Tax Time 2011 New Changes

30 Jun 10

1.- Paid Parental Leave (PPL Scheme)

The primary carer (mother) of a child born or adopted on or after 01/01/11, will receive taxable income of $569.90 per week whilist not working for a period of 18 months. PPL is included on the current year income tax return.
The primary carer must earn less than $150,000.00 in the past 10 months before the birth of the child. Spouse dependant tax offset can not be claimed.
The taxpayer have the choice to receive Paid Parental Leave or a tax free Baby Bonus of $5,600.00 over  13 forthnights.


2.- Employee Transporting bulk kit between home and work

An employee transporting bulky kit between home and work can now claim travel if:
        

• The Equipment is required for the employee to carry out their duties
• The Equipment is sufficiently bulky and/or heavy
• The Employer does not provide secure storage area for the storage of the employee equipment

3.- Self Education can be claimed against Youth Allowance

Education expenses incurred by a taxpayer sudying to obtain a degree are now deductible against youth allowance, austudy and abstudy, because the taxpayer needs the income to continue the studies. It is not retrospective but the ATO is allowing a standard deduction of $550.00 for each year 2007, 2008, 2009 and 2010 income years.
If the client beleives that her/his claim is more than $550.00 (less 250 reduction), the taxpayer can ask for an ammendment of the tax return.

4.- Foreign Employment Income

An Australian Taxpayer needs to pay tax on his/her worldwide income ie, income from Australia and Overseas.
a taxpayer only qualify for the exemption if all conditions specified by the ATO are satisfied - ( See your tax adviser for details)

5.- On Call Employees

Travel to and from home to work is deductible when an employee is on "On Call" duties.