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Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
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Articles
Fringe Benefits Tax and Odometer Readings
Tax Office Interest Rates Released
Wash Sales
Tax Office Warns of Email Scam
CV (and other Employee) Fraud
Over $20,000 in Tax Last Year?  Lodging your 2007 Income Tax Return
The Real Cost of Fire!
Australians with Terminal Illness
Hobby or Recreation
Trademark Scams
Tax Changes Under Labor
Anti-Money Laundering
Child Care Benefit - Refunds Earlier
Child Care Benefit - Refunds Earlier
A change has been made to the timing of tax refunds for the Childcare offset, to be more logical (or should we say less illogical).

Tax Payers with dependent children receiving the Childcare Tax Rebate have no doubt been confused by the timing of the claim.  Records were required to be kept for the 2005 tax year and the 2006 year before any claim was possible.

At the time of the introduction of this legislation there was a great deal of grief for recipient of Family Tax Benefit who suddenly were required to repay (sometimes substantial sums) to Centrelink, because their estimated income was lower than their actual income.  The Governments reaction was to prevent this occurring by requiring tax payers to wait a year.  However, the benefit of the tax rebate (the cash) was needed at the time of incurring the cost and unfortunately this system meant that it could be at least two years before the benefit was received.

In the last federal Budget, a change was announced for the system for the 2008 year.

In the 2007 tax return, the 2006 expenses will be claimed (i.e. same principle as before).

Thereafter the Family Assistance will make one direct payment if you paid child care in 2006-2007 and following financial years.  This will be calculated after lodgement of each year's tax return.

 

 

 



22nd-January-2008