Tax

Tax1

Tax Return Preparation

Required Document to bring to your Tax Agent:

Document Showing your income:
- PAYG payment summaries from your employer and any other paperwork showing your salary, benefits and allowances;
- summaries of benefits received from Centrelink or Veterans Affairs;
- statements showing any dividends or investment income you’ve received, and bank statements showing any interest you earned on your bank accounts and term deposits etc.

Documents showing tax-deductible expenses:
- receipts for any deductible items you may have paid for (e.g. eligible work or study-related expenses);
- summary statement of payments for private health insurance;
- other health-related receipts which may entitle you to a tax deduction if you are over a certain threshold;
- receipts from registered charities for any tax-deductible donations you have made.

 

Tax Return preparation is devided into 2 types:

Individual
Business

Individual Income Tax Rates for Residents
These rates apply to individuals who are Australian residents for tax purposes

Tax rates 2013-14

Taxable income Tax on this income
$0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (refer to Guide to Medicare levy for more information).

Tax rates 2012-13

Taxable income Tax on this income
$0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (refer to Guide to Medicare levy for more information).

Tax offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances.

Children

If you are under the age of 18, and receive ‘unearned’ income (for example, investment income), special rates apply.