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Further Ways to Increase Your Tax Deductions


As discussed in Tax Tips Part One: Get More from Your 2013/14 Tax Return, the end of financial year is almost upon us.

In part one, a number of potential deductions your accountant could help you with were covered. Here, the list continues:

  1. The child care tax rebate – Not income tested, this rebate is available if your child attends a Child Care Rebate-approved provider and you have work or study commitments. Covering up to 50% of your out-of-pocket child care expenses, you can claim up to $7,500 per child until the end of the 2014 financial year. In order to meet the eligibility criteria, you and your partner must meet the government-outlined “work, training and study test”.
  2. The super co-contribution scheme – If you earn less than $48,516, you’re able to receive tax free super co-contribution payments from the government. If you earned $33,516 or less this financial year, the government gives you 50 cents for every dollar you contribute to your fund (up to $500). For every dollar you earn over $33,516, your entitlement is reduced by 3.33 cents.
  3. Dependant tax offset – At the start of the 2012-13 financial year, the ATO changed the tax offsets for dependants.  These changes consolidated eight dependency offsets into one single, non-refundable offset.
  4. Get a depreciation schedule for your investment property – Tax depreciation schedules can be carried out for both new and old rental properties.  A financial planner can complete a schedule for you – the cost is tax deductible.
  5. Claiming car expenses for work.  There are a number of ways you can claim car expenses – however it’s best to keep a log book throughout the year.  This allows you to choose the method you want to use at tax time for the best return.

With many tax changes proposed under the new budget, businesses and individuals need to be aware of how they may be affected.  A financial planner can help you to navigate these changes should they become law.

It is important to understand your entitlements when it comes to completing your tax return, and it is important to keep abreast of changes. By seeking the help of a financial planner who understands your situation and financial position, you’ll get the best possible tax return.


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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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