Unit 3: Tax Compliance for Individuals - 2024

This session covers topics specific to individuals, including certain income & deductions, Medicare, spouse disclosures and more.

Includes individual tax return demo on Xero Tax.

In this unit, we cover:

• Residency of individuals - overview

• Income (based on income tax return labels)

  • Salary or wages

  • Gross interest

  • Dividends

  • Partnerships and trusts

  • Personal services income

  • Net income or loss from business

  • Capital gains

  • Foreign source income and foreign assets or property

  • Rent

  • Other income

• Deductions (based on income tax return labels)

  • Work-related car expenses

  • Work-related clothing, laundry and dry-cleaning expenses

  • Work-related self-education expenses

  • Other work-related expenses

  • Interest & Dividend deductions

  • Gifts or donations

  • Cost of managing tax affairs

  • Personal superannuation contributions

  • Other deductions - not claimable at D1 to D14 or elsewhere

• Tax offsets

  • Seniors and pensioners (SAPTO)

• Medicare Levy and Medicare Levy Surcharge (MLS)

• Income tests

• Spouse details

Dates recorded: 20 & 22 February 2024