KGPARTNERSANDCO

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Taxation for Individuals

Our services go beyond simple tax returns and financial statements. We provide a range of specialised and targeted accounting services and advice to cater to the individual needs and circumstances of our clients including:

Lodge your return 

Do you need to lodge a return? If you answer 'Yes' to any of the following questions, then you need to complete and lodge a tax return.

  • Were you entitled to Seniors Offset?
  • Did you pay any withholding tax or any PAYG during the year?
  • Did you earn more than $20, 542 for Seniors and $18, 200 for individuals?
  • Did you pay any superannuation personal contributions and are you entitled to Co-contributions from the government?
  • Were you paid government benefits or need to declare due to receipt of Family tax Benefits?

Lodge your return online 

Using our Assisted DIY Tax Return

From as little as $39.99 you can provide all the relevant information and have one of our experts work with you to process your return saving you time and money. (Conditions do apply).

How much tax should be taken from your pay

Work it out. Pay Calculator is an online tool to work out the amount of tax, superannuation contribution and Medicare that should be taken from your pay. If you're unsure contact our office for assistance.

Get your deductions right

Watch the video Get you deductions right for further information.

You can claim the cost of travelling:

  • Directly between two separate workplaces - for example, when you have a second job.
  • From your normal workplace to an alternative workplace - for example, a clients premises - while still on duty and back to your normal workplace or directly home.
  • If your home was a base of employment - that is, you started your work at home and travelled to a workplace to continue your work for the same employer.
  • If you had shifting places of employment - that is, you regularly worked worked at more than one site each day before returning home.
  • From your home to an alternative workplace for work purposes, and then to your normal workplace or directly home.
  • If you need to carry bulky tools or equipment that you use for work and can't leave it at your workplace - for example, an extension ladder or a cello.

Watch the video Transporting Bulky Work Items

Other travel expenses

You may be able to claim travel expenses you incurred for meals, accommodation and incidentals while away overnight for work - for example, going to an interstate work conference.If you are using a borrowed car or a vehicle other than a car for work purposes, you may be eligible to claim costs you incur (such as fuel costs) as a travel expense.

Watch the video Work Related Expenses

Dry cleaning and protective clothing

You can claim a deduction for the cost of buying and cleaning occupation - specific clothing, protective clothing and unique distinctive uniforms as long as you have the receipts or diary and the clothing bears a logo.

Gifts and donations

You can make tax deductible gifts or donations to organisations that have the status of deductible gift recipients (DGRs) on their receipts.

Home office expenses

If you are an employee and required to use your computer, phone or other electrical device for work purposes, you may be able to claim a deduction for your costs. There are rules you need to check, and records you need to keep.

Watch the video Claiming electronic devices for work purposes

Interest and other investment expenses

You can claim a deduction if you are able to show that you incurred expenses earning interest, dividend or other investment income.

Self education expenses

You can claim for education expenses if they meet certain ATO guidelines. For example, they must relate to your current employment and the purpose is to obtain further education to enhance your employment status.

You can claim travel expenses to and from the educational institution as well as books, fees, stationery, internet and a percentage of home office.

Family Tax Benefits

From 1 July 2015, the primary earner income limit for Family Tax Benefit Part B will be $100,000. Families where the primary earner's income is $100,000 or less will continue to get family Tax Benefit Part B, depending on their circumstances.

With this change happening soon, it's a good time to check that your family income estimate is accurate. You need to make sure you provide us with an accurate estimate so that you get the correct amount of family assistance when you complete your income tax return.

If you under estimate your income you may:

  • have to pay back some family assistance and Schoolkids Bonus.
  • No longer be able to receive family Tax Benefit in fortnightly installments.

For more information, contact our office to help you estimate correctly and avoid the traps or visit the Centrelink website.

HECS

For the financial year ending 30 June 2015, the income threshold for HECS payments is $53, 345. Any amounts above this threshold will affect your income tax return. We can help you understand how this will affect you as your income increases over the years and how you can pay if off earlier and save money and interest.

Investment Property

If you own a rental property, any income you earn you are entitled to claim expenses associated with running the property including selling your investment property.

Watch the video about tips of what you can claim and contact our office to guide you and save money on more of what you can claim.