Another financial year has passed!

Those of you who have Individual Income Tax Returns, it is now time to organise your records and supporting documents for the year ended 30 June 2013.

It pays to be organised. Don’t be one of those people who are surprised and left feeling the sudden burden when their returns are due with an overwhelming and unanticipated large debt.
Others will be entitled to a tax refund, which is better in your pocket rather than in the ATO’s bank account.
Start the preparation process now by discussing your requirements with the Rubiix team.

Once we prepare your returns, we will then decipher what is the best action to take with lodgements depending on your tax position.

Major changes in legislation have recently been passed and may affect you individually. Below are some key topics for your consideration;

Sale of your permanent residence in

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The Commissioner of Taxation now requires you to report the sale of your personal home as a part of the capital gains area in your tax return. Don’t worry, it remains exempt from capital gains tax and no proceeds or sale dates are recorded.

Refund cheques no longer from 1 July 2013

From 1 July 2013 you are now required to receive your income tax refunds (for any year lodged) electronically through your bank account. Only in exceptional circumstances will we be able to ruffle feathers with the ATO to allow an alternate refund method. So please ensure you provide you bank account details so it doesn’t delay the lodgement of your returns.

Restrictions introduced on the medical tax offset

The medical tax offset will be phasing out in the coming years. You need to either satisfy the requirements by meeting the eligibility criteria in 2012/13 of claiming in excess of out of pocket medical expenses threshold of $2,120 to put through future claims. Otherwise you will be restricted to only claiming medical expenses in excess of the threshold for expenses incurred for aged care, disability aids and attentive care in future years.

Flood Levy no longer from 1 July 2013

Last year taxpayers earning over $50,000 in taxable income incurred a flood levy. This was a once-off levy last year and you will not incur this in 2012/13.

Change in tax free threshold for low income earners

Low income earners will now have a tax free threshold of $18,200. The low income offset will begin at $445 and will phase out as your taxable income increases until it no longer applies to you.

So… start compiling your information and find out where you stand, by contact us– the team at Rubiix.

Get in now before the mad rush begins!

Submitted by: Cassie Norris – Accountant with Rubiix


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