Information about ‘Tax return preparation’

With the new tax year commencing on 1 July 2010, new income tax rate scales will apply, slightly reducing the income tax rates for the 2011 tax year.  The scales are outlined below:

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A recent full Federal Court decision has confirmed the opportunity for students to claim their costs of study as a tax deduction, where those students receive the youth allowance.

The case involved a student that was in full time university studies.  The student had a part time job to help support herself through her studies as well as received a youth allowance from the Federal Government. (more…)

It appears the ATO are currently quite busy processing income tax returns at this stage of the calendar year.

The ATO has recently sent out a broadcast to all tax agents noting delays in processing the tax returns at this time, which is also leading to a delay in following up queries raised as to the progress of processing those returns. (more…)

It is worth remembering there is a tax credit available to be claimed on your tax return in respect of net medical expenses paid during a financial year.

Known as the medical expense rebate, the rebate provides a 20% tax credit for net medical expenses that exceed $1,500.  (more…)