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Income Tax Legislation

Net Medical Expense Offset Gone… kind of

The Government has released some draft legislation and explanatory materials to phase-out the net medical expenses tax offset (http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/phase-out-net-medical-expenses). I love the way they call it a phase out when the vast majority of people lost all eligibility on 1 July 2013. SO this is their idea of a phase out… First, “From the 2013-14 […]

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Funny Stuff Income Tax Legislation

One year of carry back losses…

If you are completing a company tax return for the year ended 30 June 2013, you may have made your first ever claim for the refundable tax offset that the carry back loss rules created. Enjoy claiming this offset while you can, as the 2012/13 year will be the last year it is available. This […]