2019 Individual Tax Tips

1. From 1 July 2018 new tax rates

$0 to $18,200 No tax
$18,201 to $37,000 19c
$37,001 to $90,000 32.5c
$90,000 to $180,000 37c
$180,001 > 45c

  • Carry forward your unused concessional contributions caps For example, if you contributed $10,000.00 concessional super into your superfund in the 2019 financial year, you can contribute an extra $15,000.00 into your super in the 2020 financial year. To be eligible, your super balance must be less than $500,000.00.

2. Spouse tax offset

  • From 1 July 2017 your spouse tax is less than $37,000.00, $540.00 tax offset.

3. Downsizer Super Scheme

  • Over 65 and sell your main residence you contribute up to $300,000.00 into your super.
  • This contribution doesn’t contribute towards your super caps.
  • You must have owned the property for more than 10 years.
  • You can contribute more if you both put sale proceeds up to $300,000.00 each into super.

4. Capital Gains Tax on your Main Residence

  • If you sell your house while you are a non-resident, the total capital gain will be subject to capital gains tax no matter how long you owned it or lived in it.

5. Home Office Claim

  • You can claim a fixed rate of 52c per hour you work from home.
  • All you need to do is keep record of actual hours spent working at home for the year, a diary covering a 4-week period to show your usual pattern of working at home.

6. Motor Vehicle expenses

  • If you travelled less than 5000 kilometres in a year, the easiest option to claim is the cents per kilometre method. The rate is 66c per business kilometre.
  • You need to show how you worked out the claim. Diary records or a log book would do.
  • Remember driving from home to work and back can’t be claimed.

7. Other Personal Expenses

  • Union fees, subscriptions to trade, business and personal associations.
  • Professional seminars, courses, conferences and workshops.
  • Reference books, technical journals and trade magazines.
  • Safety items such as hard hats, safety glasses and sunscreens.
  • Work related portion of computer, internet and phone backed by a 4-week diary.
  • Overtime meal expenses.

If you have any tax questions please contact me on 07 3357 5553 or email john@sciaccagroup.com.au


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