In early July 2010 the ATO will make their 2010 version of etax available for download. Here is a link to the ATO site.
Changes for 2010 tax return:
etax Download 2010
In early July 2010 the ATO will make their 2010 version of etax available for download. Here is a link to the ATO site.
2011 Tax Deduction Finder For My Job
The tax deduction finder helps you locate tax deductions specific to your work, your job or your occupation. Simply click on the occupation listed in the 2011 tax deduction finder below to find 2011 tax deductions specific to your job below:
- Airline Employees
- Australian Defence Force Members
- Building workers
- Construction workers
- Cleaners
- Defence force
- Disability support care workers
- Education professionals
- Electricians/electrical workers
- Engineer
- Factory workers
- Fitness and sporting industry
- Hairdressers
- Hospitality Industry Workers
- IT Professionals
- Journalist
- Motor Mechanics
- Lawyers
- Mining site employees
- Nurses
- Performing Artists
- Police Officers
- Postal workers
- Real Estate Employees
- Sales and marketing managers
- Sales Representitives
- Security guards/officers
- Shop Assistants
- Solicitors
- Teachers
- Travel agents
- Truck Drivers
And remember, if you need help preparing your tax return, try my web base tax return app. It's free to get started
For a fast return just follow the simple steps . It's easy to use and saves you time and trouble.
- Web based tax app - in the cloud
- Open a browser and go.
- Security of a registered Tax Agent review and lodge your return.
- Prepare multiple returns for your family with one account
- Tax office electronic lodgment approved software
We'd love to help you get the best possible refund. All our users say eztax is really easy to use. To get started click here to use my web based tax app:
ATO Increase General Interest Charge (GIC)
The ATO has just announced an increas in their general interest charge (GIC) from 11.16 for the June 2010 quarter to 11.80% for the September 2010 quarter.
Note that the GIC compounding rate now extends to most taxes, including:
Note that the GIC compounding rate now extends to most taxes, including:
Income & Tax Deductions For Engineers
Remember, you cannot automatically claim a deduction just because you received an allowance. For a summary of deductions specific to Engineers see our post ==> Tax Deduction Finder for My Job.
Engineers commonly get the following types of allowances:
Engineers commonly get the following types of allowances:
Tax Return Estimate 2010
You can see what your 2010 tax refund will be using this 2010 tax refund calculator tool:
==> 2010 Tax Refund Calculator
Online Tax Return service - In addition to generating a FREE tax refund calculation, what ezTax does is present you with easy step-by-step instructions, detailed but simple explanations, intuitive processes, easy payment methods, supported by a comprehensive knowledge base and access to a certified accountant and registered tax agent online – all from your own home.
Income & Tax Deductions For Postal Workers
Remember, you cannot automatically claim a deduction just because you received an allowance. For a summary of deductions specific to postal workers see our post ==> Tax Deduction Finder for My Job.
Postal workers commonly get the following types of allowances:
Postal workers commonly get the following types of allowances:
Income & Tax Deductions For Disability Support Care Workers
Remember, you cannot automatically claim a deduction just because you received an allowance. For a summary of deductions specific to disability support care workers see our post ==> Tax Deduction Finder for My Job.
Disability support care workers commonly get the following types of allowances:
Disability support care workers commonly get the following types of allowances:
- motor vehicle allowances (based on a cents-per-kilometre basis)
Tax Changes for 2010
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
Education Tax Refund 2010
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Highlights of changes for 2010:
- Education Tax Refund expense threshhold has increased in 2010 to 50% claim of $780 (primary schoold) and $1558 (Secondary school).
- Excess Education Tax Refund expenses from 2009 can be rolled over to 2010
- For a summary of eligible expenses see this post ==> 2010 Education Tax Refund Eligible Expenses
- Link to 2010 Form ==> Education Tax Refund Form 2010
2010 Education Tax Refund Eligible Expenses
Link to 2010 Form ==> Education Tax Refund Form 2010
The following are eligible education expenses if they relate directly to the education of the student for whom you are claiming the ETR:
The following are eligible education expenses if they relate directly to the education of the student for whom you are claiming the ETR:
- laptops, home computers, repair and associated running costs
Tax Office "Benchmarks" and Business Operators
Some time ago (about two years) the ATO began establishing benchmarks for various trades and businesses to compare income and expenses of a taxpayer with an industry standard. The list of businesses now covered by the ATO benchmarks is quite substantial. I started providing details on these benchmarks but admit I have lost track of them - see BUSINESS & SUBBIES in the index page (time prermitting I will include a full list in my blog soon).
It seems the ATO is now starting to act on these benchmarks by writing to vaious trades people / business operators where they fall outside the benchmark guidelines - for example, where materials or wages is high relative to gross income and the appropriate benchmarks for the industry.
The letter has multiple purposes:
Accordingly, clients are contacting the ATO and their accountants, wanting to know what to do - if anything?
The letter does include a "Correction" form to be used if the business operator believes there has been an omission of income or overstatement of the relevant expense. However, if this is not the case than the business operator is not required to act on the letter.
If you have received one of these letters from the tax office please feel free to make a comment on this post (please keep is clean).
By David Maynard
It seems the ATO is now starting to act on these benchmarks by writing to vaious trades people / business operators where they fall outside the benchmark guidelines - for example, where materials or wages is high relative to gross income and the appropriate benchmarks for the industry.
The letter has multiple purposes:
- to inform the business operator they are trading outside the benchmarks
- invite these operators to review their activities and record keeping to ensure all income is declared on BAS statements and income tax returns
- to provide an oprtunity for business opoerators to correct omissions made in the tax return the letter is referring to (current round of letters is referring to the 2008 year).
Accordingly, clients are contacting the ATO and their accountants, wanting to know what to do - if anything?
The letter does include a "Correction" form to be used if the business operator believes there has been an omission of income or overstatement of the relevant expense. However, if this is not the case than the business operator is not required to act on the letter.
If you have received one of these letters from the tax office please feel free to make a comment on this post (please keep is clean).
By David Maynard
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