The additional amount of threshold for each dependent child or student will also be increased to $3,094 (previously $3,007). The Medicare levy threshold for single pensioners eligible to claim the new Seniors and Pensioners Tax Offset has been increased to $32,279 for the 2012/13 income year.
The changes to Self Education Expenses announced by the Federal Government on 13 April 2013 will have a significant impact on Medical Professionals. The changes will see deductions for self-education expenses limited to just $2,000 per person per financial year and are to apply from 1 July 2014.
The Gillard Government today announced reforms to improve the fairness, sustainability and efficiency of the superannuation system.
Although most people have good intentions about leaving their estate to loved ones when they die, few realise the tax burdens their relatives face if assets are not left or divided up appropriately.
The ATO has finally confirmed that a tax rebate / offset can be claimed in the 2011/2012 income year for private health insurance premiums that are prepaid by 30 June 2012.
Matthew Stevenson is a Senior Accountant at Waterford Accountants, in this video Matthew provides Tax Planning Tips to help you to reduce your tax payable and make the most of your return before the end of the financial year after which it is too late to do anything.