Lister Mason makes tax time easy for you
The 2018/2019 tax year is here and we are all geared up to service all of your needs.
Appointments are generally available from 8.00am to 6.00pm Monday to Friday and by arrangement on Saturdays.
During July, August and September allotted appointment days are as follows:
From 1 July 2014 the ATO has made it mandatory that all individuals’ income tax refunds will need to be deposited into a bank account.
If you are receiving a refund and do not supply a bank account, then we are unable to complete your tax return.
Please ensure that you include your bank account details with your income tax information. We require the BSB, account number and account name.
This is an ATO measure to reduce identity fraud. It will also help solve postal problems which we have experienced in the past.
Also PLEASE NOTE that you must have your Private Health Insurance Statement WITH YOU at the time of interview, or we will BE UNABLE to complete your return. We cannot access this!
So, what’s new this year?
Net Medical Expenses Tax Offset is abolished.
The net medical offset is now restricted to Disability aids, Attendant care and Aged care expenses.
Claimable amounts as follows:
ATI Threshold Claimable amount
<$180,000 20% of eligible expenses over $2,265
>$180,000 10% of eligible expenses
The ATO will be income testing for the claim of the Net Medical Tax Offset. Taxpayers are affected by this change if they have an adjusted taxable income (ATI) above:
- $90,000 if you are single, or
- $180,000 if you are partnered or a family.
Income Testing of the Private Health Insurance Rebate
Income testing has been introduced to determine if you are eligible for the private health insurance rebate and the appropriate level. Each adult covered by the policy is income tested on their share of a policy to determine their rebate entitlement and each adult will be issued with their own individual statement.
Please ensure that you bring your individual statement to the interview even if you prepaid your health insurance premiums for the 2016-17 year. We cannot complete your tax return if you have private health insurance and do not bring the statement to the interview.
Department of Human Services (formerly known as Centrelink)
The Department of Human Services will be issuing all the 2018 PAYG Payment Summaries electronically. If you are having difficulty in accessing your details online, please contact our office as we may be able to obtain these on the ATO Portal. The Department of Human Services also have apps that can be downloaded on to smart phones and give you access to the following:
- All letters saved in electronic format (including payment summaries etc)
- All payment amounts available (parenting, job seeker, newstart etc)
- All childcare payments made to be able to apply for the rebate.
Remember, we look after personal tax returns as well as business, partnership, trust, company and superannuation fund tax returns. We also look after completion and lodgement of BAS Returns.
Our ‘Fast Tax’ service enables us to complete your tax return at the time of interview (all necessary information must be available at time of interview (see above).
We provide a licensed financial planning service, loan facilities for housing, business, personal and investment matters, advising on superannuation fund planning, life insurance, income protection insurance and trauma insurance via Customised Financial Planning.