Romeo Caporaso – Tax Accounting Adelaide

We make the tax return easier for you and more importantly we help you succeed to ALL your financial dreams

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Education tax refund update

Update

Education tax refund Update in PDF click here

 

The Government has changed the Education Tax Refund to include school-approved uniforms, purchased from 1 July 2011.

Items of clothing including hats, footwear and sports uniforms approved by a school as its uniform may be claimed from 1 July 2012.

So keep your receipts for school uniforms so you can claim them at Tax Time 2012.

I care for a child

You can claim the Education Tax Refund (ETR) if you had eligible education expenses during the financial year for a child who meets the schooling requirement, and:

  • you received Family Tax Benefit (FTB) Part A for the child
    or
  • a payment was made for the child which prevented you from receiving FTB Part A,
    or
  • your child stopped full-time school during the year and received income over the cut-out amount which prevented you from receiving FTB Part A for the child.

Education tax refund – what you need to know

 

Items that are eligible education expenses  

Eligible education expenses are items that support a child’s or independent student’s primary or secondary school education. They include the purchase, lease, hire or hire-purchase costs, repairs and running costs of:

  • laptops, home computers and associated costs
  • computer-related equipment such as printers, USB flash drives, as well as disability aids to help in the use of computer equipment for students with special needs
  • home internet connections, including the costs of establishing and maintaining them
  • computer software for educational use
  • word processing, spreadsheet, database and presentation software, internet filters and antivirus software
  • school textbooks and other paper-based school learning material, including prescribed textbooks, associated learning materials, study guides and stationery
  • prescribed trade tools – for example, tools required to complete a school-based apprenticeship.
  • As well as the items listed above school-approved uniforms purchased from 1 July 2011 (including hats, footwear and sports uniforms) approved by the school as its uniform can be claimed in the 2011/12 tax year

Expenses that are not eligible

Education expenses that are not eligible include:

  • school fees
  • school uniform expenses – however, you will be able to claim these in your 2012 tax return due to a recent law change
  • student attendance at school-based extra curricular activities, such as excursions and camps
  • tutoring costs
  • sporting equipment
  • musical instruments
  • school subject levies – for example, payment for materials for particular subjects such as woodwork, art or home science
  • building levies
  • library book fees
  • school photos
  • donations
  • tuck shop expenses
  • waiting list fees
  • transport
  • membership fees
  • computer games and consoles.

Education tax refund Update in PDF click here

Call now for assistance with your Education tax refund and tax returns:
Romeo Caporaso

TaxAccountingAdelaide.com

08 83374460

http://www.TaxAccountingAdelaide.com./

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Need help Saving money, we show you the way to a savings plan that works

Personal Financial Control Package

Ever wondered why businesses do accounting and know where they spend their money BUT individuals don’t. Well now you can
Bookkeep your personal finances and we help you know where everything comes and goes. Have the platform to save and measure improving your net worth and create true wealth.

We can even include Tax return for you and your partner.

We can personalise your life into your accounting incorporating your investments such as Dividends, Investment properties and reconcile to your accounts, credit cards and loans.

Suitable for Landlords, individuals or families wanting to know where there money is coming and going, and seeking to align personal goals with financial plans

•Subscription to online accounting software
•Year end personal financial statements and tax returns (limited to 2 individual –non business tax returns)
•Bi annual financial coaching sessions and savings plan update
•Can accommodate many accounting scenarios such as for investments such as interest, dividends and rental properties, building of properties, credit cards, loans. Enquire if you have a particular request.

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Personal Injury Lawyer Adelaide Economic Loss Reports

We help people who have suffered a personal injury and are claiming compensation in Adelaide

We solve your worries if you’d need to bring your tax affairs back up to date.

We can refer you to the right personal injury lawyer.

We solve your problems as we obtain all the information from you and work with your chosen lawyer to make a report called an economic loss report which quantifies your loss from the injury, so that in this time of anxiety and suffering this is all handled for you professionally.

So contact us NOW to help you with your personal injury claim on 08 8337 4460 or send an email via the contact page.

Personal Injury Lawyers Adelaide

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Watch this video to find out how it all works in your tax return refund or payable.

 

 

A simple tax return is really not that simple.

But let me dumb it down so if you have never really understood it, you soon will.

You start with Incomes (like wages and salaries) less deductions (like uniforms and cost of tax preparation fee) which give you what the tax office calls TAXABLE INCOME

Once you have your taxable income , depending on how high it is, you are taxed progressively more as in this table of the Income tax rates.  This is called Tax on your Taxable Income.

Tax rates 2010–11

Taxable income Tax on this income
0 – $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 $37,000
$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000
$180,001 and over $54,550 plus 45c for each $1 over $180,000

Once you have tax on taxable income you add medicare levy

Then you take off any taxes paid (such as on wages) and any tax offsets (such as education tax refund)to get your tax return refund or amount payable.  If you have already paid more tax than the tax on taxable income then you get a refund.

For more examples and explanations of Income, deductions, taxes paid and tax offsets visit www.ATO.gov.au or ask us

Here is your bonus PDF version

Tax return explained simply by an online tax agent

Here is your bonus Audio Version

explanation of tax returns by tax agent Tax Accounting Adelaide

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Are you starting your own Australian Business?

And not sure if you have everything covered. See us now and we can make it easy for you to get started the right way.

Our Simple Business Startup Pack $110 includes:

  • One hour business consulting in our office or by Skype. Where you can ask all your questions, including your legal business structure, what accounts to open, what taxes will you have to pay, how much shall to leave for tax, small business marketing and how you should do your bookkeeping
  • We do your ABN registration online, often your ABN can be used immediately
  • Send you the links to the Business Names Application forms
  • Simple Sales Tax invoice spreadsheet Template or advise you on which accounting software to use or let us do it, we explain how.
  • Business Plan Template
  • How to start your business checklist
  • ATO publications on what you need to do
  • Automatic subscription into our Free secrets to creating wealth and Better business course

All this for only $110. So start with us and get off to the right start

Contact Us Now

Romeo Caporaso -Tax Agent and Business Accountant
Phone 08 8337 4460

Mobile 0416 023 719

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Go to our online tax returns

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We help investment property investors, see what problems and how we solve

Rental property summary

How we help landlords and rental property owners PDF brochure

Having trouble getting together information on your investment property for your tax or bas return. Here are some templates to help.

rental property income and expenses by Romeo Caporaso spreadsheet xlsx version

rental property income and expenses by Romeo Caporaso spreadsheet xls version

rental property income and expenses by Romeo Caporaso pdf version

All about tax on rental properties 2010 more information from the ATO.

 

How we help landlords and rental property owners PDF brochure

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Tax Agent Specialising in Personal Trainers

I am a tax agent and registered Fitness professional.  I am one of you and can speak your language in the personal training world.

I am passionate about helping fitness professionals better manage their tax and bookkeeping in the easiest way possible.

So I produced ….

Tax return preparation made easy for personal trainers by Romeo Caporaso

Please use the social bookmarking buttons below, such as email others to spread the word to your fellow successful and dynamic colleagues who would appreciate an efficient and easier way to prepare tax.

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Free upload template for summarising bas and tax returns for your accountant.

business income and expenses by Romeo Caporaso xlsx

business income and expenses by Romeo Caporaso xls version spreadsheet.

business income and expenses by Romeo Caporaso pdf

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The general laws of building wealth are to have a savings plan, receive good advice from relevant people, to let your wealth compound and to see through a task.

The 8 key lessons

•  Have a financial plan. Dream of what you want to achieve. Without a plan you will not succeed. I additionally recommend you have an idea of when and how you will achieve this goal. You should regularly and daily affirm this goal to yourself.

•  Be determined to succeed devote your time and study. Educate yourself on the areas you need to develop

•  Seek professional competent advice by experts in that area. Overcome failures or setbacks and try again. Failures will often stop you short when you are just about to achieve, so persist after all failures

•  Ask successful people, how? Usually they will be the first to tell you. Be around the successful people and ask them for the wisdom of age and experience. When people see you succeed opportunities arise.

•  Let your savings profits compound. Let your investments stay, you longer they are arrested the more compounding would bring images.

•  Learn to acquire and keep money; review the success of your investments. Make sure they suit your goals and objectives for your current circumstances.

•  Make investments work for you. The big word is compound. For instance, saving $7000 per year for 10 years will accumulate $100,000, all thanks to compounding . Enjoy life, live within your income and remember spending money improves your money energy.

Romeo Caporaso
Australian Tax and Business Accountant
http://taxaccountingadelaide.com/

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