2 kilometres of a school bus service.
or
for students who use Brisbane City Council buses or state government trains to get to/from school.

Google: Conveyance Allowance Application for details.

 

Please contact me if you need assistance.

I am here for you, to help with any accounting, bookkeeping or tax issues.