jamjar Posted May 11, 2012 Share Posted May 11, 2012 Hiya There seems to be a lot of confusion regarding rebates/allowances/deductions. Perhaps people could list what they are aware of or have been able to claim that MAY be able to be claimed by others. I have spent some time going through PIO and ATO and it seems a bit of a mine field and its almost as if ATO hide the info so that some people are missing out on things they may have been able to claim unless they pay for a tax expert. It would also be useful to mention if it is claimable regardless of salary level or if the rebate etc goes if you earn a certain amount. Thanks Link to comment Share on other sites More sharing options...
Rupert Posted May 11, 2012 Share Posted May 11, 2012 I did use a tax accountant last year and there were no rebates / allowances / deductions. I declared my income and paid tax. What type of thing are you thinking of? Link to comment Share on other sites More sharing options...
roger2shirts Posted May 11, 2012 Share Posted May 11, 2012 I use a brilliant accountant here and we have set up a family trust which gives massive tax advantages - its what most families do. A decent accountant will save you money and keep you legal. Beware there are some total schis....... here too and you need to be careful who you use. Link to comment Share on other sites More sharing options...
jamjar Posted May 12, 2012 Author Share Posted May 12, 2012 I did use a tax accountant last year and there were no rebates / allowances / deductions. I declared my income and paid tax. What type of thing are you thinking of? My understanding so far is you can get rebates/deductions for: Travel costs you paid directly related to work Tools for work Some school costs for kids childcare rebate I am sure there are many more Link to comment Share on other sites More sharing options...
jamjar Posted May 12, 2012 Author Share Posted May 12, 2012 A family trust? In Australia? Interesting, I thought there was no inheritance tax in OZ, therefore what kind of savings do you get for using one? Link to comment Share on other sites More sharing options...
Alan Collett Posted May 12, 2012 Share Posted May 12, 2012 A family trust? In Australia? Interesting, I thought there was no inheritance tax in OZ, therefore what kind of savings do you get for using one? Family trusts in Australia are used for: * The tax efficient distribution of income and capital gains between adult members of a family * Asset protection (particularly if a corporate trustee is used) They aren't suitable for everyone, but for those with businesses/the ability to work on a self employed basis they can certainly achieve tax savings. Best regards. Link to comment Share on other sites More sharing options...
Freckleface Posted May 12, 2012 Share Posted May 12, 2012 Hiya There seems to be a lot of confusion regarding rebates/allowances/deductions. Perhaps people could list what they are aware of or have been able to claim that MAY be able to be claimed by others. I have spent some time going through PIO and ATO and it seems a bit of a mine field and its almost as if ATO hide the info so that some people are missing out on things they may have been able to claim unless they pay for a tax expert. It would also be useful to mention if it is claimable regardless of salary level or if the rebate etc goes if you earn a certain amount. Thanks If you aren't sure about what you can claim you should just pay someone to help you with your return. Just because one person can claim something it doesn't mean others can. Tax specialists don't cost much but will ensure you claim everything appropriate to your personal situation. Link to comment Share on other sites More sharing options...
Alan Collett Posted May 12, 2012 Share Posted May 12, 2012 Don't forget that the fee payable to a registered tax agent for the management of your Australian tax affairs is also tax deductible in Australia => make sure your tax accountant is registered with the Tax Practitioners Board. Best regards. Link to comment Share on other sites More sharing options...
Alan Collett Posted May 12, 2012 Share Posted May 12, 2012 PS. See also the factsheet below. More free tax factsheets are available here: http://www.gmtax.com.au/tax-factsheets/ Tax Deductions in Australia.pdf Tax Deductions in Australia.pdf Link to comment Share on other sites More sharing options...
LKC Posted May 13, 2012 Share Posted May 13, 2012 We have a trust set up because hubby part owns a business and we were advised that it would be useful later on down the line for distribution of dividends and so on. I am a sole trader these days and am off to see an accountant in the next couple of weeks to get all of my tax bits and bobs sorted out. Hoping to find one who can handle my business/personal tax (because as a sole trader the two are the same), and also Matts tax and the trust. Definitely worth the fee in my opinion. Link to comment Share on other sites More sharing options...
Guest Buta Posted May 16, 2012 Share Posted May 16, 2012 Don't know if I am at the correct place for asking this question but here goes: I am living and earning in the middle east while I have a 176 visa and the family lives in Australia. OH is a homemaker and has no earnings in Oz while I send them monthly expenses. Is my overseas income subject to tax in Australia? Thanks. Link to comment Share on other sites More sharing options...
Alan Collett Posted May 16, 2012 Share Posted May 16, 2012 If you're not an Aus resident for tax purposes - no. If you are an Aus resident for tax purposes - quite probably, yes. See also: http://www.ato.gov.au/individuals/content.aspx?doc=/content/28908.htm Best regards. Link to comment Share on other sites More sharing options...
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