Tax Offsets
Tax offsets (sometimes called rebates) are completely different to tax deductions. Tax deductions reduce your total assessable income, whereas tax offsets reduce your tax payable regardless of your taxable income.
Some examples of tax offsets are:
- Payments received from Centre Link or other government organisations, such as the Family Tax Benefit Part A or Part B. If you receive Family Tax Benefit Part A and you have a child in primary school or high school you are allowed an offset. For primary School the offset is $397 and for high school the offset is $797.
- Medical Expense are another offset that you can use, but to use the medical expense offset you need to have expenses above $2000; you are then entitled to offset 20% of every dollar above that amount.
- Zone and Overseas Force is another offset that is available to specific individuals. Zone offsets are only applicable to certain people that work in specific areas of Australia which the government considers remote and allows for an offset. Overseas Force is only applicable to individuals that are part of the Australian Armed Forces and/or United Nations armed forces.
These are just some of the offsets available to an individual. To find out about further offsets that you might be entitled to contact us so that we can help you get the largest possible refund.
For more information or to schedule an appointment, please contact us below or call us on 1300 627 829
