Certified Practicing Accountant
Regi. Tax agent & Regi. ASIC Agent
jason@taxcodeaccounting.com.au
 
Su Mo Tu We Th Fr Sa
      1
2345678
9101112131415
16171819202122
23242526272829
3031     

What's New?

 

2011-12

Tax Rates - (Residents)

Taxable Income Tax on this income
 $0 - $6000    Nil
 $6001 - $37000  15c for each $1 over $6000
 $37001 - $80000  $4650 plus 30c for each $1 over $ 37000
 $80001 - $180000  $17550 plus 37c for each $1 over $ 80000
 $180001 and over  $54550 plus 45c for each $1 over $ 180000

 Tax Rates - (Non-Residents) 

Taxable Income Tax on this income
 $0 - $37000    29c for each $1
 $37001 - $80000  $10730 plus 30c for each $1 over $37000
 $80001 - $180000  $23630 plus 37c for each $1 over $ 80000
 $180001 and over  $60630 plus 45c for each $1 over $ 180000

 

Deduction against Youth Allowance, Austudy or ABSTUDY 

Recently government has got the royal assent for the changes in claiming expenses against few of the government allowaces. As per the changes, now you cannot claim any expenses against govenment payments like Youth Allowance, Austudy or ABSTUDY from 1-Jul-2011.

 

Deduction against Newstart Allowance or Youth Allowance

You cannot claim deductions for expenses you incurred in actively seeking paid work if you received Newstart Allowance or were a Youth Allowance job seeker. This has become effective from 1-Jul-2011 when government has got the Royal assent for the proposed changes.

 

Bucket Donation to approved organisation for natural disasters

If you made one or more donations of $2 or more to bucket collections, you can claim all together $10 and you don't require receipt.

 

ATO targeting Occupations this year (2011-12):

- Plumber employee - claiming work-related expenses

- IT Professionals - claiming work-related expenses

- Australian Defence Force members - claiming work-related expenses

 

* Source Australian Taxation Office publication and circulars.