Abbott's budget likely to trip up taxpayers

MORE than half of taxpayers may not understand the impacts of the Abbott government's first budget on their tax return and personal finances, a survey shows.

The national survey of more than 5500 people by tax firm H&R Block found 58% of taxpayers understood none, or only some, of the tax changes in the budget.

Many also reported they had little understanding of increases in the tax-free threshold (57%), claiming medical expenses (68%); and tax file deadlines (67%).

Other survey respondents reported they did not fully understand the reductions in low income tax offset, at 76%, and the new cap on tax deductions for self-education expenses at 81%.

However, there is a vast amount of information available through the Australian Taxation Office to help people understand their tax returns.

The tax office also compiles a range of guides for people working in specific industries, including which expenses they can claim and how recent changes affect their finances.

For more information, go to http://www.ato.gov.au.



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