Tax time is now in full swing with many of you visiting your accounting offices in hope of a decent bonus from a tax return, but there have been many changes in what we can claim and also how.
E-Tax is now dead. Long live E-Tax. Its predecessor, MyGov, has now full reign over self lodgers.
Many an Australian will be able to navigate this format, if they have linked all their previous accounts, such as Centrelink, Child support and Medicare. If you do not already have a My Gov account, it is free and relatively easy to navigate, with some basic accounting and computing skills. You can do so through this secure site.https://my.gov.au/
MyTax is an ATO initiated online tax return lodgement system, and it includes the capabilities to declare rental properties, capital gains, or small businesses. It also pre-fills information from government agencies such as Banks and Employers, claiming to be easier than E-Tax was. Personally, being that this system is new, I have not had many client’s use this, and am looking forward to see its performance.
As for all other Tax payer’s that may have a return a little more difficult and would like to enter a substantial amount of claims, your accountant will be happy to help.
The major changes for Individuals in 2016 are:
- Repaying your HELP, HECS or TSL loans from overseas.
If you live overseas and have one of these loans, you will have the same repayment obligations as those who live in Australia.
- Medicare levy surcharge and private health insurance rebates are now frozen for 3 years
- Net Medical expenses phase out.
- Reduction in ability to claim Zone Offsets
- Instant asset write off for assets purchased below $20,000
- Reduction in Set Rate method for all motor vehicles to a flat rate of 66 cents per km.
If you are wishing to claim any of the above, or have done so in prior years, please talk to your accountant as to what is still applicable and what will be phased out in relation to your own financial situation.
If you require information about the 2016 Tax forms, you can call us on 07 5444 1022 or email info@gpla.com.au.