Individual Tax Return Checklist 2010/2011

Individual Tax Return Checklist 2010/2011 from Pritchard Lees

By: Pritchard Lees  08-Jun-2011
Keywords: Accountants, Accounting Services, Accounting & Bookkeeping Services

                            TAX SAVING STRATEGIES PRIOR TO 1 JULY 2011

Warning: Accelerating tax claims
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year. However, clients should remember that tax rates are effectively being increased for the next income year due to the imposition of the flood levy on individuals earning more than $50,000. 

        
Income threshold                                                    Tax payable
        0-$6,000                                                                                  Nil
        $6,001-$37,000                                    Nil + 15% of excess over $6,000
        $37,001-$80,000                           $4,650 + 30% of excess over $37,000
        $80,001-$180,000                        $17,550 + 37% of excess over $80,000
        $180,001 and over                      $54,550 + 45% of excess over $180,000
                    Note: The Medicare levy is in addition to these rates

In the 2011/12 income year, the Flood levy will impose an additional 0.5% levy on taxable incomes from $50,001 to $100,000 and 1% above $100,000.

Common work-related claims made by individuals

1. Depreciable plant, etc, costing $300 or less
2. Clothing expenses
3. Self education expenses
4. Other work-related expenses

Information Required

We will need you to bring information to assist us in preparing your income tax return such as:
1. Payment summaries
2. Statements
3. Accounts
4. Receipts, etc. 

For more information please refer to our website     

Keywords: Accountants, Accounting & Bookkeeping Services, Accounting & Tax Services, Accounting Services, Chartered Accountants

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