Concessional contributions are contributions that are made into your super fund before tax. They are taxed at a rate of 15% in your super fund.
From 1 July 2021, the concessional contributions cap is $27,500. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year is $25,000.
Your cap may be higher if you did not use the full amount of your cap in earlier years. This is called the carry-forward of unused concessional contributions.
From 1 July 2021, concessional contribution cap is $27,500, normally this includes:
Compulsory super and any additional super paid by the Employer.
Salary sacrificed Super contribution
Personal contributions you are allowed as an income tax deduction (you will need to complete ‘Notice of intent to claim or vary a deduction for personal contributions)
Generally, the following will be required (for all applicants):
We can lodge your 2021 income tax return on 1 July 2021.
We find most of our Clients receive their tax refund within 14 days of lodging.
Please note the ATO do however reserve the right to take 30 days to check your tax return. If your tax return is taking longer to process CB Accounting will email you when the ATO provide further updates.
As a rule of thumb, you can only claim expenses that directly relate to your job role.
We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time.
If you work from home, you can claim a deduction for the additional expenses you incur. These include:
You can claim a deduction of 80 cents for each hour you worked from home for the period between:
Goods and services tax (GST) is a tax of 10% on most goods, services and other items sold or consumed in Australia. You will file your Business Activity Statement (BAS) to report and pay GST your business has collected and to claim on GST credits.
You will need to register for GST when you have a business turnover of $75,000 or more.