What's new when you lodge tax return online in 2009?
The tax season is just under way and it is time for you to think about your 2009 tax return. The Australian Taxation Office is constantly changing the tax code to accomodate today's economy. Be advised to some of the changes below for the 2009 tax year. Our tax program is designed to accomodate for these changes so that you may easily lodge your tax return online, even if you don't know how these updates affect you.
• Education Tax Credit: The Australian Taxation Office has introduced the education tax refund which allows parents of children who are undertaking primary or secondary school to claim a refund on some of the education related expenses. This rebate also applies to independent students under the age of 25.
• Medicare Levy Surcharge Relief: In previous years, taxpayers who do not have private insurance and earn more than $50,000 per year ($100,000 if married or defacto) were required to pay an additional 1% levy on their income. This threshold was finally increased to $70,000 ($140,000 if married or defacto).
• Family Tax Benefit: The option to claim the family tax benefit (FTB) payments through the tax system was removed by the 2008 Federal Budget. The Australian Taxation Office will not accept any current or prior family tax benefit claims on or beyond 1 July, 2009. Rather, You will need to apply to the Family Assistance Office (FAO) to claim family tax benefits for the year 1 July 2008 to 30 June 2009 and future years.
• First Home Saver Accounts: Starting 1 October, 2008 you may open a First Home Saver Account if you are eligable. The Australian Government may make a contribution to this account based on the amount that you have contributed to your First Home Saver Account. Any earnings on the account are tax-exempt and you will not need to declare income from this account when you lodge your tax return online. However, if you are not required to lodge a tax return, you will be required to lodge a First Home Saver Account with the Australian Taxation Office.
• HECS -HELP benefit: The HECS-HELP benefit has been introduced by the Australian Government and is available to the following qualifiers:
• Mathematics and science graduates who have completed their natural and physical science course during or after their second semester 2008, and are employed in specified related occupations
• Early childhood education teachers who work in specified locations including regional or remote areas, Indigenous Australian communities or areas of high socio-economic disadvantage.
Lodge tax return online at TaxPack.com.au and maximise your tax refund.
We have a range of information and assistance available to help you meet your obligations. We offer a secure and simple interface for you to input your financial information for the past year. Within minutes, you can have a calculation of your tax refund and then have your return lodged electronically. There is no need to mail any documentation to the ATO because we will lodge tax returns through our secure network. TaxPack will handle the complex tax calculations through our carefully designed tax wizard. Live chat assistance is also available at no charge if you happen to have any questions or concerns while you lodge your tax return online.
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