How was your tax return? (2 Viewers)

[LoUiE SmOoiE]

i got $239 given back...my salary was $6800 from working at woolies

 

[Jago]

i should get 55 back

 

[tomorrows_angel]

i should get about 150 back. 3 different jobs and switching around which were on the tax free threshold. Made it more difficult...

 

[Generator]

Bloody hell. I should get $280 back (but, as an idiot, my calculations (using the calculators on the ato's site) are incorrect).


'Comprehensive tax calculator 2004
2003–04 income tax estimate—summary report
Version 1.0.1
Your income tax estimate for the 2003–04 income year is:
$279.23 refund due to you'

$281.58. Winner!

 

[AsyLum]

$940 just got it sunday night

 

[LaZy_KoReAn]

The first 6000 u earn is tax free, so most of that will come back to u.

I think im getting around 500-600

Natstar you mean, since the first $6,000 you earn is tax free.

If you earn $35k annually you will receive $6k back?

I don't clearly get you there.

 

[LeftrightOut]

Natstar you mean, since the first $6,000 you earn is tax free.

If you earn $35k annually you will receive $6k back?

I don't clearly get you there.

No,

the first 6k is tax free so you don't pay any tax if you earn under 6k.
then if you earn above that you pay 17cents for each dollar above 6k but below 21,600 up to a max of $2652.
then you pay 30cents for every dollar you earn above $21,601 to $58,000 and so on.

http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=5053&mfp=001

That's without deductions or levy additions.

You won't get $6k back on tax, you just don't have to pay any tax on that first $6k.

I suggest reading through the ATO site, they should have some things there explaining everything in great detail. Also you will find that as a low income earner you will get rebates here and there.

Oh and to stay on topic I think my return was a refund of $4,000 which was after all deductions I could make and them whalloping me with a nice compulsory HECS repayment and medicare levy.

Edit: Here you go this should explain a bit more clearly
http://www.ato.gov.au/youth/content...13/002/014/007&mnu=11101&mfp=001/013&st=&cy=1

 

[LaZy_KoReAn]

No,

the first 6k is tax free so you don't pay any tax if you earn under 6k.
then if you earn above that you pay 17cents for each dollar above 6k but below 21,600 up to a max of $2652.
then you pay 30cents for every dollar you earn above $21,601 to $58,000 and so on.

http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=5053&mfp=001

That's without deductions or levy additions.

You won't get $6k back on tax, you just don't have to pay any tax on that first $6k.

I suggest reading through the ATO site, they should have some things there explaining everything in great detail. Also you will find that as a low income earner you will get rebates here and there.

Oh and to stay on topic I think my return was a refund of $4,000 which was after all deductions I could make and them whalloping me with a nice compulsory HECS repayment and medicare levy.

Edit: Here you go this should explain a bit more clearly
http://www.ato.gov.au/youth/content...13/002/014/007&mnu=11101&mfp=001/013&st=&cy=1

What i don't get is, i still got taxed even though i earned less than $6,000, but now i earned over $6,000 and getting similar tax rates, that's pretty shifty.

So whatever i got taxed under $6,000 i get in return and perhaps couple extra hundred depending on how much i paid tax?

Say you earned $30k for the year, what is the shittest return you can get?

 

[LeftrightOut]

Like I said if you are casual you will be treated differently for weekly tax payments than if you are full time, if you are full time they will take your weekly wage and multiply it by 52 and base every weeks tax off of that rate.

Easiest way to find out for yourself go here
http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Stax001i.xr4&go=ok

type in the amount you think you will earn and say you are a resident, pick your year (if you want it for the last financial year pick 2003, if you want to find out for next year pick 2004).

and voila the magical simple tax calculator says you will pay $5,172.00 of tax for earning $30,000 a year. If you pay more than $5,172.00 in a year in tax you will get a refund above it. You will also get a refund if you happen to have deductions which will make your 30k drop even more.

As an example if you do self education you can write that off if it's related to your job.

If you want a more complex way of calculating your tax try this one http://www.ato.gov.au/individuals/content.asp?doc=/content/26030.htm&mnu=50&mfp=001

Edit: You will only ever get a refund if you have paid MORE tax than you were supposed to throughout the year. If you didn't pay $5,172.00 to the tax office throughout the year they will make you pay extra to get it up to the amount you owe them.

 

[Cyph]

mine was about $1400... but i work full time, and i claimed the 5000km driving thing too... pretty much all of it i payed i got back
next year is going to be good - they just changed my tax rate to one where they take more tax out but you get it back (its like they're saving for you) - which will be helpful at uni!

I disagree. I feel it would be much easier to set up an account with ING or something, take 10% of your pay out each week and earn interest on your money at least rather than give the govt. an interest free loan!

 

[LeftrightOut]

I disagree. I feel it would be much easier to set up an account with ING or something, take 10% of your pay out each week and earn interest on your money at least rather than give the govt. an interest free loan!

I doubt at the level most people are thinking your 5.4% a year interest will amount to much.

Also Pay as You Go/Earn is designed because the govt knows most people will spend what they have given the chance so they take a chunk out before people have the opportunity.

 

[Cyph]

I doubt at the level most people are thinking your 5.4% a year interest will amount to much.

Also Pay as You Go/Earn is designed because the govt knows most people will spend what they have given the chance so they take a chunk out before people have the opportunity.

Got to start somewhere.

Personally, I don't have my cash tied up in the bank as it's pretty dismal compared to the kinds of returns you can earn with other forms of investment.

 

[modelzsuck]

I earned about $8,000 this year and got back all off my tax which was like $650. I was pretty happy, went on big shopping spree and spent the whole lot n my mum freaked, i was in heaps of trouble.

 

[Cyph]

I earned about $8,000 this year and got back all off my tax which was like $650. I was pretty happy, went on big shopping spree and spent the whole lot n my mum freaked, i was in heaps of trouble.

How did you claim the $340 back? ($2000 * 17%)

 

[Ranger Stacie]

I earned about $8,000 this year and got back all off my tax which was like $650. I was pretty happy, went on big shopping spree and spent the whole lot n my mum freaked, i was in heaps of trouble.

haha, i got back $995 and spent it within a week, but it wasnt to bad cos i got a new phone that i wanted for ages. I didnt tell anyone and I saved up heaps until i earned most of it back

 

[LeftrightOut]

How did you claim the $340 back? ($2000 * 17%)

There are a lot of deductions you can claim to reduce your pre-tax income so my guess is they used these wisely. Also you can get a low income tax offset if you earn below 21g a year.
http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=lowinc2.XR4&go=ok


Tax is not a black and white thing and it is anything but simple if you want to maximise your return. Which is why when anyone asks how much tax they would have to pay if they earn $X I keep telling them it depends.

Also Cyph, your 5.4% would be considered income so you'd be paying tax on that as well and you wouldn't be able to claim expenses from it so the bank is not the best place to try and store/make money long term. But it is the most liquid way of keeping assets semi secure.

 

[modelzsuck]

How did you claim the $340 back? ($2000 * 17%)

I dont know i didnt understand it either because i earned over $6000 i dont know if someone stuffed up somewhere or something.

 

[Cyph]

There are a lot of deductions you can claim to reduce your pre-tax income so my guess is they used these wisely. Also you can get a low income tax offset if you earn below 21g a year.
http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=lowinc2.XR4&go=ok


Tax is not a black and white thing and it is anything but simple if you want to maximise your return. Which is why when anyone asks how much tax they would have to pay if they earn $X I keep telling them it depends.

Also Cyph, your 5.4% would be considered income so you'd be paying tax on that as well and you wouldn't be able to claim expenses from it so the bank is not the best place to try and store/make money long term. But it is the most liquid way of keeping assets semi secure.

I'm well aware of this. I wondering what basis she claimed it back on.

I intend on paying as little tax as possible.. I have brokerage receipts, books receipts, etc. I will buy shit just to claim it back on tax when I make money, like maybe Metastock next... or a $1000 options course... if I make enough money.

 

[pirate]

da tax man is gonna love me for the next two months, i've worked 11 days, or 90 hrs for a grand total of just over $2400 at this rate, i might have enuff money to start uni next year

 

[Cyph]

Absolutely none of your business, but since I work two jobs and get 30+ hours/week at each, this year's should run into four digits.

Umm, you're an arrogant fuckwit just boasting.

Did she ask you specifically? If you don't want to answer, don't reply.