2010/2011 Tax Year Tips

It is amazing that we are almost ready for the Pre June 30 rush to plan for tax and with the 30th June on the door step please find our latest newsletter that has a number of Pre and post June 30 information, all aimed at making our services more effective for you.

Income protection insurance

Income protection insurance is an essential part of any financial plan, designed to secure your family’s lifestyle in the event of illness or injury. Income protection insurance premiums are generally tax deductible, so if you purchase income protection insurance and pay your annual premium before 30 June 2011, you will be able to include the deduction in this year’s tax return. Business owners may also be able to claim deductions on their business insurance premiums.

Private health insurance

If you earn more than $77,000 as a single person or $154,000 as a couple you can end up paying a minimum of $770 in extra tax if you don’t have private health insurance cover. You may want to consider taking out an appropriate level of private patient hospital cover for the whole of the next financial year if you want to avoid paying the penalty in the future.

Keep your receipts

The most common reason why people don’t take advantage of tax deductions is simply because they don’t keep receipts.

While keeping receipts for big ticket items is necessary, you don’t always need a receipt for the smaller items such as stationery and books. You do not need receipts if your work-related expenses are $300 or less, but you must be able to show how the deduction relates to your income and how you calculated the amount you claimed.

 

Comments are closed.

Request a Home Loan Quote

Contact Details


Personal Information


Loan Details

 Fixed Rates

To ensure we offer you the best loan options, please provide any extra details on your scenario below.

All information is considered private and confidential, a staff member will be in touch with you the next working day, Mon-Fri, 9am - 5pm.

Request an Insurance Quote

Contact Details


Employment



Health and Lifestyle

 I am smoker

 High Blood Pressure
 Depression/Anxiety/Nervous Disorder
 Heart Problems
 Diabetes
 Asthma

Quote Requests

 Life
 Trauma
 TPD

Request an Accountant Meeting

Contact Details


Requirements

 I am up to date with my quarterly BAS.
 I would like Belmont Group to do my quarterly BAS
 I need general accounting help
 I need a bookkeeper
 I have taken out income protection insurance
 I have taken on a lease/chattel mortgage/loan
 I need advice on tax deductions