Posts Tagged ‘required’
Changes to the adjusted taxable income test for Commonwealth Seniors Health Card
Posted in Cost of Living, tagged 1 July 2009, additional, adjusted, affect, assessment, Centrelink, changes, circumstances, contribution, contributions, Cost of Living, CSHC, deductible, Depending, discretionary, eligibility, example, financial investment, for, impact, included, income test, income., information., investment, losses, net, net losses, of legislation, personal, property, provide, rental, Reportable, reportable superannuation, required, sacrifice, salary, subject to the passage, sum, superannuation contributions, taxable, taxable income test, total, total net, types, voluntary on June 15, 2009| 1 Comment »
From 1 July 2009, there will be changes to how certain types of income affect eligibility for the CSHC. Depending on your circumstances, these changes may impact on your eligibility for a CSHC and you may be required to provide additional information about your income to Centrelink.
The adjusted taxable income test for CSHC will include:
- assessment of total net investment losses. Total net investment losses are the sum of net losses from rental property income and net losses from financial investment income, and
- subject to the passage of legislation, reportable superannuation contributions may be included in the adjusted taxable income test for CSHC. Reportable superannuation contributions are discretionary or voluntary contributions, for example salary sacrifice contribution and personal deductible contributions.
Note: losses from rental properties are already included in assessable income for CSHC. From 1 July 2009, the adjustable taxable income test will also include losses from.
Source : http://www.centrelink.com.au/internet/internet.nsf/payments/conc_cards_cshc.htm
Education Tax Refund
Posted in Taxation, tagged (ETR), (FTB) Part A., 2008., 2009., 50%, calculate, carers, children, children in primary, claim the refund, computers, cost, educating, education, Education tax refund, educational, eligible, entitle, entitlement, expenses, financial, financial year, government, help, includes, independent, independent student, information., initiative, items, keep, legal guardians, lodge, new, new government, parents, payments, prevent, primary, produce, proof of purchase., purchase, purchased from 1 july 2008, receipts, receive Family Tax Benefit, receive the refund, receiving FTB Part A, refund, required, school, secondary, secondary school, software, stationery., Students, tax, tax return., tax year, Taxation, textbooks on June 5, 2009| Leave a Comment »
The Education Tax Refund (ETR) is a new government initiative to help with the cost of educating primary and secondary school children. It means eligible parents, carers, legal guardians and independent students could get 50% back on some education expenses. This includes items like computers, educational software, textbooks and stationery.
Most people are eligible for the ETR because they receive Family Tax Benefit (FTB) Part A. However, there are some payments that prevent you from receiving FTB Part A, but which still entitle you to receive the refund. You can also claim the refund if you are an independent student.
You can claim the ETR each financial year for children in primary and/or secondary school, or if you are an independent student. You will be able to claim the refund from 1 July 2009 for the 2008/09 financial year. This means you can claim for items purchased from 1 July 2008. Remember to keep your receipts as they will help you calculate your entitlement and you may be required to produce them as proof of purchase.
You can claim the ETR even if you are not required to lodge a tax return.
For more information, see http://www.educationtaxrefund.gov.au/about-the-ETR/