Category: Uncategorized

Avoid paying the Medicare Levy Surcharge (MLS)

The MLS is an additional tax and applies to Australian residents for taxation purposes who are high income earners and don’t have an appropriate level of hospital cover. If you or your family do not have an appropriate level of private patient hospital cover you may be required to pay the MLS.

For 2018-19 the base income threshold is $90,000 for singles and $180,000 for families. General cover, commonly known as ‘extras’, is not private patient hospital cover. It covers items such as optical, dental, physiotherapy or chiropractic treatment.

Read the full article here…

Get ready for your income tax return 2018

Quick and basic check list

Don’t forget to bring following for your income tax return:

• your tax file number
• All your PAYG summaries (Group certificates)
• Interest earned statements from bank, etc.
• Dividend statements, if applicable
• Private health insurance statement, if applicable
• Proof of any other income
• Receipts for work related expenses
• Receipts for donations made, if any
• Any other document or information as applicable in your case.

This is a general advice, for more information or to discuss your individual case please contact us

Avoid paying the Medicare Levy Surcharge (MLS)

The MLS is an additional tax and applies to Australian residents for taxation purposes who are high income earners and don’t have an appropriate level of hospital cover. If you or your family do not have an appropriate level of private patient hospital cover you may be required to pay the MLS.

For 2017-18 the base income threshold is $90,000 for singles and $180,000 for families. General cover, commonly known as ‘extras’, is not private patient hospital cover. It covers items such as optical, dental, physiotherapy or chiropractic treatment.

Read the full article here…

Government Co-contribution up to $500

If you are on a lower income, the Australian Government is contributing 50 cents toward your super for every $1 extra you contribute to your super, up to a maximum of $500 a year. This is called the co-contribution scheme.

Eligibility for the super co-contribution:

Read the full article here…

How to claim tax offset up to $540 by spouse super contributions.

Under the current 2017-18 tax rules, you may be able to claim an 18% tax offset on super contributions up to $3,000 that you make on behalf of your non-working or low-income-earning spouse. You can contribute more than $3,000, but you won’t receive the spouse contribution tax offset on anything above $3,000.

Read the full article here…