Frequently Asked Questions (FAQs)
Following section is provided for general knowledge only. The answers are not intended to apply to your personal circumstances.
Please contact us to discuss your personal tax matters.
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Question: How can I reduce the 2010 tax liability?
Answer: The 2010 tax liability can be reduced by following these strategies:
1. Defering your 2010 income to 2011.
2. Bringing forward your 2011 tax deductions to 2010.
This does not mean that you will be paying more tax in 2011. In 2011, the tax rates would be lower than that of 2010. Therefore, these startegies result in a permanent better tax outcome.
Not everyone can use these strategies and rules and regulations need to be considered before applying these strategies. Please discuss your options with a qualifed tax advisor.
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Question: Is it possible for the ATO (Australian Taxatoin Office) to find out my income in anyother way?
Answer: The ATO have information exchange arrangements with many organisations including:
- Banks,
- Employers,
- Companies,
- Government Departments.
Therefore the ATO may already know the income you are receiving. The Australian Taxation System is a self assessed system. It is the responsibility of the tax payer to ensure that all the income they have received is correctly disclosed in the tax returns. Penalties may apply for incorrect disclosures.
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Question: What kind of expenses can be claimed as tax deductions?
Answer: The deductions you are intending to claim must be related to your employment/business.
Different types of expenses are treated diffferently and result in different amounts of tax deductions.
The eligibility to claim a particular expense as deduction may also depend on your field of employment.
To ensure that you are receiving all the tax deductions and tax offsets that you are eligible for please contact a qualified tax advisor.
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Question: Can I claim a tax deduction for services offered by AccXite?
Answer: Yes. Definitely....The deduction can be claimed in your next year's tax return.
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Question: Is there a tax deduction for medical expenses?
Answer: If you spend more than $1,500 in net medical expenses (net of medicare and private health insurance payments) in one year, you can claim a tax offset of 20% on the expenses over $1,500.
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Question: I have a question which is not answered here. How can I contact you?
Answer: You can contact us by clicking here.
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