Our experts help you lodge your Australian tax returns online and get your tax back!

Time to Lodge Tax Return!

Posted by Tax Advisor on 15 July, 2009

What’s new when you lodge tax return?

The tax season is just under way and it is time again to lodge your tax return. The Australian Taxation Office’s (ATO) ever-changing tax code is designed to accomodate today’s economy. Be aware of some of the changes below for the 2009 tax year. Our tax wizard accomodates these changes so that you will not have to worry while you lodge your tax return online, even if you’re unsure how these updates affect you.

• First Home Saver Accounts: Starting 1 October, 2008 you may open a First Home Saver Account if you are eligable. The Australian Government may make a contribution to this account based on the amount that you have contributed to your First Home Saver Account. Any earnings that are accrued with this account are tax-exempt and you will not need to declare income from this account when you lodge your tax return. If, however, you are not required to lodge a tax return, you will need to lodge a First Home Saver Account with the Australian Taxation Office.

• Education Tax Credit: The Australian Taxation Office has introduced the Education Tax Credit which allows parents of children who are undertaking primary or secondary school studies to claim a refund on some of the education expenses. This rebate also applies to independent students under the age of 25.

• Medicare Levy Surcharge Relief: In previous years, non-privately insured taxpayers earning more than $50,000 ($100,000 if married or defacto) were required to pay an additional 1% levy on their income. After a number of years, this threshold was finally increased to $70,000 ($140,000 if married or defacto).

• Family Tax Benefit: The option to claim the family tax benefit (FTB) payments through the tax system was removed by the 2008 Federal Budget. The Australian Taxation Office will not accept any current or prior family tax benefit claims on or beyond 1 July, 2009. Rather, You will need to apply to the Family Assistance Office (FAO) to claim family tax benefits for the year 1 July 2008 to 30 June 2009 and future years.

• HECS -HELP benefit: The HECS-HELP benefit has been introduced by the Australian Government and is available to the following qualifiers:

• Mathematics and science graduates who have completed their natural and physical science course during or after their second semester 2008, and are employed in specified related occupations.

• Early childhood education teachers who work in specified locations including regional or remote areas, Indigenous Australian communities or areas of high socio-economic disadvantage.

Lodge tax returns at TaxPack and maximise your tax refund.

Our range of information and professional assistance and services are available to help you meet your obligations. We offer a secure and simple interface for you to input your financial information for the past year. Within minutes, you can have a calculation of your tax refund and then have your return lodged electronically. There is no need to mail any documentation to the Australian Taxation Office because we will lodge tax returns through our secure network. TaxPack will handle the complex tax calculations through our carefully designed tax wizard. Live chat assistance is also available at no charge if you happen to have any questions or concerns while you lodge your tax return.

Leave a Reply