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27
Apr
  • Posted By : admin
  • Category: Medicare
  • Comments: 0

Tax implications for having a private health insurance cover

Australia enjoys one of the best health systems in the world. Australian government has taken several initiatives to encourage its citizens to have a private health insurance.  Australian governme...

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27
Apr
  • Posted By : admin
  • Category: Medicare
  • Comments: 0

Medicare levy

It's an amount paid by the taxpayers to help fund Medicare. It is calculated at a flat rate of 2% of a taxpayer's taxable income over a certain level. The Medicare levy low income threshold...

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27
Apr
  • Posted By : admin
  • Category: General Tax Topic
  • Comments: 0

Tax offsets

Tax Offsets or Rebates are not same as the tax deductions. It directly reduces the tax payable. Usually, offsets cannot get us refund on their own, but can reduce our tax payable to zero. The tax offs...

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27
Apr
  • Posted By : admin
  • Category: General Tax Topic
  • Comments: 0

Other work-related expenses

Income tax is calculated on the basis of a taxpayer’s taxable income. The taxable income is calculated by deducting allowable deductions from the taxpayer's total assessable income for the year ...

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27
Apr
  • Posted By : admin
  • Category: Deductions
  • Comments: 0

Work-related self-education expenses, gifts or donations, cost of managing tax affairs

Work-related self-education expenses An individual can claim tax deduction if his or her study is work-related or receive any taxable bonded scholarship. According to Australian Tax Office (ATO)...

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