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Austrians Urged To Make Use Of Tax Breaks By Year-End

by Ulrika Lomas, Tax-News.com, Brussels

23 November 2012


The Austrian finance ministry has recently urged taxpayers to take advantage of the tax administration�s online employee tax assessment facility (�FinanzOnline�), to benefit from the many tax breaks available in Austria by the end of the year.

Underlining the fact that this electronic service will enable employees to claim back any tax due from the competent tax authorities in a simple and easy procedure, the finance ministry points out that applications must be submitted for the current five-year period, which runs from 2007 to 2012, by the end of the year.

Underscoring the clear benefits of the modern, customer-orientated, flexible and efficient service, the finance ministry explains that the service can be accessed via a personal access code or via a mobile signature. Alternatively, taxpayers may elect to complete the corresponding L1 form, which is to then be submitted to the relevant tax authorities.

In its announcement, the finance ministry emphasizes that under certain conditions expenditure such as donations, church contributions, childcare costs, and business expenses may be deducted from tax. Business expenses may include training or re-training fees, the ministry states, noting that for these costs to be taken into consideration for the 2012 year, they must be submitted by December 31.

The ministry makes clear that for 2012 church contributions are tax-deductible up to a maximum sum of EUR400 (USD512), compared with a maximum EUR200 for previous years.

Concluding, the Austrian finance ministry alludes to expenditure that will be tax-deductible for the first time this year, namely cash donations made to volunteer fire departments, to legally recognized animal homes, and to environmental and conservation organizations, provided that they are listed on the finance ministry�s website.

A prerequisite for any tax-deductible expenditure is that receipts are kept for a minimum of seven years, the ministry states.

TAGS: tax | business | training | employees | fees | Austria | tax breaks | individual income tax

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