Rebate income is made up of the total of all the following details from your tax return.
Taxable income (if a loss then zero)
Reportable employer superannuation contributions (total of RESC from your payment summary’s)
Deductible personal superannuation contributions (The deduction you claimed for extra personal super contributions – not salary sacrificed)
Division 293 tax uses contribution information reported on an individual’s member contributions statement (MCS) to determine the total super contributions. The contributions that are counted for Division 293 tax purposes generally include:
other family and friend contributions
assessable foreign fund amounts
Nobody likes to do their tax return, not even us bean counters, but for most of us it is the law that forces us to do so. Besides, the ATO needs to know what you have earned so they can send you your tax refund (if applicable).
We here at Gotax, make it simple, easy and sometimes a little bit of fun, to put in the dreaded tax return and get you the maximum tax refund possible.
On a normal work day, the answer to this one is a big NO.
The ATO says that your lunch is a private expense.
If, however, you are travelling away from home overnight for work (and you employer doesn’t reimburse you) then you can claim the cost of the meal.
If your employer pays you an allowance to cover this meal, the allowance will be included as income on your tax return, and
Do you have a HECS/HELP debt? Have you ever wondered how the ATO works out how to calculate how much HECS/HELP you need to pay? They don't just take into consideration your Taxable Income, there are a few other things they look at...
The Higher Education Loan Program (HELP), Student Start-up Loan (SSL), ABSTUDY Student Start-up Loan (ABSTUDY SSL),Trade Support Loan (TSL) and Student Fin
You may be able to make a claim for part of the cost of your mobile and/or home phone plan, if you use it to earn your income, as long as your employer does not reimburse you for the cost.
You can’t just claim the whole bill though (unless you only use it for work). The claim must be equal to the amount you use for work purposes. For instance, if for work purposes, you use 25% of the
Income for surcharge purposes is used to work out if you have exceeded the Medicare levy surcharge threshold that applies to you. This is done to find out:
if you are entitled to the private health insurance rebate
if you do not hold an appropriate level of private health insurance, how much, if any, of the Medicare levy surcharge to pay.
Private health insurance
Your adjusted taxable income (ATI) affects your entitlement to certain tax offsets.
Generally, your ATI is the sum of the following amounts:
taxable income (your assessable income minus deductions)
adjusted fringe benefits total, which is the sum of:
reportable fringe benefits amounts received from employers that are exempt from fringe benefits tax, multiplied b
Do I need to lodge an income tax return?
Tax time is here and if things have been a bit different for you this year you may be unsure if you actually need to lodge an etax return. Below are some common reasons, if any of these situations fit you then you must lodge an etax return.
If you worked during the year and your employer withheld tax from your pay, regardless of your
It's important to note that if you are receiving Centrelink payments, that they may be TAXABLE. This means, you need to pay tax on the payments and if you don't pay tax or have tax withheld during the year, you may end up with a tax bill. We discuss this further below...
Many Centrelink payments are considered taxable income, although most of the time if you are on Centrelink benefi