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Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Dealing With Disasters
If you have been affected by a disaster, such as a flood, bushfire or storm, don’t worry about your tax affairs right away. The ATO will give you time to deal with your more immediate problems first and then we can help you to sort out your tax affairs later. More time to lodge, pay and […]
Seniors and Retirees: Tax Offsets
Tax offsets – sometimes referred to as rebates – are not the same as tax deductions. Offsets directly reduce the amount of tax you must pay. Each dollar of tax offset reduces your tax payable by a dollar regardless of your taxable income. Mature age workers, seniors and pensioners may be eligible for tax […]
Capital Gains Tax
A capital gain or capital loss on an asset is the difference between what it cost you and what you receive when you dispose of it. You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax – though it’s referred to as capital gains […]
Planning To Retire
When you’re planning to retire you need to understand how any lump sum payments you receive from your employer might be taxed and, if you’re part of an Employee Share Scheme, consider whether the ‘good leaver’ conditions apply to you. Alternatively, if you’re selling your business, you’ll want to know whether or not the retirement […]
ATO Tax return checks
The ATO has a responsibility to government and the community to make sure that everyone pays the correct amount of tax under the law. The ATO undertakes a range of integrity checks both before and after they issue refunds or payments. In some cases, the ATO may contact you to verify some details before we […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]