Archive for the 'Tax' Category
Child Care Benefit (CCB) Tax Offset
Sunday, March 25th, 2007I want to talk a little about the 30% child care tax rebate that was brought in as a new tax offset last financial year. This offset confuses many people, including some tax preparers.
Approved care is formal child care including:
Long day care
Family day care
In-home care
Outside school hours care
Vacation care
Some occasional care services.
You must meet the […]
Tax: if it wasn’t this serious it would be funny
Saturday, March 17th, 2007An old accounting joke goes something like this:
A business man interviewing applicants for the position of divisional manager devised a simple test to select the most suitable person for the job. He asked each applicant the question, “What is two and two?”
The first interviewee was a journalist. His answer was “Twenty-two.”
The second was a social […]
Spouse Super Tax Offset
Thursday, March 8th, 2007What is the Spouse Super tax offset?
If you make contributions to a superannuation fund on behalf of your spouse, you may be entitled to a tax offset.
As always, there are certain criteria to meet:
Your spouse’s assessable income, plus any reportable fringe benefits must be less than $13,800 (current as at 30/06/2006)
Both the taxpayer and spouse must be […]
More on the Tax Course
Tuesday, February 20th, 2007Those of you who were thinking about doing the tax course contact your local H&R Block and ITP office as soon as possible. Courses have started. You may squeeze into a class if you are a week or so late, but will have to study hard to catch up if you miss the first couple of classes.
Something […]
A lesson from Shane Warne—don’t forget your overseas income
Thursday, February 15th, 2007Shane never seems to be out of the news, this time for supposed tax evasion. And not just Shane this time, but many of his Australian team mates as well.
This is a timely reminder that you cannot ignore income earned overseas if you also earn money in Australia. Many people think that because they earned […]
Virtual tax?
Tuesday, February 13th, 2007 ”Virtual world: tax man cometh”
I liked the heading and thought I should add this article. When does a game or a hobby become a business?
http://www.theage.com.au/news/biztech/virtual-world-tax-man-cometh/2006/10/30/1162056925483.html
What is a tax offset?
Wednesday, February 7th, 2007A tax offset is a reduction in tax allowed to a taxpayer to provide tax relief.
To qualify, a taxpayer is generally in the lower income bracket, but this is not always the case.
The offset reduces the tax owing, not the taxable income, and can only reduce the tax to zero. It will not result in […]
Expenses relating to self education
Friday, February 2nd, 2007Over the last couple of blogs we have talked about who can claim self education expenses, and talked about tax tips and tax implications for students.
Suppose you have done your homework, and you know you can claim schooling. What exactly can you claim?
Claimable schooling expenses
This is a list of expenses a student may claim for self education. […]
Can I claim self education expenses?
Monday, January 29th, 2007To claim self education expenses, the course must be to gain a formal education for use in a profession, business or trade as part of your current employment.
At the time the expense was incurred (tax terminology), there has to be a direct connection between the self education and current work activites that will enable you […]
Tax tips and tax implications for students
Thursday, January 25th, 2007The school year is about to start, so this this is a good time to recap on some implications of tax and schooling.
Work full time/part time, study part time
If you work full time or part time, then to claim school expenses your study must relate directly to your current occupation. If you are doing the study so that […]