Posted in Strategy

If you or your employer paid concessional (before tax) contributions to a complying superannuation fund you may be eligible for the low income superannuation contribution (LISC). The LISC is a government payment designed to help offset the tax paid by superfunds for low income individuals. The LISC is 15% of the concessional contributions paid into your super fund during the financial year. The maximum payment that you can receive is $500. Are you eligible? To be eligib...

Unclaimed Money
The Australian Securities and Investment Commission (“ASIC”) hold the federal records for all unclaimed monies.
Unclaimed money can originate from: Banks and other Authorized Deposit-taking Institutions; Life Insurance companies and Benefit Fund Friendly Societies; First Home Saver Accounts; Companies with unclaimed money such as resulting from the liquidation of a company.
Money is transferred to the ASIC un...

    If you're a low-to-middle income earner, the government may help boost your super savings through the super co-contribution. The ATO uses the information on your tax return and the contribution information received from your super fund to work out whether you’re eligible. If you are, the ATO will calculate the co-contribution amount and deposit it into your super account. The 2014 financial year has a matching rate of 50% to a maximum of $500; m...

If you use your car for work you are entitled to claim the costs of using your car to do your job as a tax deduction. You can claim motor vehicle expenses for travel between: Your workplace and an alternative workplace (eg. a clients property, place of training etc.) An alternative workplace and another alternative workplace (eg. one client’s property to another) Two separate work places (eg. when you have a second job) To and from work when you hav...

  If you carry on all or part of your employment activities from home, then you may be eligible to claim a portion of your expenses as a tax deduction. Ideally, you should have a room set aside as a home office. The area must be clearly identifiable as a place of work and used almost exclusively for work purposes. The expenses you can claim are: Heating, cooling and lighting Decline in value (depreciation) of home office furniture and fittings Dec...