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Financial Accounting Frequently Asked
Questions and Answers
Will I be penalized for lodging my return late?
You may receive a fine or interest penalty charge from the ATO if you lodge your return late. Generally if you are entitled to a refund those penalties are minimal. JATA has lodgment extension facilities that will minimize such charges. Contact your nearest JATA office to have them notify the ATO that you are now a JATA client.
How much can I claim if I buy a laptop/computer?
If you purchase a laptop/computer for use in your work or business, you can generally claim a percentage of the depreciation that pertains to your work or business use. The depreciation allowed will depend on the expected life of the laptop/ computer or how long it is expected to be current.
How much can I claim on my motor vehicle?
There are different methods for claiming expenses in relation to the business use of your motor vehicle. These can be complex so to maximize your potential claim you should maintain a daily mileage log book for at least three months of the year and a record of any expenses for the full year. Call in to your nearest JATA office for a copy of their Log Book and a brief explanation of how to record and maintain it.
How much can I claim for my wife and my children?
The amount you can claim will depend on the income levels of you and your individual family members, the age of your children and any amount already received through Centre link payments. It is therefore important that you bring all these details with you when you attend a JATA office to have your return prepared.
Can I claim my work uniform as a tax deduction?
Deductions for uniforms can only be claimed if the work uniform is specific and identifiable to your organization (such as chef’s checked pants) or protects you from injury whilst you are at work. You can’t claim the cost of a plain uniform or conventional clothing, such as white shirt and black pants or skirt which is commonly worn by waiters and waitresses, even if your employer tells you to wear them.
What deductions can I claim if I'm studying?
- All self education cost is allowed as deduction and “work related self education expenses” in your tax return subject to following conditions:
- First $250 shall be incurred by you.
- Self education should not be for a job change.
- Self education should not lead to an occupation change
- For example if you were a waiter and you were studying book-keeping then you wouldn’t be able to claim the cost of the course as a work related expense – even if you were looking for work as an accountant.
I work among different job sites and I use my personal car to travel among job sites. Can I claim the cost incurred towards my work related travel in my tax return?
Yes, the travel among multiple job sites is allowed as a deduction as Work related Car Expenses. But you shall show the working how you arrive at the business kilometers travelled and the travel should not be for the private or domestic purpose.
How about the laundry and washing expenses incurred by me in respect of my compulsory work uniform?
You can claim the laundry and washing expenses of your uniform as Work Related Clothing Expenses in your tax return, but if the total claim exceeds $150, you shall produce written evidence proving the same.
When will I be liable to pay Medicare Levy Surcharge? Is there anything I can do for not paying the same?
The Medicare levy surcharge is payable where your income is over a threshold amount and you do not have adequate private hospital insurance. The threshold amount for a single taxpayer is currently $77,000 and for families with up to one dependent child it is $154,000. If your income for surcharge purposes exceeds the relevant amount and you do not have private hospital cover, you will pay the surcharge. Having private hospital insurance coverage for the full year would be beneficial by which you will be not required to pay the Medicare Levy Surcharge.
I am a temporary resident for tax purposes and have taken a Overseas Visitors health policy which gives restricted benefits from Medicare. Will I have to pay Medicare levy surcharge?
You are a temporary resident and, if your income for surcharge purposes is over the relevant threshold amount, you will be liable to pay the Medicare levy surcharge. The policy that you have is not sufficient to provide you with an exemption from the levy.
