If you have private health cover then you may be eligible for private health insurance rebate. The rebate is calculated on the amount of premium.


From 1st April 2014, adjusted rebate percentages will apply to premiums paid on or after 1st April.


If you don’t have private patient hospital cover then you may have to pay Medicare levy and surcharge.


Rebate amount will depend on your single or family income. You can claim the rebate as either a premium reduction or a refundable tax offset.


In July each year, you should receive an annual private health statement with details of your policy and premium paid. You will need this statement to claim any rebate.

We are Lyndhurst Accountants and provides taxation, accounting, compliance and auditing services in Cranbourne, Lyndhurst, Lynbrook, Berwick, Carrum Downs and neighboring suburbs.

Call Tax Accountants Lynbrook at 1300 300 106 for further information.

At this tax time, it is important to know what tax deductions can be claimed on a rental property. Some deductions you can claim straight away where as other over a period of time.


Some expenses can be claimed immediately such as interest on mortgage, real estate expenses, capital works deductions, repairs & maintenance. Other interest expense can also be claimed on loan to purchase a depreciating asset such as heating or air conditioner.
Cost incurred on preparation of lease as well as expense to remove the tenant is also claimed as immediate deduction.


Expenses that can be claimed over number of years are depreciation of the assets, structural improvement and borrowing cost.
Assets such as air conditioner, hot water system, refrigerators can be claimed over the life of an asset.


Structural improvements such as cost incurred to improve the structure of the building such as adding a room or constructing a fence can be claimed over the number of years.


Borrowing cost such as loan establishment fee, stamp duty on mortgage, title search fee may be claimed over five years if they are more than $100.


Contact us today on 1300 300 106 to discuss what more can you claim.

 The tax agent expenses that you have incurred or will incur in lodgment in your Tax return are a tax deductible expense.

 

Cost of managing tax affairs will include any expenses you have incurred in managing your tax affairs i.e. fee paid to a recognized tax agent for doing tax return.

 

This also includes any interest charges that Australian Tax Office (ATO) has imposed on you. In addition to it, you can also claim the expenses you have incurred in compliance for your legal requirement relating to another personal tax affair.

 

The expenses can only be claimed when you receive a bill or an invoice or you can also claim it if it paid and you did not receive a bill or an invoice.

 

Cost of managing Tax affairs include:

 

• The preparation and lodgment of your tax return and activity statement.

 

• Travel to obtain tax advice from a recognized tax adviser.

 

• Appeals made to administrative appeals tribunal and courts about your tax affairs.

 

Please note that fee paid to tax agent is deductible in the year to you incur it. Recognized tax advisor is a registered tax agent, barrister or solicitor.

 

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

 

There are four different methods to use to make a claim for car expenses. Each method requires that the taxpayer has a record of or can estimate, the business kilometers.

Business Kilometers are the kilometers that have been travelled in the taxpayer’s car in the course of earning assessable income and this includes travel to a tax agent to have a tax return prepared.

The methods can be used are:

• Cents per kilometer – Limit to 5000 km per car.

• Twelve percent of the cost price of the car.

• Log book method.

• One-third actual expenses (business and private).

Where a car travels 5000 kilometers or less for work related or other tax deductible travel during a year the taxpayer can claim under either:

• Cents per kilometre or

• Log book metho.

Where the car travels more than 5,000 kilometers during a year for work related/ tax deductible travel the taxpayer can claim using one of the following methods:

• Cents per kilometer – Limit to 5000 km per car.

• Twelve percent of the cost price of the car.

• Log book method.

• One-third actual expenses (business and private).

Booksmart Accountants provides taxation, accounting, compliance and auditing services in Cranbourne, Lyndhurst, Lynbrook, Berwick, Carrum Downs and neighboring suburbs.

Call us today on 1300 300 106 to discuss this further.

 

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

Self-education expenses relate to a prescribed course of education provided by


• Schools
• Colleges
• Universities


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.


For further information about BookSmart Accountants Lynbrook or our Lyndhurst Accountant or Lyndhurst Tax Agent services, please contact us on 1300 300 106 or via our contact page

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Individual tax returns from $110 - $130