Others

Losses and Offsets

Losses

You will need

• your PAYG payment summary or myGov income statement – individual non-business,
• PAYG payment summary – foreign employment or
• a comparable statement from your payer that shows an amount at ‘Lump sum A’ or ‘Lump sum B’.

Lump sum payments from your employer for:

• unused annual leave or
• unused long service leave

Seniors and Pensioners Tax offset

Senior Australians and Pensioners tax offset (SAPTO), is designed to provide a tax break for low-income, elderly Australians.

In order to qualify for the tax offset you must pass three tests related to: age; income; and eligibility for Australian Government pensions.

A taxpayer is eligible if they have attained “pension age” at 30 June.

Eligibility for an Australian Government age pension from Centrelink requires an age of 65 years or older on 30 June, or subject to Veterans Affairs requirements, aged 60.

If you are single your rebate income must be less than $50,119. If you are married your combined rebate income must be less than $83,580. If you and your spouse had to live apart due to illness or because one of you was in a nursing home your combined rebate income must be less than $95,198.

Tax Offset

Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund.

Other Items

HELP

Higher Education Loan Program or HELP is a loan program to help eligible students enrolled in Commonwealth supported places to pay their student contribution amounts. The HELP will be calculated automatically based on the compulsory repayment HECS-HELP threshold. 

M1 Medicare levy reduction or exemption

Medicare is the scheme which gives Australian residents access to health care.

To help fund the scheme, resident taxpayers are subject to a Medicare levy (normally 2% of taxable income).

The amount you have to pay will be calculated automatically.

M2 Medicare levy surcharge (MLS)

An appropriate level of private patient hospital cover is cover provided by a registered health insurer for hospital treatment in Australia which has an excess of:

• $500 or less (for a policy covering only one person), or
• $1,000 or less (for all other policies).Excess is the amount you pay before your health insurer pays for any claim you make. General cover (formerly called ancillary cover) or ‘extras’ is not private patient hospital cover because it only covers items such as optical, dental, physiotherapy or chiropractic treatment.

Private health insurance policy details

The definition of a dependent child is affected by the rules of your health fund. If you are under 25 years old and do not have your own policy, you may be covered as a dependent child on your family policy. If you are unsure about whether this applies to you, check your family private health insurance policy details or contact your insurer.

Under 18

If you were aged under 18 years old on 30 June of the financial year, you must complete this item or you may be taxed at a higher rate than necessary.

• You were working full time or had worked full time for three months or more in the previous financial year (ignoring full-time work that was followed by full-time study), and intending to work full time for most or all of the current financial year and not study full time in the current financial year.
• You were entitled to a disability support pension or someone was entitled to a career allowance to care for you.
• You were permanently blind.
• You were disabled and were likely to suffer from that disability permanently or for an extended period.
• You were entitled to a double orphan pension, and you received little or no financial support from your relatives.
• You were unable to work full time because of a permanent mental or physical disability, and you received little or no financial support from your relatives.
• You were the main beneficiary of a special disability trust.

Income Test Reductions 

The income tests are used  to work out whether tax offsets and other items in your tax return apply to you.

Spouse Details

Your spouse includes another person (of same or opposite sex) who you were in a relationship with, that was registered under a prescribed state or territory law although not legally married to you, and lived with you on a genuine domestic basis in a relationship as a couple.

You must complete this item if you had a spouse during the financial year.

Tax Estimate

There are two print options for your tax return – Estimate print and IITR print. 

The estimation print PDF will display the tax estimate page of the ITR form.