The following provides you with general information in relation to preparing for the 2015 tax year. You should seek advice for your specific circumstances to maximise your tax offsets.
The 2014/15 Australian Federal Budget reduced access to the medical expenses rebate effective from 1 July 2012.
If you’re in a position to pay any medical expenses prior to year end, you can still benefit from the medical expense rebate prior to 30/06/2015.
Grouping medical expenses for family and dependents in one return can maximise your medical expense rebate.
The medical expense rebate is income tested for the 2014/15 tax year. For single people (>$88,000 income) and families (> $176,000) the rebate is calculated as 10% of the excess over $5,000.For all other taxpayers the rebate is 20% of the excess over $2,120.
Mature Age Tax Worker Offset
You can make use of this offset for workers born prior to 1 July 1957.
The spouse rebate is available for spouses born prior to 1 July 1952.
Donations should be paid by the taxpayer in the family group who falls in the highest marginal tax bracket.
Quarterly Reporting and Cash Flow Budgeting
In an increasingly challenging business climate, understanding your performance is paramount. We recommend reviewing your financial performance on a quarterly basis, to better identify opportunities for growth that can lead to improved cash flow, help eliminate un-profitable work and minimise unnecessary expenditure.