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10 Australian Tax Offsets To Claim in 2016

Want to pay less in tax but don’t know how to? We’ll help you out.

There are a few different elements of your tax return that can contribute to reducing how much you owe. Tax offsets are one of those. Alone, they will not get you a tax refund. However, offsets can decrease your tax payable to zero.

Let’s talk about a few that should do the trick for you.


Do you earn less than $66,667?

The low income tax offset (LITO) could be right for you. Although the tax-free threshold applies to everyone, this offset takes it a step further to help out those earning less than $66,667.

The following rates apply to Australian residents over 18 years old for 2015-2016:

  • If your taxable income is $0-$37,000 then your offset amount will be $445.
  • If your taxable income is between $37,001 and $66,666 then your offset amount will be $445 less 1.5% of excess over $37,000.


Do you have private health insurance?

You may qualify for the private health insurance rebate. After lodging your tax return, the ATO will determine how much of an offset they will grant you. Once this determination is made, you’ll be able to choose whether you would like to receive that amount:

  • via your tax return with the ATO; or
  • via a reduced premium.

This rebate is based on your age and income level. The ATO provides a private health insurance rebate calculator on their website to work out how much of a rebate is available to you.


Do you live in a remote area?

Take a look at the zone tax offset. To be eligible for this offset, you’ll need to have lived or worked in one of the following for at least 183 days:

  • Zone A
  • Zone B
  • Special Area

Read the rest of this entry »

How To Claim the Senior Australians and Pensioner Tax Offset (SAPTO)?

Find out who is eligible for SAPTO and the maximum offset you can receive

One of the many tax changes for the 2012-2013 financial year was the creation of the senior Australians and pensioner tax offset (SAPTO).

On 1 July 2012, the pensioner tax offset merged with the senior Australians tax offset (SATO) to create the new offset SAPTO.

ATO calculators

Before we get into the nitty-gritty of who exactly is eligible for the offset, you should be aware that the ATO has several handy calculators that may be able to do some of the work for you.

For the 2012-2013 tax year, the Beneficiary tax offset and seniors and pensioners tax offset calculator 2012-13 can help you determine your eligibility and calculate the amount of the offset you can claim. Read the rest of this entry »

24 Reasons You Must Lodge a 2011 Tax Return

Let us list the reasons  you should still lodge that 2011 tax return.

Here are two scores of reasons you need to. We’ve grouped them so you wouldn’t have to wade through the whole list.

Australian Residents

If you were an Australian resident during 2010-11 here are 5 reasons why you should lodge: