Even though a reportable fringe benefits amount is included on your payment summary and is shown on your tax return, it is not included in your assessable income. However, it is included in a number of income tests for:
- Medicare levy surcharge
- Medicare levy surcharge lump sum payment in arrears tax offset
- deductions for personal super contributions
- super co-contribution
- tax offset for contributions to your spouse's super
- mature age worker tax offset
- Higher Education Loan Program (HELP) and Financial Supplement repayments
- dependent tax offsets, including:
- dependent spouse
- child-housekeeper
- parent, spouse's parent or invalid relative
- housekeeper tax offset
- senior Australians tax offset
- pensioner tax offset
- your child support obligations
- your entitlement to certain income-tested government benefits.
Some people think that it is easy to get a discount or to defer an amount which is payable. Others believe that it is possible to hide the true amounts of taxation for which you are liable. Even if these beliefs may not be stated, some may act in a way that indicates this belied. It is a big mistake to think that you will not be liable to pay taxes which you owe.
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