2008 tax return thread (1 Viewer)

[blue_chameleon]

Haha, good work stazi. What does that actually mean?

What is the entrepreneurs’ tax offset?

"The entrepreneurs’ tax offset (ETO) allows a tax offset (reduction) of up to 25% of the income tax attributable to the business income of a STS business with an annual turnover of less than $75,000."

It's only available to small business owners.

Source: ATO Website.

 

[townie]

ATO was remarkably quick with refunds this year, i filed on Sunday, got my refund on Saturday and NOA on Monday

P.S. $786.18, woo!

 

[stazi]

hopefully small business owner = sole trader, as I couldn't figure out where else I could enter my sole trader income: all the other fields rejected me from reporting in them based on the answers i provided.

 

[em_516]

Yeh mine was super quick too! I was just reading this thread but had it in my head that mine would come in 2 weeks, but then people here were saying they had theirs so I actually bothered to check and it's there Heyho $952!

 

[Gavvvvvin]

$930 coming my way

does anyone actually bother putting down their bank interest and such

 

[lala2]

Shall be looking forward to this time next week based on your replies

 

[chicky_pie]

Why is it taking so long for my money to come into my bank account.


Need the money so I can give it to charity

 

[ur_inner_child]

this talk about super quickness really had my expectations up high.

its the 6th day, not including the weekend. i'm a bit down financially and need this pick up!

 

[blue_chameleon]

$930 coming my way

does anyone actually bother putting down their bank interest and such

Yes. The ATO can look at this carefully. It's not usually a large amount from most people, but the ATO see this as a possible indication that other areas haven't been filled out accurately.

For what its worth, its not going to impact most people's tax returns and the bank interest is shown online and in bank statements, so it's not exactly that much effort to avoid the ATO going over your return in 2 years with a fine-tooth comb.

 

[ur_inner_child]

they can go for it as i have no savings account

im a horrible saver.

 

[blue_chameleon]

Whats a savings account?

I have a spending account.

 

[em_516]

does anyone actually bother putting down their bank interest and such

I wasn't going to bother because I figured I probably earn like 2c/year, but then I remembered my savings account and checked to see how much it'd earnt and it was $70, so I put it in haha.

U_I_C: Mine took exactly a week, seems others did too, so I'd say you'd have yours tomorrow

 

[ur_inner_child]

U_I_C: Mine took exactly a week, seems others did too, so I'd say you'd have yours tomorrow

Horay! You were right!

I'm wealthy!

I'm going out shopping RIGHT NOW.

 

[milocole]

One final question before I submit my tax return yay!.

I worked at The Avalon Airshow last year selling ice-creams (so much fun though!), and they decided to send my PAYG summary in around September(No way I was going to wait), so I didn't fie it in last year.

But, I have the ABN, but lost the group certificate, and broswed the net and cant find any phone number or emai address, as they are one of those small events companies that dont reveal any details or so. I can remember that I was taxed about $46, but i could be $5 or $10 off here. Is it ok to just say $46?????

 

[stazi]

One final question before I submit my tax return yay!.

I worked at The Avalon Airshow last year selling ice-creams (so much fun though!), and they decided to send my PAYG summary in around September(No way I was going to wait), so I didn't fie it in last year.

But, I have the ABN, but lost the group certificate, and broswed the net and cant find any phone number or emai address, as they are one of those small events companies that dont reveal any details or so. I can remember that I was taxed about $46, but i could be $5 or $10 off here. Is it ok to just say $46?????

no it's not ok.

 

[milocole]

Well why?

Im sure it was $46 anyway, mabye only 70% sure though...

 

[stazi]

because it's fraud if you have incorrect numbers.

What i also don't get is: do you mean you did the work between 1 July, 2006 - 30 June 2007, whilst you received the group certificate in September, 2007?

 

[milocole]

I worked only in one week in March2007. It was quite a big week and earnt a fair bit, thats why i got taxed like $50 for the week. For the end of that Financail year was June30 2007, they didn't send out my tax PAYG summary to September. They must have forgot about us!!

 

[stazi]

So....you're trying to report that income in this year's etax software?

 

[milocole]

Meh, cant do that????