2010/2011 Tax Return Checklist For Individuals

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year. However clients should remember that tax rates are effectively increasing for the next income year due to the imposition of the flood levy on individuals earning more than $50,000

Taxable Income Tax on this Income
$1 – $6,000 NIL
$6,001 – $37,000 15c for each $1 over $6,000
$37,001 – $80,000 $4,650 plus 30c for each $1 over $37,001
$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,001
$180,001 and over $54,550 plus 45c for each $1 over $180,000

Common work related claims made by individuals

Depreciable plant, etc. costing $300 or less

salary wage earners and rental property owners will generally be entitle to an immediate deduction if plant costing $300 or less is purchased before July 1 2011.

Some purchases you may consider include:

  • Fax machines
  • Beepers and pagers
  • Books and journals
  • Briefcases and luggage
  • Calculators
  • Software and Stationary
  • Tools of trade

Clothing expenses

Purchase or pay for work related clothing expenses prior to the end of the income year, such as:

  • Compulsory (or non compulsory and registered) uniforms, and occupation specific clothing
  • Other expenses associated with such work related clothing such as dry cleaning, laundry and repair expenses

Self Education Expenses

Consider pre paying the following self education items before the end of the income year:

  • Course fees (but not HECS HELP fees), student union fees and tutorial fees
  • Bring forward the purchase of stationary items and text books

Other work related expenses

  • Unions fees
  • Subscriptions to trade, professional or business associations
  • Magazine and newspaper subscriptions
  • Seminars and conferences
  • Income protection (excluding death and total permanent disability)


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