Personal Services Income Rules
From 1 July 2000, individual contractors who operate through a company or trust can potentially be taxed on their income as an individual (not the company or trust).
From 1 July 2000, individuals must satisfy one of four tests to offset losses from business activities against other income.
Capital Gains Tax (CGT) Concessions
Don't forget that you can save on tax if you qualify for the various CGT concessions.
2009 - INDIVIDUAL TAX RETURNS
- Gross salary, wages, allowances, benefits, earnings, tips and directors' fees.
- Business activities income.
- PAYG payment summary amounts
- Non-cash benefits details received.
- Lump sum and termination payments. All documentation should be provided, including an ETP Payment Summary from the employer or fund.
- Government social security payments, including pensions and unemployment and sickness benefits.
- CGT asset sales (eg. shares and real estate). Please include dates of and costs associated with acquisition and disposal.
- Annuities including allocated pensions.
- Income from trusts and partnerships. Statements of distribution should be provided where appropriate.
- Rental income.
- Interest and dividends received and any tax deducted; include details of franked dividends.
- Foreign source (employment and pension) income and details of any foreign tax credits attached to that income.
- Investment and property income expenses (carefully detail interest claims).
- Subscriptions (not including sporting or social clubs).
- Expenditure records related to a taxpayer's employment, such as work related motor vehicles, self education, protective clothing and uniform expenses.
- Donations of $2 and over depending on recipient.
- For self-employed persons and those without employer superannuation support, details of superannuation contributions made.
- Tax agents' fees and other accounting and tax audit fees.
- Special deductions (Australian films, investment shelters and forestry type schemes).
- Bank fees and FID (where the credit or deposit represents assessable income).
- Unrecouped prior year losses.
- Private health insurance details.
- Superannuation contributions where no tax deduction can be claimed.
- Any changed in dependants (income of spouse should be provided).
- Details of any income received in a lump sum which was accrued in earlier income years (eg assessable pensions).
- Net medical expenses if they exceed $1500 in total.
- Superannuation contributions made by employees with employer superannuation support and whose assessable income is less than $31,000.
Please email us with enquiries or phone (03) 9803 9325.