Most people will have to lodge a return.
If you paid tax under PAYG withholding or had tax withheld from payments made to you, you definitely need to lodge a return. If you didn’t have any tax withheld, there are several conditions under which you may still have to file. It all depends on whether you are eligible for the senior Australian tax offset and whether you received any Government payments, pensions, or allowances. Continue reading “Do I need to lodge a return?”
A tax-free threshold is the amount of income that you don’t have to pay tax on. More technically put, it is the upper limit of the lowest tax bracket, which has a tax rate of 0%. No one pays tax on the portion of their income that falls into this bracket. You only owe tax on your income that falls above the tax-free threshold.
Continue reading “What is the tax-free threshold?”
The Schoolkids Bonus replaced the Education Tax Refund In January 2013. The Schoolkids Bonus is designed to help families with school expenses. It provides eligible families with $856 for every student in high school and $430 for every student in primary school. However, in order to receive the benefit, your family must earn less than $100,000 a year. The bonus affects approximately 1.3 million families of 2.2 million schoolkids.
The payment is automatic and upfront, which means that it’s not necessary to keep receipts as records of your expenses. Plus, the payment will be the same amount every time, making it easy to budget.
This payment stopped in July 2016. You can no longer update your child’s education details to receive this payment.
The Living-Away-From-Home Allowance, also known as LAFHA, is a fringe benefit that your employer pays you in order to compensate for the additional expenses and disadvantages endured by living away from your usual place of residence in order to perform job-related duties. Continue reading “What is the Living-Away-From-Home Allowance (LAFHA) Fringe Benefit?”
The Family Tax Benefit (FTB)
The Family Tax Benefit (FTB), divided into Part A and B, is a family assistance payment that can help you with the cost of raising dependent children. You must have a dependent in your care, be an Austrailian resident and meet the income test. Continue reading “What is Family Tax Benefit (FTB)?”