Off­set claims for tax

Gatton Star - - TAX TIME -

THIS tax time, tax­pay­ers may be en­ti­tled to the fol­low­ing tax off­sets (re­bates) and de­duc­tions for the year ended June 30, 2019.

Ac­cord­ing to OBT Ac­count­ing and Tax’s Rodney Turner, de­pend­ing on your in­come and age, you may be el­i­gi­ble for a tax off­set of up to 33.4 per cent on pri­vate health in­sur­ance.

If you haven’t claimed a re­duced pre­mium from your health fund, then you can claim an off­set in your tax re­turn. If you made per­sonal su­per­an­nu­a­tion con­tri­bu­tions on be­half of a spouse, there is a tax off­set of up to $540 per year.

“This is avail­able for spouse con­tri­bu­tions of up to $3000 per year, where your spouse earns less than $37,000/year, and a par­tial tax off­set for spousal in­come up to $40,000/year,” Mr Turner said.

“You may be el­i­gi­ble for a net med­i­cal ex­penses tax off­set un­til June 30, 2019, if you have out-of-pocket med­i­cal ex­penses re­lat­ing to dis­abil­ity aids, at­ten­dant care or aged care.”

If you are el­i­gi­ble for the Se­nior Aus­tralians Pen­sioner Tax Off­set you are able to earn more in­come be­fore you have to pay tax and the Medi­care levy. In the 2018/19 fi­nan­cial year, you will pay no tax on an an­nual in­come less than $32,915 for sin­gles or $29,609 for cou­ples (each). For spe­cific tax plan­ning ad­vice, al­ways speak with your fi­nan­cial ad­viser.


NOT SURE? Get a tax agent to help with your tax re­turn to ease the bur­den of not claim­ing cor­rectly.

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