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Posts Tagged ‘relatively’

  • Last-minute tips to save on tax
  • What to claim, how to file
  • Plenty of help on ATO website

HAPPY New Year! Well, almost. With only 24 hours left until the end of financial year, what should you be doing today to ensure that you don’t end up with a big tax hangover tomorrow?

“Don’t forget to pay your expenses,” says Tracey Nicholson, the Assistant Commissioner of Taxation.

“Ensuring that expenses are paid and claimed in the correct tax year can save a lot of headaches in having tax returns amended down the track.”

Ms Nicholson suggests that some top-priority things for taxpayers to do prior to lodging their return include:

• Go surfing! The ATO website, that is.

“There is a wealth of information on the ATO website, both general as well as information that’s specific to various professions,” says Ms Nicholson. “It’s a great place to start your research on what you may be able to claim as a deduction.”

• Spring clean the house to find your receipts.

“At the end of the day you need to keep your receipts to substantiate your claims,” says Ms Nicholson.

• Lodge online.

If you are DIYing your tax, Ms Nicholson recommends the online e-tax process as a great way to complete your return.

“It’s free, and has a great step-by-step process that will help remind you of anything that you have forgotten,” she says.

It can be worth getting professional advice as well though. Bill Keays, founding director of WA-based Hales Keays Chartered Accountants says that in his experience there are a number of tax-related benefits that people sometimes overlook.

“Motor vehicle expenses are often overlooked,” he says.

“You can claim up to 5000 kilometres of work-related use based on a reasonable estimate of business kilometers, without needing to keep a log book. But some people think that if they haven’t kept a log book, they can’t claim.”

Another forgotten area, according to Mr Keays, is depreciation on a rental property.

“Sometimes clients are not aware of how much depreciation they can claim,” he says.

“For taxpayers who have a relatively modern rental property, engage a quantity surveyor to prepare a depreciation report. They will typically save you many times more than their fee due to the deductions they identify.”

But lest you get carried away with all the potential deductions out there, remember that you do need the paperwork to back it up.

“We conduct plenty of audits,”says Ms Nicholson.

“We’re going to have a special focus on truck drivers, sales and marketing managers, sales reps and electricians this year – but any taxpayer has the chance of being audited.”

And while it may be too late for this financial year, consider getting some professional advice for next year’s tax return because sometimes you don’t know what you don’t know.

“There’s usually always some way in which we can save clients extra money, either by identifying deductions or simply getting their tax structures right to start with,” says Mr Keays.

“The Small Business CGT concessions are a great example.

“One of my clients was expecting to pay capital gains tax of approximately $240,000 when he disposed of his business and he ended up paying nothing by applying these concessions.”

Your tax time checklist                                                                                                                                                                                           

To help you get the best tax return possible, here’s a few things to tick off your “to do” list today:

1. Are you eligible for the Superannuation Co-contribution? If so, it’s up to $1,500 of free money.

2. If you use your car for work, don’t forget to estimate your motor vehicle expenses.

3. A 20% tax offset is available for out of pocket medical expenses over $1500.

4. Donations of over $2 made to a deductible gift recipient are tax deductible.

5. The cost of having your tax return prepared is also an allowable deduction.

6. Income Protection insurance premiums can also be a tax deduction.

7. Small business owners who are selling business assets can take advantage of extremely generous “small business CGT concessions.”

8. You can claim up to $300 of work related expenses without the need to have written receipts. However once your claim exceeds $300 you must have receipts for the full amount.

9. Don’t forget all those miscellaneous work expenses such as union fees, seminars, trade journals, software and home office expenses. Even an appointment diary can be deductible.

10. Check the deductions fact sheet for your specific occupation to ensure that you are claiming everything that you are entitled to.

Source  :   www.news.com.au

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Two more swine flu cases in WA, Scotch College student ill

NEARLY 100 staff and students at WA’s exclusive Scotch College are being tested for swine flu after an 11-year-old boy fell ill with the virus.

Eleven-year-old Scotch College student, Harry, who returned from Melbourne on June 1, has tested positive for the H1N1 virus.

A 23-year-old woman, who returned from Melbourne on June 3, was also confirmed to have it.

Harry had flown to Melbourne with a youth football team and on returning to Perth went on a school music camp before developing symptoms.

He did not return to school after the camp because he was feeling sick.

“I had a really burning temperature,” Harry said yesterday from home quarantine.

“It was really hot. I was sweating.”

Harry’s mother, Jennifer, said: “It was a really big shock. If there was no talk of swine flu and no Melbourne issue I would have just thought it was the same old cold or flu he has had before.”

Eighty-nine students and 10 staff also on the Scotch College camp are being tested for the virus and anyone with flu-like symptoms is being urged to stay home.

Four teammates suffering “flu symptoms’

It is believed four other boys in Harry’s football team are suffering from flu-like symptoms.

Scotch College acting principal Peter Freitag said there were no immediate plans to close the school down.

“It would be very difficult to close the school,” he said.

“It’s a boarding school, we have 170 boarders.

“We wouldn’t want to close the school unless we have to.

“At this stage we’re not anywhere near that.”

However, Health Department’s communicable disease control director Paul Effler did not rule out temporarily closing the school if students on the music camp tested positive to swine flu and had since been to school.

WA flu tally reaches four

The Health Department confirmed that WA’s swine flu tally had reached four.

“We are contacting the students, parents and teachers who participated in these events with the young boy and the close contacts of the young woman,” Dr Effler said.

“The close contacts of the cases have been asked to remain in home quarantine and have been provided with anti-viral medication as a precaution.

“The school has been very co-operative in helping us reach students, families and staff in a timely manner.”

More than 1000 cases of swine flu have been confirmed in Australia, with the most in the eastern states.

On Thursday the Health Department issued a statement extending its voluntary quarantine policy for children who have recently travelled to areas affected by swine flu, including Victoria.

Dr Effler said there was no need for the public to panic because in most instances the swine-flu virus appeared to cause a relatively mild illness.

“I would encourage people to make sure they cover their nose and mouth if sneezing or coughing, to wash their hands frequently (and) most importantly, stay home if you are sick to limit the spread of the viruses in our community,” he said.

Dr Effler said people should continue to get their annual influenza vaccine, particularly people in vulnerable groups, including those aged over 65 and under five.

While the influenza vaccine won’t protect against the new strain of swine influenza, it will protect against serious illness caused by seasonal influenza.

If you think you have swine flu phone your doctor or call healthdirect Australia on 1800 022 222. For more information on swine flu visit 

Department of Health website  www.health.wa.gov.au

Source  www.news.com.au

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