Simplify the car expense substantiation methods
01 Dec 2015
In the 2015-16 Federal Budget, the government announced that it will simplify the car expense deductions for individuals. Under current arrangements, there are four methods for claiming car expenses: Cents per kilometre – capped at 5,000kms Logbook – unlimited kms 12% of original value One-third of actual expenses To simplify the rules, from 1 July […]
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Zone Tax Offset – exclude ‘fly-in-fly-out’
30 Nov 2015
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 […]
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Health insurance tax offset
26 Nov 2015
Your entitlement to a private health insurance rebate or tax offset depends on your income level. If you have private health insurance: the amount of private health insurance rebate you are entitled to receive is reduced if your income is more than a certain amount we will calculate the amount of private health insurance rebate […]
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Income Tax Returns – Records you need to keep
25 Nov 2015
During the financial year you’ll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts. Generally, you need to keep these for 5 years from when you lodge your tax return. Records you need to keep include: payment summaries from payers, including your employer and the Department of […]
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