2020 Tax Offset for Spouse Superannuation Contributions
For the 2020 Tax Year the offset may be claimed where the total of your Spouse's Assessable Income, Reportable Fringe Benefits and Reportable Superannuation Contributions does not exceed $40,000.
Changes to Personal Superannuation Contributions
From the 2018 Tax Year individuals may claim Personal Superannuation Contributions subject to certain rules.
Applicable once you turn 65 years old until you turn 75 years old, you must have worked at least 40 hours within 30 consecutive days in a financial year before your super fund can accept any non-concessional contributions for you (including, personal contributions, spouse contributions and government co-contributions).
Low Income Super Tax Offset paid to your Superannuation Fund
From the 2018 Tax Year individuals with Adjusted Taxable Incomes under $37,000 may be entitled to a Low Income Superannuation Tax Offset paid to your Superannuation Fund - LISTO
- Rental Property
Rental Property Travel Expenses now disallowed
From the 2018 Tax Year travel expenses in relation to Rented Properties cannot be claimed as a deduction.
Instant Asset Write-off
For the 2020 Tax Year purchased items of equipment costing less than $30,000 then $150,000 continue to be available for instant write-off.
WORK RELATED DEDUCTIONS
- Travel and Meal Allowances
Reasonable Amounts for 2017/18
TD 217/90 lists the Reasonable Travel and Meals Allowance by Salary and Area.
Even though you may not be required to substantiate your claim, you may be required to show:
- you spent the money in performing your work duties (for example, in travelling away from home overnight on a work trip)
- how you worked out your claim (for example, you kept a diary)
- you spent the money yourself (for example, using your credit card statement or other banking records) and were not reimbursed (for example, a letter from your employer), and
- you correctly declared your allowance as income in your tax return
The reasonable overtime meal allowance for 2020/21 is $31.25.
- Record keeping for Home Office and other minor expenses
Tax Expense Diary
Minor expenses each under $10 and not exceeding $200 in total can be substantiated by keeping diary entries.
- Record keeping for work related Travel
Travel Expense Records
Record keeping can depend on whether you received an allowance or if travel exceeds 6 days/nights.
- Motor Vehicle Expenses
What you can claim
Record keeping depends on the type of vehicle. A reasonable estimate of up to 5000kms is allowable for work related travel. The current Km rate is 68c.
To claim actual vehicle expenses you will be required to keep a log of your travel for a period of 12 weeks. Motor Vehicle Log Book
- HELP and Other Loan Schemes
HELP and other scheme repayment Rates for 2019/20