Done your tax yet?

**Polyal** · 25-07-2005, 05:29 PM

I usually use eTax but the bugger of a thing must be wrong. I dont really care if everyone knows what I make so here it goes:

New job started in jan - $15000 - $3000 tax withheld
Center - $7000 - $0 tax withheld

Total income of $22000 for the last tax period.

I have to call the ATO because I have no idea what my current HECS debt is. But using eTax it says me return will be $250. That cannot be right! Note I haven't put my uni stuff in yet.

I go to the ATO site and use their quick tax calculator and it says that I should be recieving $2700. I figure that more correct because I get taxed $600 every month and I only started in Jan.

I looked at teh tax rate for my income bracket and it says $21,601 - $58,000
$2,652 plus 30c for each $1 over $21,600.

Should I just go to a Tax place and get them to do it? Who do you guys use and how much does it cost?

Thanks.

(I want this return so I can do some mods..lol)

AdzT3-146 · 25-07-2005, 05:32 PM

I've already filled out the forms and cashed the cheque.

Casper · 25-07-2005, 05:40 PM

Quote:

Originally Posted by Polyal

Should I just go to a Tax place and get them to do it? Who do you guys use and how much does it cost?

Get it done by a pro. 95% of the time it costs under $100 and you will almost CERTAINLY get more than $100 in extra returns you did not even think about.
Cosidering the tax laws in Aust are insanely complex the amount of loopholes is awesome and you can often get back far more than you think.

Kenaz · 25-07-2005, 05:42 PM

I've always done it myself, but this time I might go to a pro for a change.

Feathers · 25-07-2005, 05:52 PM

I used eTax last year and this year, and I didn't have a problem with it, but then again I don't have a Hecs debt, or anything like that, so it was pretty straight forward for me.
I did go to an accountant the first year I had to make a tax return, and I got all the letters and the cheque back from the ATO with my money, but I never got a bill from the accountant. :hihi:

4.9 EF Futura · 25-07-2005, 06:08 PM

I lodged mine with taxpack express at the post office, expecting a healthy return as i get an annual bonues which is taxed @ PAYE rates.

Seriously, unless you have complex investment portfolio, trust income, FBs etc, its not worth the $100 for an accountant to complete for you.

Polyal, there isnt actually anything you fill out re: HECS, its done automatically and i'd be suprised if e-tax could calculate that for you. The outstanding balance of the HECS debt is irrelevant and if that's your total 04/05 taxable then you dont have to pay anything (no HECS repayments below $35k for 04/05). If you had any moneys withheld for HECS, you'll get it all back.*

You may also get a low income offset, but once again - its a tough one to calculate, its all done automatically.*

So at a rough guess you'll pay about $2.7K tax + $330 medicare levy (unless you have private health??). Which sees you owe about $30 to the ATO.... so maybe your employer has been witholding HECS payments (4% if your annual salary/wage is $35001 to about $39000) so you may (read: MAY) get $600 back there... maybe a low income earner offset... plus 30% of the "usual" $300 of claims...*

This all may be adjusted depending on family tax benefits, child payments etc but that's getting a little too personal.*

*Please note 4.9 EF Futura is not an accountant and these are rough figures!!!! However, 4.9 EF condones and reccommends the use of tax refunds to improve Fords!!!

the_scotsman · 25-07-2005, 06:30 PM

You get taxed $600 every month? I get taxed over $900 a month and I only got around $650 back...not sure where you get $2700...remember Medicare Levy is taken from your total...

I use eTax...easy enough to use...and there is a section in the program which asks about HECS so it must come into consideration somehow?

Anyway, I got the money in my account on the weekend...didnt take long at all...

parawolf · 25-07-2005, 06:44 PM

<-- $1100 a fortnight in tax here :/

I haven't done a return in 3 years

I really need to get a tax accountant and a financial adviser in a room together and work something out for me...

Kryton · 25-07-2005, 06:47 PM

havent done mine yet. turns out centrelink screwed me last financial so i owe the tax mob $700. (they sent 3 different group certificates at 3 different times of the year, i figured the last one they sent included ALL income for that year....guess not).
ill get around doing it soon i guess and i also pay an accountant so next year ill get this years fee back in my tax return.

**Polyal** · 25-07-2005, 06:48 PM

Im only doing an intership while at uni so my overall wage isn't anything great.

4.9 - how the heck do you work out that I owe the gov anything? Im a uni student who makes bugger all and gets taxed heaps (for what I earn). I will not pay them anything, I think its the other way around.

I think ill just go to H&R block or something like that.

uglybob · 25-07-2005, 06:59 PM

no! don't go to H&R Block! please! lol

i'm a tax accountant, and those guys can be really bad eh - not saying all are, but i've seen some horror returns prepared by them!

if all you've got is a simple return, then any accountant can throw it together. i've just finished about 5 returns in the last hour & a half - they're not that challenging! as said above, you shouldn't get slugged any more than $80-$100

haha if all else fails, i can always get it done for you ;) i do work for clients all around australia & overseas - email is a wonderful thing! :P

bindi · 25-07-2005, 07:18 PM

Quote:

Originally Posted by davway

havent done mine yet. turns out centrelink screwed me last financial so i owe the tax mob $700. (they sent 3 different group certificates at 3 different times of the year, i figured the last one they sent included ALL income for that year....guess not).

Centrelink are the worst for this crap. The hardest thing in the world for any parents dealing with them is the "estimating" of your yearly income.

If you estimate too low, they take money out of your tax return for the money they overpaid you. If you estimate too high, they send you the money they owe you which is really nice, but it stuffs up your tax return and you basically have to redo it.

It gets to the stage that if you can do without the family benefit money, then just claim it at tax time and avoid the mess.

The other thing I guess is that they take SO LONG to send you your group certificates too - they are the only ones I am waiting on.

I always go to an accountant now. Years ago when the tax system was simple I would do it myself for both of us but now it's so complex and with owning my own business it gets so difficult that I just walk in to the accountant, drop a big pile of my paperwork and receipts on his desk and call the ambulance when he's had his heart attack... :evil3:

FordFan86 · 25-07-2005, 07:59 PM

Dad did mine.. after working out the tax from my job.. i was expecting a $900 return, i was so happy cauz i'd been getting taxed extra (asked them to)... and then i had youth allowance payments.. i had $10 taken out of that a week thinking it'll be right.. big ing mistake.. i had enough there with crap all tax paid on it to cancel the $900 and i ended up owing like 18c... in the end i managed to get $17 back, have the cheque here now.. but 19, and expecting $900 back and then having nothing is jsut to much i was so ****ed/upset life sucks

conordec · 25-07-2005, 08:03 PM

tax?? ah... not for 10 years... no.. lol

FRDGAL · 25-07-2005, 08:32 PM

Quote:

Originally Posted by bindi

The other thing I guess is that they take SO LONG to send you your group certificates too - they are the only ones I am waiting on

Bindi if you use eTax then you can automatically download Centrelink info which means you don't need to wait for your payment summary from them. You just need your CRN and it will fill in the blanks. eTax (for straight forward tax or business) is quite simple really and best of all it's free! I'm a bookkeeper for 2 businesses and I use eTax for them so...

Anyway, I've never had any drama's using the eTax software from the ATO. I do everyone's taxes and have never had any issues. Refunds are usually paid within 8-10 days so it's not too bad.

I love tax time. It's when I make my most money and my refunds are usually quite healthy and always end up being spent on the car

Yummy Mummy · 25-07-2005, 08:37 PM

I hate tax time, always have to pay.
Can't claim alot, and get hit with FBT as well. It's hard to estimate my income due to bonuses, and even not claiming any family allowance until the end of the year still usually isn't enough to cover the deficit. end rant.

MickyB · 25-07-2005, 10:30 PM

Quote:

Originally Posted by Polyal

I usually use eTax but the bugger of a thing must be wrong. I dont really care if everyone knows what I make so here it goes:

New job started in jan - $15000 - $3000 tax withheld
Center - $7000 - $0 tax withheld

Total income of $22000 for the last tax period.

I have to call the ATO because I have no idea what my current HECS debt is. But using eTax it says me return will be $250. That cannot be right! Note I haven't put my uni stuff in yet.

I go to the ATO site and use their quick tax calculator and it says that I should be recieving $2700. I figure that more correct because I get taxed $600 every month and I only started in Jan.

I looked at teh tax rate for my income bracket and it says $21,601 - $58,000
$2,652 plus 30c for each $1 over $21,600.

Should I just go to a Tax place and get them to do it? Who do you guys use and how much does it cost?

Thanks.

(I want this return so I can do some mods..lol)

I think the return of around $250-$300 looks reasonable, you do not have to begin to repay HECS debt until you earn $35,000 p.a. so that won't effect your return. You may as well do your tax on eTax it's pretty simple, just remember to put in some deductions for uniform\laundry and unspecified expenses, just make sure you don't go over $300 in total unless you have receipts!

Grechie · 25-07-2005, 11:32 PM

doen mine, got mine back, $763..payed some dohnut fines and then now lookin to get dif/cam

blueoval · 25-07-2005, 11:34 PM

yep did mine last weekend via ETAX and got $1200 refund. Thats going toward my Brisvegas holiday!

GRNKPR · 25-07-2005, 11:53 PM

Havnt done 2003 2004 yet scared as might have to pay heaps.But i gave it to acc the other day after nasty letter from ATO about giving me a fine and intrest .2004 2005 also put in the other day might be better with this one as new XR 8 gst to be claimed and an investment property as another tax deduction this year holding my breath

MITCHAY · 26-07-2005, 01:01 AM

I got something like $12000 gross and taxed something like $1000-1500. Im 18 so yeah i dunno how much im goin to get back. If anyone has any idea how much i could get back that would be great. As long as i dont owe anything, if i get something back ill be happy.

GRNKPR · 26-07-2005, 01:06 AM

i think the first 8 000 is tax free so you will only get taxed on 3000 so you will prob get a small refund

bindi · 26-07-2005, 06:33 AM

Quote:

Originally Posted by MITCHAY

I got something like $12000 gross and taxed something like $1000-1500. Im 18 so yeah i dunno how much im goin to get back. If anyone has any idea how much i could get back that would be great. As long as i dont owe anything, if i get something back ill be happy.

http://www.ato.gov.au/individuals/co...tent/12333.htm

This gives you the tax rates on the money you earn for 04-05.

red_october · 26-07-2005, 07:46 AM

I finished paying my HECS 2 yrs ago, but didn't bother to tell the company to take out the 'deduct HECS' option so I paid about $25K in tax last financial year.

Looking at getting about $7600 back....I love my accountant....

TheSneakiness · 26-07-2005, 09:16 AM

I usually do my own via Tax Pack. I may go eTax this year.

I just get my basic wage, each week, don't claim on much (Petrol and laundry I do, only minimum though without receipts). I got out of paying Medicare last year because I was in the low income bracket, it will be different this year though. I hope I get enough back to get a new exhaust... and some for Indy.

MITCHAY · 26-07-2005, 09:29 AM

Quote:

Originally Posted by bindi

http://www.ato.gov.au/individuals/co...tent/12333.htm

This gives you the tax rates on the money you earn for 04-05.

Thanks if my calculations are right i should be gettin about $500 back plus the $150 low income rebate. It will go towards the new car.

4.9 EF Futura · 26-07-2005, 09:53 AM

Quote:

Originally Posted by Polyal

4.9 - how the heck do you work out that I owe the gov anything? Im a uni student who makes bugger all and gets taxed heaps (for what I earn). I will not pay them anything, I think its the other way around.

Hey, dont get me wrong - i wasnt having a dig at ya... i've done the uni student thing myself.

But $22k per annum works out to $2772 ie:

$2652 for the income up to $21600
+
$120 for the $400 you earned in excess of $21600

You might JUST scrape in for the low income medicare levy. Either way, at $22k it'll be around $300. So straight up, i'd say you owe the ATO about $50 (you got taxed $3k, rough calculations show you should have been taxed about $2772 + $300ish medicare).

BUT:

You're eligible for a low income offset (about $200) plus if you make $300 worth of claims you'll reduce your taxable and effectively get 30% of it back...

$250 return sounds spot on.

**ebxr8240** · 26-07-2005, 10:00 AM

I didn't get back as much as I used to...I guess tax relief on paye has done that..

NZ · 26-07-2005, 10:19 AM

Best advice I had was to do the return at an accountant. Sure 80 bucks and i could claim that back less gst (the next year), but I got to claim the travel to the accountant 50km there 50km back @ 60c/km you do the maths. I actually come out ahead by driving there paying to get it done than if i had of attempted it myself.

I would have never known i could claim $300 bucks on laundry poweder either.

TheSneakiness · 26-07-2005, 11:20 AM

So, what you're saying is that a tax return specialist can help you get more, even though your tax return is as straight-forward as it can get? And you can claim on travelling to and from that person?

NZ, did you use receipts for that laundry powder? Or did they say you could claim it?