Claiming self-education expenses

The question of whether study expenses are tax deductible can be a complex one. Claiming a deduction under the “self-education” section of your tax return involves fitting into strict criteria, and deduction thresholds apply. Self-education deduction rules The following summary is from the ATO website: Self-education expenses You can claim a deduction for work related … Read more

Capital Gains Tax changes for foreign residents

The 50% CGT discount no longer applies to foreign residents who make a capital gain on taxable Australian property. This change became law on 29 June 2013. Foreign or temporary resident individuals must meet certain eligibility conditions to apply the CGT discount. From 8 May 2012, the application of the 50% CGT discount will depend … Read more

New tax receipt will be issued with Notice of Assessment

Starting from 1 July 2014, most taxpayers will receive a tax receipt as part of their Notice of Assessment. The tax receipt shows a breakdown of how your tax has contributed towards government expenditure. It will also show the level of Australian Government gross debt for this year and last year. You are eligible to … Read more

Net Medical Expenses Tax Offset phase-out

The Net Medical Expenses Tax Offset is being phased out. If you received this offset last year (2012-13), there is no change this year; you can still claim all of the types of expenses that you claimed last year. If you did not claim the offset last year, you will only be able to claim … Read more

Private Health Insurance Rebate changes

If you have private health insurance, you may be eligible for the Private Health Insurance Rebate. The rebate is means tested against your single or family income (i.e. if you have a partner, the family income test applies to your combined income). Incomes and rebate percentages are summarised below: Single $88,000 or less $88,001 – … Read more