Tax returns are an huge opportunity for families to get a financial boost and also tax refunds can be big bonus to help you meet those extra costs. There are few tax tips for families to really maximize your refund this year. They are,
* Know your family tax benefits:
For family tax benefits part A – watch the income threshold. When your income exceeds $67,398 , then part A is phases out.
* Claim the 30% child care tax rebate:
Per year, this also include a rebate up to $4000. And also, this covers 30% of your out of pocket child care costs paid to an approved child care centre.
* Take advantage of the superannuation bumper:
Don’t forget the government’s share to superannuation. And if your income is less than $31,920 and you share $1000, the government also share up to maximum $1000.
* Be smart with healthcare:
You may be up for the medicare levy surcharge, if you and your partner’s income exceeds the threshold.