Australian Tax Returns: It’s That Time Again!

The Australian tax year ended on 30th June, 2009.

With its knowledge of migrant tax matters and the impact of visa status on how income and capital gains are taxed Go Matilda Accounting and Tax is here to help. It is particularly important for temporary visaholders (eg subclass 457, 410, provisional business skills subclasses 160 to 165) who are residing in Australia to be aware that income and capital gains arising from outside Australia are not subject to Australian tax – only Australian source income is taxable.

This is to be contrasted with the generality of Australian taxpayers (Australian citizens and permanent residents) who are resident in Australia, for whom worldwide income and capital gains are assessable in Australia. Go Matilda Accounting and Tax is managed by Alan Collett and Jane Cooper, both of whom are tax qualified in the UK and Australia.

They will be pleased to discuss your situation, how we might help – and to confirm our fees if we are instructed to assist.

Contact Alan Collett on Geelong number 03 5222 6288, or Jane Cooper on Perth number 08 9261 7762.

Source  :  www.gomatilda.com

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Changes to the adjusted taxable income test for Commonwealth Seniors Health Card

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

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