Some people have asked how to claim the Low or Middle Income Tax Offset on their Australian Tax Returns.
The ATO state: You are not required to do anything to claim the low and middle income tax offset. We will … Read the rest
The Australian 2018 budget introduced the Low and Middle Income Tax Offset (LMITO) for the tax years 2018-19 through to 2021-22, to assist Low and Middle Income earners with a slightly lower income tax deduction. This is in addition to the Low … Read the rest
Australian taxpayers are able to benefit from the Low Income Tax Offset [LITO] benefit from the Australian Tax Office (ATO).
The Low Income Tax Offset [LITO] is an end of year rebate for lower income earners, and does not have … Read the rest
You are eligible to get 20% rebate on your medical expenses in each year above the annual threshold set by the Australian Tax Office, their is no upper limit to your claim.
In Australia there is no Capital Gains Tax payable on the sale of your Main Residence.
July 2020: Major Changes to these laws.
see: 2020-capital-gains-tax-on-main-residence
Page Amended January 2020
There is no Capital Gains Tax payable on the sale of your Main Residence, if you live in it. There are … Read the rest
There are no death duties in Australia, as Australia has abolished inheritance taxes for anyone who died after 30 June 1979, although Queensland had earlier abolished that tax in 1977.
However, tax may be payable on certain ‘income’ or ‘capital transactions’ that occur as a consequence of a person’s death.… Read the rest
|
Taxable income |
Tax on this income |
$0 ?? $6,000 |
Nil |
$6,001 ?? $35,000 |
15c for each $1 over $6,000 |
$35,001 ?? $80,000 |
$4,350 plus 30c for each $1 over $35,000 |
$80,001 ?? $180,000 |
$17,850 plus 38c for each $1 over $80,000 |
Over |
The Education Tax Refund (ETR) is available for families who are able to claim Family Tax Benefit part A, and will enable them to claim part of the education related costs of their children.
These costs do NOT include actual school fees, but relate mainly to additional education costs incurred. … Read the rest
If you are over the pension age, you may be eligible for the Australian Tax Office (ATO) Senior Australians Tax Offset.
Depending on various eligibility factors, this benefit may be payable for those with an income up to about $46,000 for a single person.
Further details are available at: www.ato.gov.au… Read the rest
Almost everyone in Australia needs to lodge a tax return every year with the ATO, even those who pay no tax need to advise the ATO of that to avoid … Read the rest
