Featured Credit Cards for May

St George Vertigo MasterCard

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Citibank Clear

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Aussie MasterCard

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NAB Low Rate Visa Card

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St George Starts Low, Stays Low Credit Card

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Surviving a taxing time

It is that time of the year again - time to do the one job you have been dreading for the last 12 months - filling in the tax form.

As long and tedious as it may be, the tax form is an important part of the Australian economy and it is the only way you get a nice big rebate from the Tax Office.

However, according to the Australian, there are a few ways in which filling out the tax forms need not be a pain.

The end of the financial year marks the end of the first full financial year of the simpler super regime and the contribution caps. The non-concessional cap - covering personal, spouse and child contributions - is $150,000 for 2007-08 or $450,000 over three years using the bring-forward rule.

Tim Blue, of the publication, said: "Consider whether the bring-forward rule was triggered this year (by making a non-concessional contribution over $150,000) as this will then affect contributions made in the 2008-09 and 2009-10 years."

Meanwhile, making non-concessional tax contributions directly into a spouse's superannuation savings account can provide a tax offset to the contributor. If the spouse earns less than $10,800, a maximum offset of $540 is allowed on a $3,000 contribution.

Furthermore, a list of tax exemptions for work, self-education, travel, gifts and donations can be obtained from the Australian Tax Office. Tax returns must be completed by June 1st.

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