Reduce Tax

Teachers and those working in the education sector have difficult jobs, more so than most people think. If you’re a teacher, university professor, or professional instructor of some sort, then you might be  pleased to know that you can lodge for a tax back on some of your expenses – both trivial and crucial.

Rummaging through the budget papers, to find out what’s in it for me, I’ve noticed to my alarm my annual child rebate is to be cut starting this July and that by 2014 about 76,000 families are likely to be affected. Worse still its estimated working families could face daily charges of about $125.00 for childcare services in the CBD.

I’ve found overnight in the budget, average taxpayers should benefit from reduced tax on savings accounts, simplified tax returns and a cut in personal income tax.

Good for me, as it seems an easier way of lodging my personal tax expenses from 2012.

I never get excited about federal budgets. And I’m not scared of tobacco or beer and wine tax increases, as I don't drink too much and don’t smoke. However, what could make smoke come out of my ears is the promised tax back allowance starting in July 2012.

Many of my work mates don’t believe in the China driven commodity boom growth thing, although we like the work for now. You only have to read about their stock market and housing market credit bubble which seems to be heading for trouble with over inflated prices.