New this year to family tax
The ATO has provided a summary of many of the tax changes that apply to families from 1st july 2011
Education tax refund – inclusion of school uniforms
The Government has changed the education tax refund to include school-approved uniforms, purchased from 1st july 2011.
Items of clothing including hats, footwear and sports uniforms approved by a school as its uniform may be claimed from 1st july 2012.
Dependent spouse tax offset phase-out
From 1st july 2011, eligibility for the dependent spouse tax offset will be confined to taxpayers with a dependent spouse born before 1st july 1971.
Taxpayers who maintain an invalid or permanently disabled spouse, support a carer or who are eligible for the zone, overseas forces or the overseas civilian tax offsets are exempt from the new age limit and will still effectively be able to claim the dependent spouse tax offset via an expanded invalid spouse, zone, overseas forces or overseas civilian offset.
Low income tax offset – changes for minors
In the 2011/12 budget, the Government stated that it will remove the ability of minors (children under 18 years of age) to access the low income tax offset to reduce tax payable on their unearned income (for example, distribution from discretionary trusts, dividends, interest, rent, royalties and other income from property)
This measure will not affect:
- Minors who are (for example) disabled, orphans, or were engaged in a full time occupation at the end of income year.
- Income earned by minors form the investment of any property transferred to them as a result of compensation payment, inheritances or marriage breakdown; or
- The ability of minors to use the low income tax offset to reduce tax payable on their earned income such as salary and wages.
Medical expenses
Taxpayers can claim a tax offset of 20% of their net medical expenses over the set threshold.
The threshold is indexed and changes each year. It is $2,060 for the 2011/12 income year (up from $2,000 for the 2010/11 income year) .
Baby bonus
The baby bonus scheme has closed. The 2008/09 financial year was the last year that it could be claimed through the tax return.
Late claims will be accepted until 30th june 2014, but they cannot be made through tax returns or by phone. Instead, to make a late claim, the taxpayer must complete the claim for the relevant year and mail it to the ATO.
Paid parental leave
Australia’s Paid Parental Leave Scheme started on 1st January 2011. Eligible working parents will receive parental leave pay (currently $589.40 a week before tax) for a maximum period of 18 weeks.
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