Collection of Tax Return & Refund Tips for 2012
For most Australians tax time is about maximising your tax refund by legitimately claiming on everything you are entitled to. That said make sure you collect a list of everything you are entitled to claim on so you can get the most out of your tax return.
Some things you may be able to claim on:
Educational Tax Refund:
Student union and course fees.
Stationery, text books and photocopying.
Home study expenses, software, printer ink, internet access.
Interest on borrowing to purchase a computer.
Depreciation of computer or fax machines e.t.c.
If you have traveled for study you can claim on accommodation and meals if they were away from home for overnight.
Income protection insurance:
If you have income protection insurance, you can claim this as a work-related expense.
Uniform Claims:
The costs of buying and maintaining work uniforms or protective clothing can be claimed by including a description of the expense and the claim amount.
Eligible clothing includes:
Items which are required to wear and have your employer's logo permanently attached
A compulsory uniform that identifies you as an employee of an organisation such as police uniforms, paramedics, defence force.
Occupation-specific clothing such as a traditional nurses uniform, chef pants etc
Maintenance of the lothing includes the cost of renting, repairing and cleaning.
If your claim for laundry is below $150, no written documentation is required. The tax office considers a reasonable basis to calculate the claim as $1 per load of work-related clothing, or 50 cents per load if other laundry items were included.
All Australian resident taxpayers are liable to tax a 1.5% medicare levy based on their taxable income during the year should that income exceed pre determined thresholds that apply to both individuals and families. There are some specific situations where individuals may be entitled to an exemption from this levy.
Private Health Insurance does not reduce or remove the Medicare Levy, it does however limit the Medicare Surcharge (details below) which applies to higher income individuals and families who do not maintain adequate Private Health Insurance Cover.
If your taxable income is over $50,000 in the 2012 tax year you are likely to have to pay the Flood Levy. If you earn over $100,000, this equates to $250 plus 1 cent for every dollar over $100,000. So for example if your taxable income was $120,000 your Flood Levy would be $450.Â
For most Australians tax time is about maximising your tax refund by legitimately claiming on everything you are entitled to. That said make sure you collect a list of everything you are entitled to claim on so you can get the most out of your tax return.
Some things you may be able to claim on:
Educational Tax Refund:
Student union and course fees.
Stationery, text books and photocopying.
Home study expenses, software, printer ink, internet access.
Interest on borrowing to purchase a computer.
Depreciation of computer or fax machines e.t.c.
If you have traveled for study you can claim on accommodation and meals if they were away from home for overnight.
Income protection insurance:
If you have income protection insurance, you can claim this as a work-related expense.
Uniform Claims:
The costs of buying and maintaining work uniforms or protective clothing can be claimed by including a description of the expense and the claim amount.
Eligible clothing includes:
Items which are required to wear and have your employer's logo permanently attached
A compulsory uniform that identifies you as an employee of an organisation such as police uniforms, paramedics, defence force.
Occupation-specific clothing such as a traditional nurses uniform, chef pants etc
Maintenance of the lothing includes the cost of renting, repairing and cleaning.
If your claim for laundry is below $150, no written documentation is required. The tax office considers a reasonable basis to calculate the claim as $1 per load of work-related clothing, or 50 cents per load if other laundry items were included.
All Australian resident taxpayers are liable to tax a 1.5% medicare levy based on their taxable income during the year should that income exceed pre determined thresholds that apply to both individuals and families. There are some specific situations where individuals may be entitled to an exemption from this levy.
Private Health Insurance does not reduce or remove the Medicare Levy, it does however limit the Medicare Surcharge (details below) which applies to higher income individuals and families who do not maintain adequate Private Health Insurance Cover.
If your taxable income is over $50,000 in the 2012 tax year you are likely to have to pay the Flood Levy. If you earn over $100,000, this equates to $250 plus 1 cent for every dollar over $100,000. So for example if your taxable income was $120,000 your Flood Levy would be $450.Â
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