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