Medicare Levy Surcharge 2011

The Medicare Levy Surcharge of 1% still applies to taxable income.

You are exempt from the surcharge if you have private hospital cover for 365 days. If number of days is less than 365 days the surcharge is portioned on number of days you had private hospital cover (this information is available from the statement issued by the fund).

Where you are not exempt from the Medicare Levy Surcharge, the margin of income applicable to Medicare Levy Surcharge 2011 has changed as follows:

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Education Tax Refund 2011

You can claim the Education Tax Refund (ETR) each financial year for a child who meets the schooling requirement.

You can claim 50% of eligible education expenses up to the maximum amounts. For the 2010–11 financial year, the maximum amounts are:

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Etax Prefill - 2011 Tax App

Many of our clients have encounted problems with the ATO's etax service. That's why we developed our own online tax return app - EzTax.com.au.

Just like etax, our online tax app has built-in checks calculators to help you ensure your return is as accurate as possible. And EzTax returns are usually processed within 14 days.

Our internal systems  allow us to check the ATO pre-fill reports to make sure all income and relevant information is included in your 2011 etax tax return. Pre-filling makes it easier for you to meet your tax obligations and claim your entitlements.

All our clients tell us the same thing - "EzTax.com.au is really easy to use."

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What Tax Records Should I Keep

In order to accurately complete your tax return you need to keep good records. Generally you must keep written evidence for five years. Some examples of records you should keep include:

• payments you received, such as salary, share dividends, pension or bank interest
• tax deductable gifts or donations
• medical expenses
• expenses related to income you received, such as work-related or rental property expenses
• buying or selling assets such as rental properties shares or collectables.

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Study Expense Deductions for Youth Allowance Recipients

A recent High Court decision means you can also claim a deduction for study expenses this year if you received Youth allowance, Austudy or ABSTUDY. See question D4 for more information and our website http://www.ato.gov.au/studyexpensechanges

You are eligible for a deduction for each year you lodged a tax return if:

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Tax Deductions for Newstart and Youth Allowance Recipients

Changes apply from the 2011 tax time for Newstart and youth allowance recipients who were actively seeking paid work.

A recent High Court decision means you can claim deductions this year for expenses you incurred in actively seeking paid work if you received Newstart allowance or were a Youth allowance job seeker. You must have records to support your claim.

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Occupations Targeted by ATO During Tax Time 2011

Statement by Tax Commissioner Michael D'Ascenzo in Media release dated 14 June 2011:

"This year the ATO will be paying close attention to deductions made by people employed as earthmovers, flight attendants, carpenters and joiners (including apprentices and trainees), and real estate employees," Mr D'Ascenzo said.

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Flood Levy for (2011-2012 only)

Who will have to pay the flood levy?

Remember, the temporary Flood levy applies for the 2011-2012 year only.

Individual taxpayers, who have a taxable income over $50,000 in the 2011-12 financial year will have to pay the flood levy. This includes foreign residents who have Australian income.

Note: Certain people affected by natural disasters will not pay the flood levy regardless of whether their taxable income is under or over $50,000. There are special rules to work out who is exempt.

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Tax Return Estimate 2011

You can see what your 2011 tax refund will be using our new 2011 online simple tax refund calculator tool:

==> 2010 Tax Refund Calculator

The calculator is based on a single person income and includes Medicare levy and Medicare Levy surcharge where it applies. It does not allow for deductions and other tax offsets. If you have Deductions and/or are entitled to various tax offsets (eg. Education Tax Refund), please use our comprehensive tax refund calculator at EzTax .

Don't forget to check out our Tax Deduction Finder. It may help increase you 2011 tax refund.

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ATO eTax 2011 Download

In early July 2011 the ATO will make their 2011 version of etax available for download (see link at bottom of page below). 

Changes for 2011 tax return: 

Remember: Flood Levy (2011-2011 year only)

Good news first -  We continue to update our knowledge base/tax blog, offering effective tax tips both for now and over the next tax year. Here are a couple of samples that will help you get the best tax refund possible and be informed of relevant tax changes:

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Tax Refund Calculator

You can see what your 2011 tax refund will be using this tax refund calculator tool:

 ==> 2011 Tax Refund Calculator

This is a simple tax refund calculator - ie. it does not take into account deductions and tax offsets.


What if:

• you have allowable deductions?
• you are eligible for Education Tax Refund?
• you have Centrelink income?
• you are entitled to low income tax offset?
• you are entitled to a reduction in Medicare Levy?
• you are not required to pay Medicare Levy Surcharge?

For a comprehensive tax refund calucator, please use our online tax return system - EzTax.

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Tax Return Calculator 2011

For some people TAX TIME is a time of fear or anxiety. But for many, tax time is a once-a-year cash grab – the annual TAX REFUND.

People get refunds for all sorts of reasons – didn’t work the full year, sizable tax deductions relating to work activities and for many, the annual Family Tax Benefit (FTB) top-up based on the annual income submitted with the tax return.

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