Phone: (03) 9563 4688

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
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Australia's leading causes of death - ABS
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Articles archive
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Quarter 3 July - September 2005
Quarter 1 of 2009
Articles
Reduction to Minimum Pension Drawdowns for 2008/09
Government Stimulus Package
Working Australian Tax Bonus ($300 - $900 per individual)
Working Bonus – More Detail
Single Income Family Bonus ($900 per family)
Training and Learning Bonus ($950 per individual)
Farmer’s Hardship Bonus ($950 per household)
George & John News
2008 Tax Return Checklists
Send us your File via our website.

Specific Roles of an Executor

What does an Executor do?
Specific Roles of an Executor
Appointor – what does this mean?

Role of Trustees of Family Trusts

PAYG Instalments 20% Reduction
Granny Flats - are you entitled to Rent Assistance?
Interest Rates & Strategies
Change in Fuel Tax Credits
Working Bonus – More Detail
Refer general explanation in separate article.  Eligibility is determined by an individuals 2008 tax return.

Must earn less than $100,000 and have an adjusted tax liability more than zero.

 

A tax refund because of claimed tax deductions should not affect eligibility.

 

Adjusted tax liability is calculated after taking out tax offsets and other credits, such as low income tax offset, the seniors’ tax offset and franking credits on dividends.

 

You will require to have a minium taxable income of at least $11,000.

 

Because of the Senior Australian offset and the low income offset, retirees will need a taxable income of at least $25,868 for a single person or $21,681 for a member of a couple.

 

If your income includes franked dividends, the minimum income will be higher.

 

Minors are not eligible unless working or receiving income from a deceased estate.

  

To calculate adjusted tax liability.

 

Taxable income Label A                                                     …………….

 

Add Medicare Levy Label 0                                         +    …………….

 

Subtract tax offsets and credits                                      -     …………….

 

Also subtract foreign tax credits.                                   -     …………….

                                                                                     =                          

If the result is more than zero, you should get the bonus.

 

Tax office calculator at www.ato.gov.au 

The bonus is not calculated on family income.

 

Taxable Income up to $80,000                                     Bonus          $900

$80,000 - $90,000                                                                          $600

$90,001 - $100,000                                                                        $250

 

 

 

 

 

 

 

 

 



25th-March-2009