Tax Time

[nothin suss]

Mine will be going towards some maintenance on my rental property... Boo for me!

[edfamily]

Just remember you dont need receipts for upto bout $500 i think it is, bring on the dodgy accountants in dandy

[AaronEF8]

It's actually $300. Anything above that, you need receipts for everything.

Unless you claim of thousands of dollars of stuff, it won't make a big difference to your return. Whatever amount you claim on work gets taken off of your taxable income. So if you earnt $40,000 and claimed say a $2,000 toolkit or something, your taxable income will be $38,000. Doesn't mean you get $2,000 extra back at return time. Going on those basic figures, you'd get an extra $600 back.

[EL XR8]

But are these people saying they're getting 6-7k back, thinking thats the amount of tax that they can claim. Because the 6-7k or whatever it is these days is amount of gross income that you can claim your tax back on.
So if for instance you get taxed 10% on your wage, and because you're a slack **** that works at coles for like 2 hours a week, and doesnt go over the threshold, you will get back that 10% of tax that you paid. So that equals $600-$700, not 6-7k!

Anyone who is claiming 7k back, who isnt self employed, is probably rorting the system. Good stuff, just don't get caught though!

I understand what you're saying mate, but I received ~5k* last year legitimately. This year should be substantially higher than that, given I've earned about roughly double (~78k) what I did last year , and I've been substantially overtaxed by my employer.

And Fairmont888, yeah, it will likely end up being spent on the 528, the 5spd auto has a couple of issues... one of which is it doesn't fucking work. The rest will be going into the house deposit fund (if there's any left after fixing the beemer )

*I got stung for not paying HECS due to an error by my employer, so only ended up being 3.5k. Fuckers.

Yeah if you're getting overtaxed then that would explain why you'd get so much back.
I was the same when i worked at Coles for years. They taxed me something like 30%, when i only earnt like 15k a year. It was sweet at tax time, cause i couldn't be bothered getting them to change it, so i got my 1-1.5k bonus every year!

[93edxr6]

silly Q but how do u tell if u need to do a tax return???

[AaronEF8]

You check your bank account.

If it has money in it, you need to do one.

[holmsy]

lies.
i need to do one and have no money in my account
basically if you made a taxable income you need to do a tax return.

[93edxr6]

thanks

[Dansedgli]

Most people need to lodge a tax return each year – but there are some exceptions.

As a general rule if you had any tax taken from any payment you received you need to lodge a tax return.

For 2006-07, you do not need to lodge a tax return if:

* your only income was salary and wages, you earned less than your tax-free threshold ($6,000 for most people) and your payer did not take any tax out of your pay

* the only income you received was from Centrelink (including CDEP payments) and you did not have any tax taken from it

* all your income was exempt income

* you were under 18 years of age on 30 June, you received not more than $1,333 from sources other than salary or wages.