Education Expenses and Youth Allowance - Claiming a Deduction
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ATO Announcement on claiming deductions for education expenses against Youth Allowance income:
As a result of a High Court decision on 11 November 2010, taxpayers may be eligible to claim a deduction for study expenses if they received youth allowance to study full-time.
Business results Outside ATO Industry Benchmarks
When calculating the benchmarks, the ATO took into account that not all businesses are the same. Accordingly, they do not rely on an average – rather, the ATO provides a range of values to account for both high and low margin businesses.
When the benchmarks are applied to asses a business's income, the ATO uses the figure from the benchmark range that provides the most advantage to the business.
When the benchmarks are applied to asses a business's income, the ATO uses the figure from the benchmark range that provides the most advantage to the business.
Airline Employees Deductions to Claim 2009-10
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Airline employees - What Tax Deductions Can I Claim 2009-10
Introduction
This post provides information on tax deductions specifically for Airline Employees, specifically flight attendants, flight engineers, pilots and ground engineers who are all employees in the airline industry.
This guide explains the claims you can and cannot make by looking at the common expenses you might incur as an airline employee. It also includes information about some changes to the tax laws that have occurred since the ruling was issued – for example, capital allowances. It will help you to work out what claims you can make.
Why Invest in Property
You tax rebates, along with your rental income are used to pay off your loan, with the tiniest in amounts coming out of your own pocket.
Positive Cashflow Investment Properties Available From April 2011
Developers stock available now at $349,500. Construction due to commence April 2011. 3 year rental guarantee of $545 p/w available from a large publicly listed Australian company. POSITIVE cash flow.
Bookkeeping - Take Care of Business with the latest systems
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(Business Blueprint Education Series – Chapter 1 Bookkeeping)
When was the last time you or your wife really enjoyed some quality time together rather than worrying about who was going to get your accounts up to date? We have heard many clients say to us:
Tax Exemption For Flood Assistance Payments Paid to Flood Victims
On 21 January 2011, the Government announced that it will make clean-up and recovery grants, paid under the Natural Disaster Relief and Recovery Arrangements, to primary producers and small businesses affected by the flooding that has occurred since 29 November 2010, exempt from tax.
Claiming Deductions for Floor Relief Donations
The ATO will allow deductions for donations up to $10 made to 'bucket appeals' for the floods without needing to keep a receipt.
People who give to bucket appeals can claim a tax deduction equal to their contribution up to $10 in their 2010–11 tax return without the usual need to keep a receipt.
People who give to bucket appeals can claim a tax deduction equal to their contribution up to $10 in their 2010–11 tax return without the usual need to keep a receipt.
Education Tax Refund - Remember to Keep Receipts
For the year ended 30 June 2011, families can claim 50% of eligible education expenses, up to a maximum refund of $794 for high school children, and $397 for primary school children on back-to-school items. (Note that the amount of the refund increases each year by the Consumer Price Index – the rates for the year ended 30 June 2010 were $779 for high school children and $390 for primary school children.)
How to Borrow to Buy Property Through Your SMSF
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Borrowing to invest through a self-managed super fund (SMSF) can be a simple and effective strategy to leverage your existing superannuation nest egg for greater asset growth. However, as the trustee of a SMSF, you MUST be aware of the hidden traps in getting the structure & lending plan right, or else suffer the consequences.
Parents Missing Out on Child Care Rebates
The Courier Mail today highlighted that many parents are missing out on cash entitlements for child care costs.
The Child Care Rebate helps working families with the cost of child care. The Child Care Rebate covers 50 per cent of out-of-pocket child care expenses for approved child care up to the annual cap. From July 2010, the Child Care Rebate annual cap will be $7,500 per child per year, subject to the passage of legislation.
The Child Care Rebate helps working families with the cost of child care. The Child Care Rebate covers 50 per cent of out-of-pocket child care expenses for approved child care up to the annual cap. From July 2010, the Child Care Rebate annual cap will be $7,500 per child per year, subject to the passage of legislation.
Flood Levy of .5% to Apply in 2011-12
The Government will introduce a modest one-year levy to help pay for the rebuilding effort.
The levy will not be paid by those affected by the floods, will not be paid by lower income earners, and will apply only in the 2011-12 financial year.
The levy will not be paid by those affected by the floods, will not be paid by lower income earners, and will apply only in the 2011-12 financial year.
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