Offset claims for tax
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.