June 2009 : End of Financial Year
There have been a couple of major changes this year that are important and can be claimed on the 2009 return:
Education Tax Refund (50%)
The Education Tax Refund (ETR) is a new Tax Offset that helps eligible families and independent students secondary school education.
You will be eligible if during 2008/2009
- You had a child at primary or secondary school
- Eligible for Family Tax Benefit Part A
- Paid for eligible education expenses
- Independent students can also claim
Claim up to 50% of eligible expenses up to the limit
- up to $750 for Primary - refund up to $375
- up to $1,500 for Secondary - redund up to $750
|Eligible Expenses||Ineligible Expenses|
|Purchase, lease, hire, repairs & running costs of:
Please keep receipts and calculate eligible education expenss before coming in to get your 2009 return completed.
Investment Allowance for Business (50%)
The investment allowance for business has been raised from 30% to 50%.
The tax break provides an additional tax deduction for the cost of depreciable business assets.
- Small businesses … $1,000 (turnover under $2 million)
- Other businesses … $10,000
- Small businesses … 50%
- Other businesses … 10 - 30%
Conditions apply but the deduction includes new motor vehicles and has been extended to 31/12/09.
Maximum deductable super contributions allowed will drop by 50% from 30/06/09.
Anybody that wants the higher deduction needs to have the funds paid by 30/06/09.
The 9% superannuation guarantee payment for employees needs to be paid by 28/07/09.
Payment after that day will incur a penalty.
While the chances of getting an audit are around 1%, the consequences can be expensive, so please make the effort & keep all receipts, bank statements & credit card statements.
* Disclaimer: nothing in this newsletter constitutes advice. If you require specific advice on your situation, please phone our office for an appointment and a confidential discussion of your affairs.