Everyone ready for end of financial year

I am just going to give you a few hints and tips that I make sure are off my checklist each year. This is not tax advice so please talk to your accountant before rushing into anything - just a few tips on things that can help the budget.

Checklist item 1. Superannuation co-contribution - remember girls if you are under the income threshold the government will co-contribute $ for $ up to the value of $1000 - it is a very very good way to give your superannuation a big boost but you need to have you super contribution to your super fund before the 30th June and it must be a voluntary contribution, not a salary sacrifice. If you earn too much consider your kids, if they are working part time jobs and lodging a tax return (they dont have to pay tax, just lodge a return) they also may qualify - might be to late for this fy but start thinking about it for next year.

Income Thresholds From 1 July 2009 until 30 June 2012
$31,920 - $61920
Your maximum entitlement is $1,000. However, you must reduce this by 3.333 cents for every dollar your total taxable income, is over $31,920, up to $61,920. If your income is less than $31,920 then you are fully entitled.

I am for a change

Who has school aged children? If you have been thinking of buying them there own computer tomorrow is the day to do it - there is a 50% rebate on a limited amount of education expenses - I know that computers and internet connection are two of them - not to sure on what else but this is a 50% rebate people not a tax deduction - that means if you spend $1500 on a computer the government will give you back $750 if it

I think text books are covered but not school leasing programs so if you rent the text books then that is not.

To my very limited knowledge the rebate is not means tested so everyone can get it, and is up to $750.00 per student

Private school fees tuition, uniforms - stuff like that is not covered.

I did hear that it's being changed to include uniforms, but I don't know when that's coming into effect - hope it happens soon though, my girls uniforms cost a fortune!

Text books and stationery are covered as are computers hardware & software that's about it, no uniforms yet. The main criteria for eligibility is that you must be eligible for family tax benefit part A to get the Education Tax Offset. the amounts for high school and primary school are different the primary being 50% of the high school amount and it went up last year Lee-Anne it was higher than 750.00 and a balance over the claimable amount carries over to the next year. I am not sure of the amounts for 2011 - I have not read the 600 plus pages of legislation changes yet, I hope to do it over the next week. Oh lucky me!

Thanks for weighing in with some real advice for the girls Trisha - if you have any other handy hints for us we would love to hear them

My third advice - for those of you who are in business for yourselves - if you do your accounting on a cash basis make sure all your bills are paid by tomorrow to make sure you get to claim as much as you can - no use giving the tax man more than you have to