Individual Tax Returns – What Has Changed?

Business continues as usual here at HQB, as we work to find the best tax results for our clients (trust us – it’s not as boring as you think!).  This time of year sees our office filled with salary and wage earners eager to maximise their returns and below are a few changes that you can expect to see in your return this year:

Travel

If you use your car for work related travel, previously a deduction of up to 77 cents per kilometre travelled up to a maximum of 5,000 kilometres (known as the cents per kilometre method) could be claimed. This year, the rate has been reduced to 66 cents per kilometre travelled.

Zone Offset

This offset was available to people who lived or worked in designated remote areas for more than 183 days during the financial year.  From this year, you can only claim the offset if you live in a designated remote area, it cannot be claimed by fly in fly out workers who only work in a designated remote area.

Net Medical Expense Tax Offset

From this year, this offset can only be claimed on expenses relating to disability aids, attendant car and aged care.  It is no longer available for other medical costs, such as doctors fees.

If you have any questions relating to this article or your personal income tax return, please contact HQB today.

The information contained in this article is general in nature and does not take account any of your personal objectives, situations or needs. The information, therefore, does not constitute financial product advice. If you require personal advice you should consult an appropriately licenced person or authorised financial advisor, such as HQB Financial Solutions Pty Ltd.