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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Part II

Income from Personal Exertion

tip.tif Five Things You Should Know About Your Income

  • Super comes out of your pay. If you derive a salary or wage, your employer is required to withhold tax from your pay, and make super guarantee (SG) contributions to your nominated super fund on your behalf.
  • If you spend money for work-related purposes, you may be able to get some of it back. You can claim certain workrelated expenses you incur while making your salary or wages. So it pays to keep track of all your expenses.
  • Every year you must do your tax return. At the end of the financial year you need to lodge a ‘Tax return for individuals‘ disclosing your taxable income. E-tax is a free electronic lodgement service provided by the Tax Office that allows you to lodge your tax return online.
  • Your main residence is ordinarily exempt from CGT. If you plan to run a home-based business you run the risk that your home will no longer be fully exempt from CGT. This is also the case if you sell off part of your property.
  • If you have children you could qualify for a number of tax concessions if you satisfy certain conditions. For example, if your child is in full-time education and works part-time, no tax is payable if your child‘s taxable income is below $18,200.

pt_webextra.tif Find more tips about your tax obligations. ...

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