Now that we are in the year 2012, there are some things that you need to know which can help you correctly fill in and complete the income tax return. In particular, there are some individuals who are not so confident in completing these Tax Return Australia application forms because they are not sure which earnings are taxable and which they don’t need to pay tax on. This article will provide such information.
Basically, these types of tax return are categorized into three:
– The exempt income
– The particular non assessable non-exempt income
– Other amounts which are non taxable
This post will only focus on the exempt income as well as Australian Government Education financial assistance which are also excepted from individual tax return.
On Exempt Income – Whether you file on paper or you do online tax return, here are the exempt income for example pensions, payments or allowances which are non-taxable:
– Double orphan pension
– Disability support pension – for a person in the specified age by Centrelink
– DFISA – Defence Force Income Support Allowance
– Invalidity service pension – if the veteran is illegible to get the pension based on his age
– War widows/widowers allowance and disability pension and allowances from the Veteran’s Affairs
– Partner service pension – for example once the veteran and the partner are in the age allowed and the latter gets an invalidity service pension; or, the partner is at the age where he is permitted to obtain a pension and the veteran died at the time he was getting an invalidity service pension
– CAP – Career Adjustment Payment
– Wife Pension – if the couple is in the age where pension is allowed, or the person receiving the pension is in the age specified to obtain the pension and the partner is diceased.
– Carer payment – when the carer and the care receivers are within the age specified or maybe if in the case where the carer is within the age and also the care receiver is deceased.
For Exempt Australian Government Education Obligations
When submitting tax return Sydney, keep in mind that listed below are also exempted:
– Students who are getting allowances from the government but are under 16 years of age, including the ones that are provided by Austudy and also ABSTUDY, Veteran’s Children Education Scheme, the Assistance for Isolated Children Scheme and also the Youth Allowance.
– Grant for Australian-American Educational Foundation
– top-up for Apprenticeship wage
– The earlier completion bonus received by the first $1,000 for the apprenticeship as specified under the specific territory or perhaps state scheme in different occupations wherein people have shortages
– Commonwealth scholarships or bursaries which are given to foreign students
– Supplments for the literacy, numeracy and language
– Commonwealth Trade Learning Scholarship;
– Commonwealth secondary education assistance
– Commonwealth scholarships or the bursaries provided to foreign students
– Recipients for Military Rehabilitation and Compensation Act Education and Training Scheme 2004
– Assistance for rent given to Austudy recipients
– Supplementary allowances for the students which are given assistance for the Isolated Children Scheme
– Bursaries and scholarships which are given to full time students
If you file Company tax returns or perhaps Tax Return Australia refer to this list to make sure you are correctly lodging it.