ProAcct Accounting, Taxation, Fund Management, Accounting, Fianance, Lending Insurance

Dependants

Spouse (legal or de facto)	$2,286
Child-housekeeper, Housekeeper - no dependants	$1,863
Child-housekeeper, Housekeeper - with dependant child or student	$2,232
ALL -	Rebates reduced by $1 for every complete $4 dependant's SNI exceeds $282.
SPOUSE -	Spouses ATI cannot exceed $9,426 Can only be claimed if not entitled to FBT part B, or were only eligible at a shared-care rate.

Senior Australian Tax Offset

	Rebate Income
Circumstances	Lower taxable income threshold	Upper taxable income threshold	Maximum tax offset
Single, separated or widowed	$29,30,685	$48,525	$2,230
Spouse (married or defacto) living apart due to illness	$29,600	$45,920	$2,040
Spouse (married or defacto)	$26,680	$39,496	$1,602

In order to be eligible for the Senior Tax Offset ALL the following conditions must be met:
A male aged 65 or more or a female aged 64 or more (Veterans and War Widows may be aged 60 or more (male) or 59 or more (female).
Received or eligible for a Commonwealth of Australia government aged pension or a pension or allowance from Dept. Veterans Affairs at any time during the income year (possibilities still exist if the reason not eligible was due to failure of the income or assets test).
The income threshold is satisfied.
Not in prison for the whole income year.

Pensioner Tax Offset

	Centrelink Clients
	Rebate Income
	Lower taxable income threshold	Upper taxable Income Threshold	Maximum Tax Offset
Single, widowed or separated	$24,214	$46,070	$2,732
Married	$18,700	$33,940	$1,905
Married living apart due to illness	$23,180	$43,796	$2,577

	DVA Clients
	Rebate Income
	Lower taxable income threshold	Upper taxable Income Threshold	Maximum Tax Offset
Single, widowed or separated	$25,047	$47,903	$2,857
Married	$19,354	$35,378	$2,003
Married living apart due to illness	$24,000	$45,600	$2,700

Australian Superannuation Income Stream Tax Offset

Income stream	Age of the deceased	Your age at date of each payment	Taxed element	Untaxed element
Death Benefit	< 60 years	< 60 years	15.00%	0.00%
		> 60 years	Tax free*	10.00%
	> 60 years	Any age	Tax free*	10.00%
Disability Superannuation Benefit	Not applicable	> 60 years	15.00%	0.00%
Disability Superannuation Benefit		< 60 years	Tax free*	10.00%
All other income streams	Not applicable	< 55 years	0.00%	0.00%
		55 - 59 years	15.00%	0.00%
		>60 years	Tax free*	10.00%

Other Offsets

Parent/Spouse's Parent	$1,676
Invalid Relative	$839

Spouse Superannuation Contribution

A tax offset of up to $540 per annum is available where: The contributions were not deductible to the taxpayer, AND Both the taxpayer and the spouse were Australian residents when the contributions were made, AND At the time of making the contribution the taxpayer and the spouse were not living separately and apart on a permanent basis, AND The sum of the spouse's assessable income and total reportable fringe benefits amounts were less than $13,800. Rebate = 18% of the LESSER OF:
Assessable Income + Reportable Fringe Benefits + Reportable Employer Superannuation Contributions < $10,800	$3,000
Assessable Income + Reportable Fringe Benefits + Reportable Employer Superannuation Contributions > $10,800 <$13,800	$3,000 reduced by $1 for every $1 over
OR	ACTUAL Spouse Superannuation Contribution

Low Income Earners Offset

2010/2011
Taxable Income	Calculation
$0 - $30,000	$1,500
$30,001 - $67,500	4% reduction
Over $67,501	NIL
The Government announced in the 2010 Budget that the low income tax offset (LITO) will increase from $1,350 to $1,500 from 1 July 2010
Employees and other payees who are eligible for LITO will receive $750 of this offset through a decrease in the amount of tax taken out of every pay.
The remaining $750 will be paid to an eligible person when they lodge their tax return.

2009/2010
Taxable Income	Calculation
$0 - $30,000	$1,350
$30,001 - $63,750	4% reduction
Over $63,750	NIL

Mature Age Worker Tax Offset

A tax offset of up to $500 is available where 55 years and over and income from working

Net Income From Working		Offset
$1 - $9,999		5.00%
$10,000 - $53,000		$500
$53,001 - $63,000		Reduced by 5 cents per dollar over $53,000

Private Health Insurance Rebate

Under 65 years	30%
65 - 69 years	35%
Over 70 years	40%

Child Care Tax Offset

The 50% child care tax rebate covers 50% of out-of-pocket child care expenses for approved child care, with a rebate of up to $7,500 (subject to passage of legislation) per child for the 2010/2011 year
Out-of-pocket expenses are the total fees paid for child care expenses for approved care, less the amount of Child Care Benefit (CCB) received.
Child care tax rebate is paid by the Family Assistance Office after lodgement of tax return and child care benefit has been reconciled with Centrelink.

25% Entrepreneurs Tax Offset

The entrepreneurs’ tax offset (ETO) allows a tax offset (reduction) of up to 25% of the income tax attributable to the business income of a small business entity (SBE) with an annual group turnover of less than $75,000.

From 1 July 2009, an income test applies for individuals - sole trader, a partner in a partnership, or a beneficiary of a trust

Reduction of ETO Entitlement
Individuals	Income for ETO purposes
Single	> $ 70,000
Family	> $120,000

Zone Rebates

Ordinary Zone A		$338 + 50% of rebates for dependants, housekeeper or sole parent.
Special Area		$1173 + 50% of rebates for dependants, housekeeper or sole parent.
Ordinary Zone B		$57 + 20% of rebates for dependants, housekeeper or sole parent.
Defence Force		Same as Ordinary Zone A

Education Tax Refund

Primary Students	$397
Secondary Students	$794

Links to reference websites

ATO - About Tax Offsets
ATO - 25% Entrepreneurs' Tax Offset
ATO - Superannuation Spouse Contribution Tax Offset
ATO - 30% Child Care Tax Rebate
ATO - Education tax refund