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Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
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Resources on our site to help you, your family and your friends.
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No Special Circumstances to allow Excess Super Contributions
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Powerful Budgeting, cash flow and Super Tools available on our site.
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Major Bank Levy Passed
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Australia's leading causes of death - ABS
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Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
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Items that heat up your depreciation deductions
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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