Rockingham Bookkeeping – Are you ready for a tax bonus?
Are you ready for a tax bonus? You need to have your book-keeping under control
Getting your bookwork upto date is critical for you to be able to lodge your tax returns. Contact our Rockingham team of mobile book-keepers now
Small business owners in and East Rockingham, Golden Bay, Hillman, Karnup, Peron, Port Kennedy, or Rockingham, Western Australia can struggle to get time to do the bookkeeping.
They’ll often outsource their book-keeping requirements to our team of professional bookkeepers who have the time and inclination to get your paperwork organised. Contact our Rockingham team of mobile book-keepers now
The Australian Federal Government is offering a strong incentive to all tax payers in 2007 – 2008 to get their tax returns lodged before 30 June 2009. If you’ve paid personal tax in that time, (or are due to pay tax) then the Government will hand you back a cheque of upto $900.00
There are a few items on the checklist that you need to address to qualify:
- You need to have been an Australian Resident and to have paid tax within the financial year 1st July 2007 – 30 June 2008
- You need to have paid tax ( or be due to pay tax) within that time frame
- If you’ve earned under the $80,000, then you may be eligible depending on your adjusted tax liability. To qualify, you need to earn less than $80,000 and have an adjusted tax liability of more than zero. In simple English, the ATO will not pay you if you haven’t paid them
- The adjusted tax liability is calculated after taking out tax offsets and other credits, such as the low income tax offset, the seniors tax offset and franking credits on dividends.
- You can be self-employed and receive the bonus. Indeed you spouse may not be eligible, but you may be eligible, so it’s not based on household income, it’s based on personal income
The Australian Government is hoping that the refund will stimulate the economy, so you’d better head down to your local shopping centre and spend your bonus – And remember – make sure you spend it all at once!
However, many people that we’ve spoken to will be using the refund to pay existing bills, or reduce their credit card debt.
When the economy is on the downturn and no one is quite sure where the next dollar is coming from, it seems a little naive for the Government to think that people will continue consumer spending rather than saving it for a rainy day, or to reduce existing debts.
If you are cashed up and earn less than $30,342 and make a $900 personal contribution to super, you’ll be eligible for the $1.50 super co-contribution. The Government will stick another $1350 into your super fund. Workers earning up to $60,342 are eligible for a partial co-contribution.
If your haven’t got your book-keeping under control, and are not ready for a tax bonus, contact our Rockingham team of mobile book-keepers now
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