Posts made in July, 2014

Do I need to lodge a tax return? 0

Do I need to lodge a tax return?

At the end of every financial year, the ATO requires all TFN holders to lodge either a tax return non-lodgement advice If the ATO does not receive either one of these from you, then you may receive a reminder letter and possibly a fine from them. (If you have already notified that ATO that you’ve lodged a final tax return, then neither of the above will be necessary) General reasons that you would need to lodge a tax return: Tax was withheld from a payment you received, such as wages, interest, or dividends. Your assessable income exceeded the tax free threshold of $18,200 You received a fringe benefit You received a reportable employer super contribution You carried on a business You received a distribution from a trust You had a capital gain event You paid Pay As You Go Instalments and you wish to recover those instalments You were under 18 years old and received dividends, interest, or trust distributions exceeding $416 You were 60 years old or older and you received an Australian superannuation lump sum payment that included an untaxed element You made personal contributions to a complying superannuation fund or retirement savings account and will be eligible to receive a super contribution for those contributions You received...

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Net Medical Expense Tax Offset 0

Net Medical Expense Tax Offset

If you have net medical expenses over $2,162* you may be eligible to receive the Net Medical Expense Tax Offset (NMETO).   However, the conditions for receiving the NMETO have been adjusted as part of the ATO’s plan to phase out the NMETO.   To be eligible to claim the NMETO on your 2014 tax return you must Have claimed the NMETO on your 2013 tax return Or paid for medical expenses relating to disability aids, attendant care or aged care   To be eligible to claim the NMETO on your 2015 tax return you must Have claimed the NMETO on your 2014 tax return Or paid for medical expenses relating to disability aids, attendant care or aged care   On your 2016, 2017, 2018, & 2019 tax returns, you will NOT be able to claim the NMETO unless you have Paid for medical expenses relating to disability aids, attendant care or aged care   In 2020, the NMETO will NOT be available.   *For further information about thresholds please visit...

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Insurance Within Superannuation 0

Insurance Within Superannuation

Many super funds provide Life & Disability cover for their members without their approval. The reason behind this is because your employer’s default fund must offer a minimum level of life insurance, depending on your age. The younger you are the higher the insurance cover. While you can choose to increase, decrease or cancel the cover completely, most Australians do not pay enough attention to their superannuation funds and leave the insurance cover as is. This insurance cover is not free and you are required to pay premiums (which are deducted from your superfund) for this cover. Although this means that the majority of Australians have some form of cover protecting them and their families, the amount of default cover is normally considerably less than what is required or on the flip side cover that you do not need. For example, a well-known industry superfund automatically provides approximately $167,000 in Life & Disability insurance for a 30 year old. If this 30 year old has a mortgage and a young family and is the sole income earner of the household, $167,000 is not going to be enough. In contrast if the 30 year old is single, has no dependents and no debts, that person is likely not to need any...

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