When do I have to lodge my tax return by?
If you are registered with a tax agent by the 31st October (and you have not lodged late in the previous year), then you will have until the 15th May to lodge your return. There is a 5th June concession if no tax is payable or a refund due.
What is the limit on deductions I can claim without receipts?
All deductions should be substantiated with receipts or a log book / diary etc for certain claims. However the ATO will accept deductions upto $300 in total without receipts. Once this threshold has been exceeded then substantiation is required for the whole amount.
How much can I contribute into my superannuation this year?
From 1st July 2015 (ie for the 2015/16 income year) people aged 50 or more will be able to contribute upto $35,000 from all sources. For everyone under 50 the concessional contributions cap is $30,000.
From 1st July 2017 the concessional contributions cap has decreased to $25,000 for All individuals regardless of age.
From 1st July 2017 All individuals under 75 will be allowed to claim a tax deduction for their personal contributions.
How long do i have to keep receipts for?
Records should be kept for 5 years. It is your responsibility to maintain complete records in the event of an ATO audit.
Is it true the net medical expenses tax offset (NMETO) is being phased out?
Yes only those tax payers who claim the NMETO for the 2012/13 income year will be eligible for the NMETO for the 2013/14 income year if they have eligible out of pocket medical expenses above the relevant thresholds. Similarly, only those who claim the NMETO in 2013/14 may be eligible for the NMETO in 2014/15
The NMETO will continue to be available for certain tax payers until 2019 when DisabilityCare Australia is fully operational.
How much can I earn without paying tax?
The tax free threshold from 1st July 2012 has increased from $6,000 to $18,200 and there will be no change to the tax rates for the 2013/14.
In effect with this does mean with the low income offset available that an individual can earn upto $20,542 without paying tax for this year.
The amount of tax you pay does depend on your filing status, age or whether you claim dependants so always check with our office if you are unsure.