If you earned less than $18,200 in the financial year and you had no tax withheld from that income, you might not be required to lodge a tax return. However, even if you don’t lodge a tax return, you still have to notify the ATO. Contact your accountant to arrange a Return Not Necessary to be lodged with the ATO to ensure the Tax Return is not left outstanding. There is no charge for this to be lodged.
The net medical expenses tax offset is being phased out. Expenses you can claim from 2016 are restricted to disability aids, attendant care or aged care.
Disability aids are items of property manufactured as, or generally recognised to be, an aid to the functional capacity of a person with a disability but, generally, will not include ordinary household or commercial appliances.
Attendant care expenses relate to services and care provided to a person with certain disabilities to assist with everyday living, such as the provision of personal assistance, home nursing, home maintenance, and domestic services to a person who is blind or permanently confined to bed or a wheelchair.
Aged care expenses relate to services and accommodation provided by an approved aged care provider to a person who is a care recipient or continuing care recipient within the meaning of the Aged Care Act 1997.
Net expenses are your total eligible medical expenses less refunds from the National Disability Insurance Scheme (NDIS) and private health insurers which you, or someone else, received or are entitled to receive. They do not include contributions to a private health insurer or travel or accommodation expenses associated with other categories of medical expenses.
This tax offset is income tested. The percentage of net expenses you can claim is determined by your adjusted taxable income (ATI) and family status.
In order to determine what your refund will be, we need to complete the entire tax return. As a result, we do not offer quotes.
The ATO does not allow tax deductions for personal grooming items like these:
However, you can claim a deduction for these items if;
A deduction is generally not allowable for the cost of access to pay TV, as it is not incurred in gaining assessable income and is a private expense. It is considered that even though a taxpayer may be able to use part of the information obtained in the course of their work, the benefit gained is usually remote and the proportion of the expense that relates directly to work is incidental to the private expenditure.
You can claim your car for travel between your home and your workplace if:
There are 2 methods to claim your car.Method 1: Cents per kilometre
You must register for GST if:
Our business client requirements are delivered on time every time. We can offer you a pre-tax analysis to identify areas of improvement while you still have time to act on the advice. Not only do we prepare you business accounting and taxation requirements, we can also provide assistance and advice that includes, but is certainly not limited to: