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Blue Mountains Gazette : July 28th 2010
34 The Blue Mountains Gazette, Wednesday, 28 July, 2010 www.bluemountainsgazette.com.au Tax concessions and super for seniors If you are over 60 you may be eligible for several tax conces- sions --- even if you have retired or are still working or earning an income from non-super bene- fits.Tax offsets are claimed when you lodge your tax return and directly reduce the amount of tax you pay. In most cases a tax offset can only reduce the amount of tax you pay to zero. If you have reached the aged pension age the senior Australians tax offset increases the amount of money you can earn before you have to pay tax or the Medicare levy. Eligibility for the offset is determined by a range of condi- tions relating to age, income and eligibility for Australian govern- ment pensions and payments. If you are an Australian resi- dent, over 55 and still working you may be eligible for the mature age worker tax offset, which encourages and rewards mature age workers who stay in the workforce by reducing the amount of tax they pay. Super benefits may be paid to you as an income stream or lump sum. If you are aged 60 or over and your only source of income is super benefits from a taxed source, you will not need to lodge a tax return. However, you will have to lodge a tax return if you have income from other sources, including investments or some public service super funds. Tax payable on super benefits depends on a number of things, including your age, the amount of the payment and whether your super comes from a taxed or untaxed source. Some super benefits have a tax-free component and a tax- able component. The tax-free component gen- erally includes: • amounts you have con- tributed to your super fund with- out claiming those amounts as a tax deduction; and, • certain other tax-free amounts you may have rolled into your super fund. If you have reached your preservation age (the age when you can access your superannu- ation benefits), but you are not yet 60 years old, any super lump sum you receive from a taxed source is taxed as follows: • the taxable component of the benefit, up to the low-rate cap amount, is taxed at zero per cent; and, • the maximum rate of tax on the remainder of the taxable component is 15 per cent, plus the Medicare levy. Remember preservation age is not the same as pension age. Pension age is when you become eligible for government pension benefits depending on your income and assets. If you have not reached your preservation age the taxable component of any super lump sum you receive from a taxed source is taxed at a maximum rate of 20 per cent, plus Medicare levy. The taxable component of a super lump sum or super income stream is shown on your pay- ment summary. Charitable donations can be claimed as tax deductions If you have made any donations to charitable organisations this year you may be able to claim them as a tax deduction on your 2009-10 tax return. To claim a tax deduction for your gift or dona- tion the organisation you donated to must be reg- istered as a deductible gift recipient. You can check the status of a charity or organ- isation by visiting the ABN website www.abn.business.gov.au and selecting 'Deductible Gift Recipients'. When you claim a tax deduction for donations you need to keep records as evidence of your donation. Generally you must keep records for five years. Acceptable records include: • receipts for donations or contributions, including web receipts or credit card statements; • your payment summary from your employer if you made donations to eligible organisations through your pay; or, • a signed letter from the eligible organisation confirming the amount of your donation or con- tribution. MYOB CONSULTANT / Bookkeeping Services MYOB & MYOB Point of Sale / Retail Manager Install, Set up, Training & Consulting. Affordable fixed prices for regular bookkeeping. BAS catch-up specialist. On site / off site services Ledgers Bookkeeping --- 0403 768 330 1681894 Simon D. Patterson Public Accountant & Tax Agent Ph: 4739-6682 E.L.S. Agent 14 Day Refund All types of income tax returns prepared and lodged. Complete computer business services available for all types of entities ABN applications prepared GST compliant GST registered supplier Monthly, quarterly, annually accounts prepared. Management & accounting services available. Acquisition of new business 3/146 G.W. Hwy BLAXLAND 1685423 David J. Stanford P.N.A. Reg Tax Agent • Electronic Lodgement for Fast Refunds • Individuals, Businesses, Partnerships and Companies • BAS Statements • After Hours Appointments Call 4751-7182 for Appointment www.stanfordtax.com.au 1686305 1686310 FOR FRIENDLY ONE-TO-ONE ADVICE FROM A QUALIFIED ACCOUNTANT AND TAX AGENT SEE SAM & RITA DIRECT OVER 20 YEARS EXPERIENCE • PERSONAL TAX RETURNS - From $85 (Family and Group Discounts $10 Off Each) - Prepared in the comfort of your own home (no need take kids out) - Electronic Lodgement Service, Same Day Lodgement and Printout of Returns • INVESTMENT PROPERTY - SPECIALISTS - For Advice on Negative Gearing and Property Deduction • SMALL BUSINESS - SPECIALISTS - GST Advice and Assistance and Preparation of BAS Returns - See Our Coloured Cashbooks System Customised for Individual Business Needs COMPANIES - PARTNERSHIP - TRUST - BUSINESS STRUCTURES AND ADVICE CALL AND MAKE AN APPOINTMENT Phone 4751-7645 Fax 4751-7206 DUE TO HIGH CALLS, IF BUSY, LEAVE MESSAGE SAME DAY CALL BACK 1685425 BLUE MOUNTAINS TAXATION PROFESSIONALS TAX TIME TAX TIME TAX TIME TAX TIME TAX TIME TAX TIME TAX IMETAXTIMETAXTIMET XTI ETAXTIMETA TIME TAX IMETAXTIMET XTIMET XTI ETAX IMETA TIME TAX TIME TAX TIME TAX TIME TAX TIME TAX TIME TAX TIME TAX TIME 1686616 FREE TAX HELP AVAILABLE • Do you earn less than $40K pa? • Are your tax needs simple? You may be eligible for free tax help. Call your local Neighbourhood Centre to make an appointment • Blackheath Area NC 4787 7770 • Mid-Mountains NC 4759 2592 • Winmalee NC 4754 4050 • Springwood NC 4751 3033 1687964 • Individuals • Investors • Landlords • Small Business • Family Companies & Trusts • Self-Managed Super Funds 1643842 IN A STEW OVER TAX???? Specialising in overdue tax returns for up to 30 years back GARY CAMPBELL CPA FTIA FNTAA Certified Practising Accountant - Registered Tax Agent Meeting the Financial Management & Taxation needs of our Community since 1976 BLAXLAND COMPLETE RANGE OF TAXATION & ACCOUNTING SERVICES Daytime, Some Evening & Saturday Appointments Phone: 4739-3653 Email: firstname.lastname@example.org 1686308 • Small Business Specialists • Investment Property Specialists • Financial Advisor AFSL 229892 • MYOB & Bookkeeping • GST/ABN Advice • Loans, Leasing & Hire Purchases 1686619 Wolthers Rijk and Associates Public Accountants and Registered Tax Agents 3 Grose Street, Leura LINDY WOLTHERS EDDIE RIJK 4784-3322 Email: email@example.com • Tax returns from $110 BOOKKEEPING SERVICE All your accounting needs . . . have ledger will travel! 19 yrs experience, MYOB, Payroll, BAS Preparation. For professional, friendly, reliable, service Phone Rachel 4758-8252 OR 0410 775-428 1687285 Stefanie King Accountant & Registered Tax Agent Personal Professional Practical Specialising in: • Individuals • Investors • Sole Traders & Subcontractors Tax Returns & BAS Located in Lawson Fee from Refund Available Phone: 4759 3209 or 0435 902 735 1686302
July 21st 2010
August 4th 2010