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5 Tax Return Brisbane Offsets and Specific Thresholds

5 Tax Return Brisbane Offsets and Specific Thresholds

It is important to understand the Tax Return Brisbane concepts for all Australian residents. An individual can get tax rebate or offset for up to thousands of dollars on yearly basis.

Elina Naumenko   

Filing the application in right manner, having accurate information and amounts is the only way you can get Online Tax Return offset on different types of tax paid or incurred. We need to make it clear right now that tax offset is a different concept than allowable deductions. When your tax offset application is approved, you get the reduced amount of tax to be paid for the particular financial year. How much can tax be reduced with offsets? There is no specific restriction on this. An individual's tax could be completely diminished to value of zero with offset deduction. One needs to be specific in the priority order for tax offsets which are deducted from the total tax payables gross amount.

We have briefly discussed the different types of tax offsets which you could claim after the Tax Return Online CBD event incurs. You will also find few thresholds for specific offset claims to be made according to year 2013/2014. Try your best to understand these offsets for benefiting in the future.

Benefit Recipients Tax Offset

It is the type of tax offset which could only be received when an individual gains specific payments of allowances from the Australian Government. One does not need to pay any tax amount if the following conditions are met:

  1. No taxable income
  2. Receives qualified allowances or/and benefits
In case, you generate any sort of assessable income, you would be entitled to pay tax on it. For making tax offset claim, make sure to mention the accurate item with exact payment figure on tax return file. For all tax offset cases, the Tax Accountant Sydney automatically calculate offset amount and report to the individual.

Health Insurance Tax Offset

It entirely depends on the income level of an individual to gain tax offset on his/her private health insurance. If the income is greater than specific threshold then tax offset on private health insurance is reducible. An individual could apply for tax offset regarding health insurance in following manners:
  • Mentioning as tax offset refundable in tax return file
  • Mentioning premium reduction which is the factor that diminishes price of policy from provider's end
  • In this type of case the tax offset depends on following factors:
  • Way of claiming the rebate
  • Certain level for which you have claimed the rebate on policy
  • Mentioned income related to Medicare levy surcharge
Offset for Taxpayers With Depends

The only way you could claim tax offset in this case is you took responsibility of a dependent who was born before the date 1952 July 1st. The Australian Government entitles you to claim tax offset for maintaining the dependant who has to be Australian citizen, carer, invalid and any of the following; child, spouse, brother/sister aging at least 16 years+, parent, spouse' brother/sister aging 16 years+ or child or spouse's parent. The following conditions should be met for the invalid to receive:
  • Disability supported pension implied by 1991 Act of Social Security
  • Support pension for special needs disability implied by 1991 Act of Social Security
  • Or service pension of invalidity implied by 1986 Act of Veteran's Entitlement
Tax Offset for Senior Australian & Pensioner

After spending all your life while paying thousands of dollars as tax to the Government, one must feel satisfied and relieved to get some amount back in the old age. SAPTO is where you can get your tax bill reduced even up to zero dollars. It won't be a refund of any kind, however it will minimize the future taxes incurred. SAPTO does not demand an individual to have status of self funded retired person. We have briefly discussed all thresholds applying to SAPTO for the year 2013/2014.
  1. In case of not having spouse while offset income was lower than; applying tax offset on threshold maximum $32,279, greater threshold not eligible $50,119 and maximum offset tax $2,230.
  2. Combine offset income of spouse and your were lower than: applying tax offset on threshold maximum $57,948, greater threshold not eligible $83,580 and maximum offset tax $1,602.
  3. Any time during one financial when you and your spouse were forced to live separately due to illness and combined offset income was lower than; applying tax offset on threshold maximum $62,558, greater threshold not eligible $95,198 and maximum offset tax $2,040.
Tax Offset for Low Income

The tax free threshold as we all know is $18,200. At the same time, Australian Government provides the benefit of low income tax offset to individuals who don't have much income. The amount is deducted from all tax payables of the individual. The maximum amount of offset which can be gained through this is $445. One should remember that zero low income offset will be available on income being more than $66,667. Checkout the rates below:
  • From range of $0 to $37,000 the offset could be $445
  • From range of $37,001 to $66,667 the offset can be 1.5% of amount between the range which will be deducted from $445
  • Over $66,667 the offset amount will be zero


About The Author

City Tax Accountants Brisbane

Now we can process your tax return Brisbane CBD over the phone

Tax Agent Brisbane

Level 22, 69 Ann Street, Brisbane QLD 4000

Tel: (07) 30777235

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