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Taxpack 2010 Instructions for taxpayers TaxPack 2010 To help you complete your tax return 1 July 2009 – 30 June 2010 Lodge online with e-tax You may also need Lodge your tax return – it’s free. the separate publication by 31 October 2010. n Secure and user friendly TaxPack 2010 supplement – see page 2. n Most refunds in 14 days or less n Built-in checks and calculators to help you n Pre-filling service – download your personal tax information from the ATO Go to www.ato.gov.au NAT 0976–6.2010 Commissioner’s foreword TaxPack 2010 is a guide to help you correctly If you have access to the internet, you can prepare complete your 2010 tax return. We have tried and lodge your tax return online using e-tax. It’s fast, to make it easy to use, and for most people it free and easy, and most refunds are issued within will provide all you need to know to fill in your 14 days. It also provides more extensive information tax return. than contained in this guide and allows you to automatically include on your tax return some Be assured that if you do your best to fill in your tax information that we already know about you. return correctly, you will not be subject to any penalties if you get these things wrong. We also have a range of services that can assist you when completing your tax return. The inside back Nevertheless, please take care in ensuring that the cover provides details about how you can access information you provide to us is as complete and these services and how you can contact us. accurate as you can make it. Michael D’Ascenzo Commissioner of Taxation © COMMONWEALTH OF AUSTRALIA 2010 Taxpayers may copy parts of TaxPack 2010 and TaxPack 2010 supplement This work is copyright. Apart from any use as permitted under the for their personal records. Copyright Act 1968, no part may be reproduced by any process Published by the Australian Taxation Office, Canberra, May 2010. Printed without prior written permission from the Commonwealth. Requests by Independent Print Media Group Pty Ltd (IPMG). Distribution coordinated and enquiries concerning reproduction and rights should be addressed by Independent Print Media Group Pty Ltd (IPMG) and effected by Australia to the Commonwealth Copyright Administration, Attorney-General’s Post and NDD Distribution Pty Ltd. Department, 3–5 National Circuit, Barton ACT 2600 or posted at http://www.ag.gov.au/cca Thanks to the staff of the Tax Office, tax professionals and members of the community who contributed to TaxPack 2010. Contents WillyouneedTaxPack 2010 supplement? 2 TAX OFFSETS What’snewthisyear? 3 Adjusted taxable income (ATI) for you and CompletingIndividualinformationonyourtaxreturn 4 your dependants 55 T1 Spouse(withoutdependentchildorstudent), INCOME child-housekeeperorhousekeeper 58 1 Salaryorwages 5 Rebate income 67 2 Allowances,earnings,tips,director’sfeesetc 7 T2 SeniorAustralians(includesagepensioners, 3 Employerlumpsumpayments 8 servicepensionersandself-fundedretirees) 68 4 Employmentterminationpayments(ETPs) 9 T3 Pensioner 71 5 AustralianGovernmentallowances T4 Australiansuperannuationincomestream 72 andpayments 11 T5 Privatehealthinsurance 73 6 AustralianGovernmentpensions T6 Educationtaxrefund 74 andallowances 12 7 Australianannuitiesandsuperannuation Tax offsets that you show on the incomestreams 13 supplementary section of the tax return 80 8 Australiansuperannuationlumpsumpayments 15 Total tax offsets 81 9 Attributedpersonalservicesincome 17 Adjustments that you show on the Total tax withheld 18 supplementary section of the tax return 81 10 Grossinterest 19 PRIVATE HEALTH INSURANCE 11 Dividends 20 POLICY DETAILS 82 12 Employeeshareschemes 22 MEDICARE LEVY Income that you show on the M1 Medicarelevyreductionorexemption 83 supplementary section of the tax return 25 M2 Medicarelevysurcharge 89 Total income or loss 26 ADJUSTMENTS DEDUCTIONS A1 Under18 95 Claiming deductions 27 A2 Part-yeartax-freethreshold 96 Car and travel expenses 28 A3 Superco-contribution 97 D1 Work-relatedcarexpenses 29 INCOME TESTS 101 D2 Work-relatedtravelexpenses 33 IT1 Totalreportablefringebenefitamounts 101 D3 Work-relatedclothing,laundryand IT2 Reportableemployersuperannuation dry-cleaningexpenses 34 contributions 102 D4 Work-relatedself-educationexpenses 36 IT3 Tax-freegovernmentpensions 102 D5 Otherwork-relatedexpenses 39 IT4 Targetforeignincome 102 D6 Low-valuepooldeduction 41 IT5 Netfinancialinvestmentloss 103 D7 Interestdeductions 44 IT6 Netrentalpropertyloss 105 D8 Dividenddeductions 45 IT7 Childsupportyoupaid 106 D9 Giftsordonations 46 D10 Costofmanagingtaxaffairs 47 SPOUSE DETAILS – MARRIED OR DE FACTO 107 Deductions that you show on the INFORMATION supplementary section of the tax return 48 Checklist 110 Total deductions 49 Howweworkoutyourtax 110 Subtotal 49 Amountsthatyoudonotpaytaxon 111 LOSSES Doyouneedtolodgeataxreturn? 114 Non-lodgment advice 2010 116 L1 Taxlossesofearlierincomeyears 50 Specialcircumstancesandglossary 117 Taxable income or loss 54 Importantinformation 126 Moreinformation insidebackcover TAXPACK 2010 1 Will you need TaxPack 2010 supplement? YoumightneedTaxPack 2010 supplement TAX OFFSETS whichcontainsquestionsthatarenotincludedin T7 Superannuationcontributionsonbehalfof TaxPack 2010.Checkthelistbelowofquestions yourspouse coveredinTaxPack 2010 supplementtoseewhether T8 Zoneoroverseasforces youneedittocompleteyourtaxreturn. T9 20%taxoffsetonnetmedicalexpensesover thethresholdamount(thethresholdfor2010 INCOME is$1,500) 13 Incomefrompartnershipsandtrusts T10 Parent,spouse’sparentorinvalidrelative 14 Personalservicesincome(PSI)* T11 Landcareandwaterfacility 15 Netincomeorlossfrombusiness* T12 Netincomefromworking–supplementary 16 Deferrednon-commercialbusinesslosses* section 17 Netfarmmanagementdepositsorwithdrawals T13 Entrepreneurstaxoffset 18 Capitalgains*(fromallsourcesincludingshares, T14 Othertaxoffsets realestateandotherproperty) 19 Foreignentities ADJUSTMENT 20 Foreignsourceincomeandforeignassets A4 Amountonwhichfamilytrustdistributiontax orproperty,includingforeignsourcepension hasbeenpaid orannuity 21 Rent CREDIT FOR INTEREST ON TAX PAID 22 Bonusesfromlifeinsurancecompaniesand C1 Creditforinterestonearlytaxpayments friendlysocieties 23 Forestrymanagedinvestmentschemeincome Taxation OF FINANCIAL ARRANgEMENTS 24 Otherincome–thatis,incomenotlisted (TOFA) elsewhere F1 Taxationoffinancialarrangements(TOFA) DEDUCTIONS IfyouneedTaxPack 2010 supplement,youcan D11 Australianfilmindustryincentives* getacopyfrommostnewsagentsfrom1Julyto 31October2010.Copiesarealsoavailableallyear D12 Deductibleamountofundeductedpurchase fromourPublicationsDistributionService(seethe priceofaforeignpensionorannuity insidebackcover)andshopfronts. D13 Personalsuperannuationcontributions(generally fortheself-employed) Questionsmarked*havearelatedpublicationwhich youmustreadbeforeyoucancompletetheitemon D14 Deductionforprojectpool yourtaxreturn. D15 Forestrymanagedinvestmentschemededuction D16 Otherdeductions–thatis,deductionsnot claimableatitemsD1toD15orelsewhere onyourtaxreturn 2 TAXPACK 2010 What’s new this year? Removal of baby bonus employee shaRe schemes Youcannotclaimthebabybonusfor2009–10 For2009–10andfutureyears,discountsonshares andfutureyears,butyoucanclaimitforpastyears andrightsyouacquireunderanemployeeshare (2001–02to2008–09)forwhichyouhavenotalready schemewillgenerallybeincludedinyourassessable madeaclaim.Dependingonyourcircumstances,you incomeintheincomeyearinwhichyouacquirethe canlodgeaclaim(upto30June2014)forthebaby sharesorrights.However,deferralofthetaxliability bonuseither: ispossibleinlimitedcircumstances.Question12 nonthetaxreturnfortherelevantyearyouare dealswiththesechanges. claiming,or Thechangesalsolimitaccesstotheexistingtax nontherelevantapprovedform. exemptionofupto$1,000ofthetotaldiscounts received. RefoRms to some entitlements Yourentitlementscouldbedifferentthisyearbecause t axation of financial thelawhaschanged.Youmighthavetocomplete aRRangements (TOFA) sevennewitemsonpage8ofyour2010taxreturn Newtaxationoffinancialarrangements(TOFA)rules and,ifyouhaveaspouse,anadditionalsixnew havebeenintroducedtomodernisethetaxtreatment itemsonpages9–11. offinancialarrangements. Weneedthisinformationtoassess: Therulesdonotapplyfor2009–10unlessyou nyourtaxoffsetentitlements makeanelectionforthistohappen. nyoureligibilitytocertaindeductionsandtax concessions Therulesdonotgenerallyapplytoindividuals. Therulesareprimarilyintendedforlargeentities nanyMedicarelevysurcharge withcomplexfinancialarrangements.Youshould nHELPorSFSSrepaymentamounts. seekprofessionaladviceifyouareconsidering makinganyelectionsundertheserules. same-sex couples IftheTOFArulesapplytoyou,see‘Completingthe For2009–10andfutureyearsthedefinitionof taxreturnforindividualswheretheTOFArulesapply’ spousehaschangedsothatyourspouseincludes in‘Taxationoffinancialarrangements(TOFA)’available anotherperson(whetherofthesamesexoropposite onourwebsiteatwww.ato.gov.au/tofa sex)who: nyouwereinarelationshipwiththatwasregistered underaprescribedstateorterritorylaw, supeR co-contRibutions Inordertomoreaccuratelyassessyoursuper nalthoughnotlegallymarriedtoyou,livedwith co-contributionentitlementsweneedtocollect youonagenuinedomesticbasisinarelationship enoughdetailsonyourtaxreturn.Thisyearto asacouple. workoutyourentitlements,wewillsortamounts onyourtaxreturnintoeligibleincome,ineligible income eaRned in oveRseas incomeandassessableincome.Youmayalsoneed employment tocompleteA3(seetheinstructionsonpage97). Inmostcasesyouwillnowincludeyourforeign employmentincomeinyourassessableincome, andyoumaybeentitledtoataxoffsetfortheforeign taxyoupaidonyourforeignemploymentincome.
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