Tax Retruns

[2002auxr6]

Hey guys its my first time ive had to do a tax return, here are some details

I have earnt $29,181 this year working fulltime
and i have paid $6286 in tax

does anyone have a rough estimate of how much i will get back
i will also be claiming $250 on my dry cleaning

[Walkinshaw]

download etax and find out

Originally Posted by 2002auxr6

Hey guys its my first time ive had to do a tax return, here are some details

I have earnt $29,181 this year working fulltime
and i have paid $6286 in tax

does anyone have a rough estimate of how much i will get back
i will also be claiming $250 on my dry cleaning

Don't quote me use eTax to find out how much but I guesssed around $1600.

[1TUFFUTE]

Originally Posted by BlackLS

Don't quote me use eTax to find out how much but I guesssed around $1600.

Yep etax is good but if u have alot of claims get erecords its free an easy to use. etax for u tho

[charles_wif_xf]

You're looking at around 1200 bananas give or take. Again, go grab eTax2006 and check for yourself (lodge online as well).

[2002auxr6]

No worries guy i used the tax calculater and it said about $1300 so if i get that im happy

[bjr22n_]

Originally Posted by 2002auxr6

Hey guys its my first time ive had to do a tax return, here are some details

I have earnt $29,181 this year working fulltime
and i have paid $6286 in tax

does anyone have a rough estimate of how much i will get back
i will also be claiming $250 on my dry cleaning

is it a compulsory uniform??? does it have the company logo on these clothes?

if you answered NO to one of the above questions, i am afraid you can not claim your dry cleaning as a tax deduction.

If you answered YES to both, you are able to claim your dry cleaning expense.

Based that you haven't earnt any other income and the $29,181 is your taxable income (with NO deductions) i have worked out that you will have a tax liability of $5,052.01.

Your employer has taken $6286.00 out of your pay for you, so the difference is:

$1,233.99 Refund.

[2002auxr6]

Originally Posted by bjr22n

is it a compulsory uniform??? does it have the company logo on these clothes?

if you answered NO to one of the above questions, i am afraid you can not claim your dry cleaning as a tax deduction.

If you answered YES to both, you are able to claim your dry cleaning expense.

Based that you haven't earnt any other income and the $29,181 is your taxable income (with NO deductions) i have worked out that you will have a tax liability of $5,052.01.

Your employer has taken $6286.00 out of your pay for you, so the difference is:

$1,233.99 Refund.

thanks mate, can i ask why my employer would take out that much

[Mechan1k]

They usually take out more throughout the year ... probably so you don't have to pay more tax at the end of the financial year.

I need to see someone about my tax ... this last year mine has become a little more complicated than i used to be ... so i want to make sure it is done correctly.

[guym]

in regards to your employer takingout more tax. The question is did you work for the full 12 months or only part the year. Each pay the tax is taken on the basis that you are working the full year with not periods of not earning an income and therefore paying tax. Therefore if you don't work the full year you are being over taxed on a full year basis. Don't question this with your enployer, its the law.

[2002auxr6]

Originally Posted by guym

in regards to your employer takingout more tax. The question is did you work for the full 12 months or only part the year. Each pay the tax is taken on the basis that you are working the full year with not periods of not earning an income and therefore paying tax. Therefore if you don't work the full year you are being over taxed on a full year basis. Don't question this with your enployer, its the law.

worked the whole 12 months

[bjr22n_]

Originally Posted by 2002auxr6

worked the whole 12 months

when you started employment, and you filled out the Tax File Number Dec, and it asked you in question 9. do you wish to claim the tax-free threshold? YES NO.

which one did you choose?

Miss_XR6.... how long were you living overseas for? are you a resident for taxation purposes? i am looking into that now.

damn phone has been going mental. :

[2002auxr6]

Originally Posted by bjr22n

when you started employment, and you filled out the Tax File Number Dec, and it asked you in question 9. do you wish to claim the tax-free threshold? YES NO.

which one did you choose?

Miss_XR6.... how long were you living overseas for? are you a resident for taxation purposes? i am looking into that now.

damn phone has been going mental. :

i think yes

[Miss_XR6]

i only worked half the year as i just moved back from overseas am i going to get most of my tax back

[Miss_XR6]

i have always lived in australia i went overseas from nov 2004 to sep 2005 for a holiday and i started working again here in 2005 i earned 24 thousand and got taxed $4709 just want to know how much i will get back approx and i dont have e tax

[bjr22n_]

Originally Posted by Miss_XR6

i have always lived in australia i went overseas from nov 2004 to sep 2005 for a holiday and i started working again here in 2005 i earned 24 thousand and got taxed $4709 just want to know how much i will get back approx and i dont have e tax

i worked out, as i am not excatly sure how much you have earnt, so i have based my working on $25,000 neat of taxable income.

on $25,000 your liability to the tax office is $3,735.

your employer has witheld $4,709

your difference is $974 Refund (est).


2002auxr6: it maybe because of the new tax rates and your employer must have taken tax for you based on last year PAYG rates. which is great for you, a big refund :1syellow1

[2002auxr6]

Originally Posted by bjr22n

i worked out, as i am not excatly sure how much you have earnt, so i have based my working on $25,000 neat of taxable income.

on $25,000 your liability to the tax office is $3,735.

your employer has witheld $4,709

your difference is $974 Refund (est).


2002auxr6: it maybe because of the new tax rates and your employer must have taken tax for you based on last year PAYG rates. which is great for you, a big refund :1syellow1

wooo hooo time to mod up the old beast then!!

[KEL96L]

You can claim up to $300.00 in work related expenses without any sort of receipt so 2002auxr6 can claim $250.00 without even specifying what its for.

[TheSneakiness]

Are you guys taking into account of the Medicare Levy?

Using the tax calculator on the ATO website, it's says I'm to pay the Government $5290 in tax on my income.

I've done two prepared returns on eTax, and they both say I'm liable to pay $5700.

ATO website estimated return - $530
eTax estimated return - $103

[2002auxr6]

Originally Posted by AUII_SE_Ute

Are you guys taking into account of the Medicare Levy?

Using the tax calculator on the ATO website, it's says I'm to pay the Government $5290 in tax on my income.

I've done two prepared returns on eTax, and they both say I'm liable to pay $5700.

ATO website estimated return - $530
eTax estimated return - $103

dont u have to earn a certain amount before u have to pay that

[bjr22n_]

Originally Posted by 2002auxr6

dont u have to earn a certain amount before u have to pay that

if you earn over $16,284 of taxable income, then it is 1.5% of taxable income.

if you are single and earn over $50,000 and do not have private health cover, you are subject to a Medicare levy surcharge of an addition 1% on top of the 1.5% rate.

therefore your medicare levy will be at a higher rate of 2.5%.

if you married and you and your partner earn over $100,000 with no private health cover, the medicare levy surcharge applys

[TheSneakiness]

Originally Posted by bjr22n

if you earn over $16,284 of taxable income, then it is 1.5% of taxable income.

if you are single and earn over $50,000 and do not have private health cover, you are subject to a Medicare levy surcharge of an addition 1% on top of the 1.5% rate.

therefore your medicare levy will be at a higher rate of 2.5%.

if you married and you and your partner earn over $100,000 with no private health cover, the medicare levy surcharge applys

I understand that now, I've read the damn explaination on the ATO website heaps of times. Jeez this government s***s me.

I suppose I should be happy with what I'm getting...

[bjr22n_]

Originally Posted by AUII_SE_Ute

Are you guys taking into account of the Medicare Levy?

Using the tax calculator on the ATO website, it's says I'm to pay the Government $5290 in tax on my income.

I've done two prepared returns on eTax, and they both say I'm liable to pay $5700.

ATO website estimated return - $530
eTax estimated return - $103

Yes the figures i have displayed as 'tax liability' means i have accounted for the Medicare levy @ 1.5%.

I have not accounted for rebate or offset, i have given the 'worst case' and are clearly estimates only.

what is your income? i'll see if i can work it out.

[2002auxr6]

Originally Posted by bjr22n

Yes the figures i have displayed as 'tax liability' means i have accounted for the Medicare levy @ 1.5%.

I have not accounted for rebate or offset, i have given the 'worst case' and are clearly estimates only.

what is your income? i'll see if i can work it out.

are you a accountant or something :hihi:

[TheSneakiness]

AFAIK, that's only on the surcharge.

The Medicare Levy is 1.5% of your taxable income. I've been doing the sums for the past couple of hours, and what eTax spits out to me to what I worked out myself is the same.

bjr22n - $31000...

[bjr22n_]

Originally Posted by AUII_SE_Ute

AFAIK, that's only on the surcharge.

The Medicare Levy is 1.5% of your taxable income. I've been doing the sums for the past couple of hours, and what eTax spits out to me to what I worked out myself is the same.

bjr22n - $31000...

ok, i'll base my calculations on $32,000 taxable income.(i do this to give you the worse case.) of course you will get more when you lodge your tax return.

$32,000 taxable income, every australian resident gets the $6,000 tax free threshold, which means you don't pay tax on the first $6,000 you earn.

Tax payble on taxable income of $32,000 is: $5,460
Medicare Levy @ 1.5% is: $480
Your total Tax liability is medicare levy + Tax = $5,460 + $480

therefore Tax Liablilty = $5,940.


Yes i work for a Tax Agent... :

[KEL96L]

I think you generally get charged a medicare levy which is 1.5% of your income. Theres also a medicare levey surcharge but your income is below the threshold so you wont have to pay that.

[Miss_XR6]

i dont think i will get 974 back i think a bit more when i worked full time before i went overseas i earned over 35grand and got back $1600 so i will just wait to get my tax back this year.... plus i got medicare levy and all that other stuff as well to add in like private health insurance which they take into account as well cause i get money back on some of that too

[crYnOid]

hmmmm for me gross ~$32000
taxed ~$13000 (seriously!!)

Nice tax return this year....

[bjr22n_]

Originally Posted by crYnOid

hmmmm for me gross ~$32000
taxed ~$13000 (seriously!!)

Nice tax return this year....

wow thats a very nice return, i est $7,060... refund.

did you take extra out in tax???