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Private Health Insurance Tax Offset

WEBThe offset, sometimes referred to as the private health insurance rebate, is an amount contributed by the government towards your private health insurance. When lodging …

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URL: https://bristax.com.au/tax-articles/private-health-insurance-tax-offset/

GST and Health Services

WEBTo achieve GST free status for the supply of goods, you must fulfill two key conditions concurrently: The goods supplied must play an indispensable role in facilitating the GST …

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Chart of Accounts

WEBA Chart of Accounts (COA) is essentially a comprehensive list of all the financial accounts maintained within an entity’s general ledger, which serves as the central repository for …

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Employment Termination Payment (ETP)

WEBA delayed termination payment is not treated as an ETP. It must be reported in ‘Gross payments’ in Single Touch Payroll (STP). When a TFN is provided. If your employee has …

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Exempt Fringe Benefits

WEBAn exempt benefit, often referred to as an “exempt fringe benefit,” is a type of benefit that is not subject to Fringe Benefits Tax ().While they are commonly called exempt fringe …

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Tax Deductions in Australia

WEBThe basic Australian income tax formula is: Income tax rate x taxable income = income tax payable. Taxable income = assessable income less income tax deductions. Tax …

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Medicare Levy & Surcharge

WEBMedicare Levy Surcharge Thresholds and Rates. This article is general information only and does not provide advice to address your personal circumstances. To make an informed …

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About Australia's Expert Tax Accountants

WEBABOUT JULIE. Julie has been in the Accounting & Taxation industry since 2003. She has a broad depth of knowledge and understanding of many aspects of tax in relation to …

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General Interest Charge

WEBCalculation of GIC. Tax treatment of GIC. Late payment of debts: GIC remission policy. You may be subject to the General Interest Charge (GIC) if you have unpaid tax liabilities, …

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Late Tax Returns, Overdue Tax Returns, Prior Year Tax Returns

WEBThe Australian Taxation Office (ATO) may apply a “failure to lodge on time penalty”. The penalty is calculated at the rate of one penalty unit (currently $222) for each period of 28 …

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Reportable Fringe Benefits

WEBTo determine an employee’s RFBA, you can use the following formula: RFBA = Individual fringe benefits amount × (1 – FBT rate) This is essentially the individual fringe benefits …

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New Client Tax Return Checklist

WEBAustralian or Foreign birth certificate/birth extract/citizenship certificate, Australian health care or pension concession card. A notice from a government agency (e.g. …

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Sunglasses Tax Deductions

WEBFor instance, if your $300 sunglasses are used 50% of the time for private use, your deduction would be calculated as $150. While there is no specific limit on the cost of …

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Carry Forward Tax Losses for Australian Companies

WEBThe losses must be carried forward in the company and offset against assessable income in subsequent years. Two major tests determine whether such losses can be carried …

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Salary Packaging

WEBSalary packaging (aka salary sacrifice), is when an employee sacrifices salary for non cash benefits. For example, taking a salary of $120,000 plus a motor vehicle and …

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