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| [ August 26, 2011 12:00 AM ] |
| Work-related expenses 2011 |
When filling in your tax return this year, make sure you only claim the work-related expenses you are entitled to.
With over eight million people claiming around $16 billion in work-related expenses each year, the ATO pays close attention to claims to make sure they are legitimate.
It is important you keep records for claims totalling $300 or more as, if you cannot prove your claim, you will not be entitled to the deduction and you may have to pay a penalty.
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| [ August 26, 2011 12:00 AM ] |
| What is new in 2011? |
There have been some changes to tax over the past year which may benefit or affect you, such as tax deductions for natural disaster donations, tax exemptions as a result of recent natural disasters and changes that affect Newstart, Youth allowance, Austudy or ABSTUDY recipients.
Natural disaster donation receipts:
Donations of up to $10 to bucket collections conducted by an approved organisation for natural disasters can be claimed without a receipt. This includes |
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| [ August 26, 2011 12:00 AM ] |
| Watch out for scams during tax time |
This tax time, remember to keep your tax information secure and be wary of scams designed to trick you into providing your personal details and pay money.
During the busy tax season, scammers increase their activities and try to catch you off guard using phone calls, letters, text messages, emails, bogus websites and even false job advertisements to get your personal tax information.
Your tax file number (TFN) is an important part of your identity and should always |
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| [ August 26, 2011 12:00 AM ] |
| Rental property deductions |
This year the ATO plans to contact over 100,000 rental property owners about their claims, so knowing what you can and cannot claim will ensure your return is filled in correctly.
Here are some tips to avoid a follow-up from the ATO:
What can I claim straight away?
• Interest on a loan to:
o purchase a rental property or purchase land to build a rental property
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| [ August 09, 2011 12:00 AM ] |
| Get capital gains right in 2011 |
The ATO is continuing its focus on capital gains tax (CGT) this year.
Last financial year we reviewed or audited more than 400 individual CGT claims, resulting in revenue adjustments in excess of $7 million.
What is a capital gain?
A capital gain is generally the difference between the cost of an asset when you purchased it or what it was worth when you obtained it and its value when you dispose of it.
When do you need to pay CGT?
You usually need |
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| [ August 09, 2011 12:00 AM ] |
| Carbon Tax FAQ |
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The Herald Sun's chief political correspondent Philip Hudson answers the big questions on the Government's carbon tax plan.
Q: Why is the government introducing a carbon tax?
A: It says this is to put a price tag on pollution. At the moment business and industry can pollute for free. The Government says the amount of pollution needs to be cut, because it is contributing to climate change.
Q: When would the carbon tax start?
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ML Tax Solution |
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Address: Suite 2 & 3, 321 Chapel St,
Prahran VIC 3181
Telephone: 03 9533 8980
Facsimile: 03 9525 0038
Mobile: 0402 388 530
Website: www.mltaxsolution.com.au
Email: info@mltaxsolution.com.au |
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