Archive for April, 2009

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ATO authorised tax preparation is used and each return is cheked by an accountant.
Tax News & Alerts: Keep up-to-date with [...]

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“Australian residential property markets are in much better shape than residential markets in Britain and the US. Higher lending standards in Australia mean there are fewer defaults forcing house prices down. There is a housing shortage and immigration, despite a cut, still remains strong.”
(source Brisbane Times )
David Maynard is committed to assisting others in managing [...]

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Tax in Australian can be a complex topic. Here are some reminders when preparing for income tax in Australia:
Income will include:Gross salary, wages, allowances, benefits, earnings, tips and director’s fees, Income from business activities,PAYG payment summary amounts, Any non-cash benefits received, Lump sum and termination payments, Government social security payments, including pensions, unemployment and sicknessbenefits, [...]

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Changes to definitions of ‘spouse’, ‘defacto relationship’, ‘relationship’ and ‘child’ will ensure that you will be treated the same way for tax purposes, including the same access to tax concessions, regardless of your partner’s gender.
These changes apply from 1 July 2009 and may affect the information that you need to provide in your 2009-10 tax [...]

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Preparing your own income tax returns online can be a overwhelming task. Here are some common errors that taxpayers make when preparing their tax returns online:

Omitting interest income
Incorrect or omitted dividends and or imputation credits;
Capital gains/losses incorrect or omitted;
Understating income;
Home office expenses;
Depreciation on rental property fixtures and fittings;
Depreciation on [...]

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From 1 July 2009, recipients Centrelink payments who are in a same sex de-facto or registered relationship will be recognised will be recognised a a couple for social security and family assistance purposes and will be required to advise Centrelink of their relationship.
The same-sex reforms remove discrimination so the same rules that currently apply for [...]

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2009 TAX RETURN CHECKLIST:
FREE fact sheet ==> Education Tax Refund
FREE fact sheet ==> Deductions Q & A’s
Income:

Gross salary, wages, allowances, benefits, earnings, tips and director’s fees
Income from business activities
PAYG payment summary amounts
Any non-cash benefits received
Lump sum and termination payments [All documentation should be provided, including an ETP payment summary from the employer or fund]
Government [...]

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If you are a backpacker traveling in Australia, heavy duty backpacks are an essential item.
The other kind of PACK you will need for backpacking in Australia is a TAX PACK, preferably ONLINE.
Our TAX blog offers TAX resources and solutions for many backpackers traveling in Australia, and are FREE:

Superannuation for temporary residents
Backpackers: Tax in Australia
Eligible Temporary [...]

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The ATO is continuing their program of introducing benchmarks for income and expenses for tradies. The latest benchmark to be released is for Painters.
The ATO have worked with trade associations and industry participants to develop input benchmarks for Painters. These benchmarks are now available and indicate an expected range of income for painters based on [...]

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The way that you work from home will determine what you can claim as a tax seduction. In general, there are three ways that a person can carry out work at home (FREE fact sheets attached):

Home is the principle place of business – the business is run from home and a room is set aside [...]

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    DISCLAIMER – Taxation fainancial and property regulations are subject to change and individual circumstances can vary. Accordingly, we recommend readers obtain taxation advice that relates to their specific circumstances and that reflect taxation and associated rulings, regulations and guidelines at the time of seeking the advice. Further, My Tax Zone/Amiet Taxation Services does not hold an Australian Services Licence to provide financial product advice under the Corporations Act 2001. The material in this web site covers general taxation information which is only one of the factors to consider when making a decision on any financial product. My Tax Zone, its directors, employees, consultants, contractors and author expressly disclaim any and all liability to any person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents of this publication.