Category: 2021-22

2021-22

Invitation to Clients

Thank you for trusting us with your tax matters in the past. For many of you, we have been providing service since last 20 years.   We invite you once again… like last year, to avail of our income tax preparation service.

2021-22

YEAR-END TAX BULLETIN 2021-22

2022 TAX HIGHLIGHTS June 2022 BUDGET ANNOUNCEMENTS The 2022 Federal Budget (Budget) was handed down on 29 March 2022. The Budget was predominantly an election Budget, having been brought forward from the traditional May release to account for the Federal Election in May 2022. The main revenue initiatives that have an immediate impact are: X [...]
2021-22

Individual Income Tax Rates 2019-20

Individual income tax rates Residents: These rates apply to individuals who are Australian residents for tax purposes Tax rates 2020-21 and 2021/22. Medicare Levy of 2%. Taxable income Tax on this income* 0 – $18,200 Nil $18,201 – $45,000 19c for each $1 over $18,200 $45,001 – $120,000 $5,092 plus 32.5c for each $1 over $45,000 $120,001 – […]

2021-22

Rates of Meal Allowance & Vehicle allowance

RATES OF MEAL ALLOWANCE, MOTOR VEHICLE – CENT PER KILOMETERE AND LUXURY CAR LIMIT 

Income tax – what are the reasonable travel and overtime meal allowance expense amounts for the 2021-22 income years?

Claim must be allowable – A deduction claim cannot exceed the amount actually incurred for work-related purposes

2021-22

Medicare Levy Surcharge – 2020-21

Resident taxpayers may be liable for a Medicare levy surcharge (‘MLS’) of 1%, 1.25% or 1.5% (i.e., in addition to the 2% Medicare Levy) for any period in an income year when they did not have an appropriate level of private patient hospital cover for themselves, their spouse and dependent children (subject to certain exceptions [...]
2021-22

Personal Tax Offsets – 2021/22

A taxpayer may be entitled to the Dependant (Invalid and Carer) Tax Offset (‘DICTO’) broadly if they: maintain their spouse, who is an invalid or who cares for an eligible invalid;

2021-22

HELP and SFSS rates for 2020-2021

From 1 July 2020, all study and training loans are covered by one set of thresholds and rates.

In addition, the hierarchy in which compulsory repayments are applied to study and training loans, was changed to HELP, VSL, SFSS, SSL,
ABSTUDY, SSL, TSL

2021-22

Foreign Income

If you have worked overseas or provided your services to an organisation located outside of Australia, you will need to declare all relevant income as if it were earned in Australia.

2021-22

Clothing, laundry and dry-cleaning expenses

You can claim a deduction for the costs you incur to buy, hire, or repair clothing (and footwear) if it falls within one of these categories:

occupation-specific clothing
protective clothing
compulsory uniforms
non-compulsory uniforms (that your employer registers with AusIndustry).

2021-22

SUPERANNUATION 2021-22

Concessional contributions cap

Concessional contributions include:

employer contributions (including contributions made under a salary sacrifice arrangement)
personal contributions claimed as a tax deduction by a self-employed person.

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