Individual tax returns from $99 - $120
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Self-education expenses relate to a prescribed course of education provided by
You can claim tuition fees, text books and stationery, computers & consumables, student union fees, travel to and from the place of education, academic journals, internet usage etc.
A prescribed course of education refers to an organized course of study that is either full time or part time. There should be an element of continuity and of on-going instruction or training.
These expenses are deductible where they are related to the taxpayer’s current income-earning activities.
An expense is deductible when it has the essential character of an income producing expense. The expense on course should be used in carrying on an income producing activity in business or in the course of employment.
These expenses are not deductible if the study is to enable a taxpayer to gain employment or open a new income earning activity.
We are Lyndhurst Tax Agents and Lyndhurst Accountants and offer a range of taxation and accounting services to businesses and individuals at affordable prices and are certified public accountants.
Employees & Self-employed persons can claim car parking provided the expense was incurred in the course of producing assessable income.
Employees who use their car for work related purposes are allowed to claim the cost of travel and car parking. A deduction for car parking is denied when the car is parked for more than 4 hours between 7am and 7 pm at or near the employee’s principal place of employment. This rule does not apply to employees using a disabled car sticker. If the taxpayer is provided with a company car, parking can be claimed provided the above rules are satisfied.
It should be noted that employees who start their shirt after 7 pm and drive to work, cannot claim parking expenses simply because they are parked at or near the workplace outside the period mentioned above. They must still be using their car for work related purposes during their shift to be able to claim the cost of parking at or near their workplace. However, the 4 hour limit is not relevant for the time period.
We are Cranbourne Tax Agents and Cranbourne Accountants and offer a range of taxation and accounting services to businesses and individuals at affordable prices and are certified public accountants.
For further information about BookSmart Accountants Lynbrook or our services, please contact us on 1300 300 106 or via our contact page.
As a Tax Agent Cranbourne we receive queries about the franked and unfranked dividends, this article will help you understand how dividends work.
Dividends paid by companies can be franked, unfranked or partly franked. A dividend is the taxpayer’s share of the company profit according to the number of shares they own.
Unfranked Dividend – Share of the profit before company tax has been paid.
Franked Dividend – Share of the company profit after the company tax has been paid.
Franking Credit – Company tax paid on the franked dividend. Taxpayers receive a franking offset for the amount of franking credit paid on the dividends.
Partly Franked Dividend – Part of the company tax has been paid on the dividend.
Share holders who receive dividends will receive a dividend statement from the paying company advising
• Date Dividend payable.
• The amount o the dividend that is franked.
• An amount known as the franking credit.
• The amount of the unfranked dividend.
• The amount of any TFN tax deducted.
• % rate of franking credit.
The amount of the franking credit is not received as cash by the taxpayer, but must be included in the taxpayer’s tax return because it is constructively received. In other words the franked amount is the taxpayer’s net income and the franking credit is the tax. Therefore the taxpayer has to declare both amounts.
A special tax offset is available to certain taxpayers who reside for more than half of the income year (183 days) or who actually spend more than half of the income year (183 days) in specified remote area of Australia. This is due to the factors of isolation, uncongenial climate and the high cost of living.
A zone tax offset must be reduced by any amount received as a remote are allowance from centre link or the department of veteran affairs. Although these amounts appear on the earnings statement or payment summary, it is not assessable income.
Australia is divided into four areas: Unzoned, Zone A, Zone B and the special Zone areas
Zone A includes Macquarie Island, Norfolk Island, Cocos Islands, Christmas Island, Lord Howe Island, Heard and MacDonald Islands and the Australian Antarctic Territory.
Zone B includes island forming part of Australia, which are adjacent to that part of the coastline of the mainland and Tasmania.
Special Zone is a place which is more than 250 Kilometers from the nearest centre of the population of 2,500 people or more.
Superannuation income stream is paid to self funded retirees. Any assessable superannuation income stream (pension) received is reported on a PAYG payment summary. However, for taxpayers who are aged 60 years or ago, no payment summary will be issued where only income from a full taxed fund is received. Under the rules that came into effect on 1st July 2007 taxpayers who are aged 30 years or more will only receive a PAYG payment summary if their superannuation income stream includes an untaxed element which will need to be declared on their tax return.
Component of an income stream are:
• Amounts accrued in the current year
• Offset amount calculated by the fund to limit tax payable
• Amount accrued in prior income year
The tax offset amount on the payment summary is calculated to reflect the age of the recipient and the source of the funds. This amount is calculated by the payer and should be recorded on the tax return.