Every year as tax time rolls around, we have to grapple with changes to the rules. Here’s what you need to know for the 2013/2014 financial year.
New electronic options for submitting your tax Basic tax returns can now be done through your browser via the MyTax service; for more complicated returns, e-tax is still the go. Check our full report for all the details.
[related title=”TAX WEEK 2014″ tag=”tax-week-2014″ items=”6″]
Changes to private health insurance rebates. From 1 April, private insurance rebates are calculated on a different basis (and are less generous). This means that when you receive your statement, it will include two separate lines of information relating to private insurance, not just one. That relatively late change also means that if you’re hoping to have those details automatically pre-filled in MyTax or e-tax, you may have to wait until August.
Net medical expenses tax offset is no more. The net medical expenses tax offset — which let you claim medical expenses above a given amount against the amount of tax you pay — has been eliminated for most people. If you received it in the 2012-2013 financial year, you may be eligible, and expenditure on disability aids, attendant care or aged care expenses still counts. But for everyone else, it’s out.
Compared to some years past, changes are relatively minor this year. In part, that’s because of the change of federal government last year. Some new policies the Coalition government would like to have introduced won’t happen this financial year, as the Senate has been unwilling to vote them in.
Reminder: For specific tax advice relating to your individual situation, consult a registered professional.
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