TAX

[Johno6]

how much do u have to earn below to get all ur tax back?

[Lightning McQueen]

$6000 I believe

[Johno6]

dammit she was right

someone i know earnt 12000 i think and paid 2000 lets just say for argument sake... when they did their tax they got it all back... why is this?

[Footy Chick]

Yeah, I thought this was amount was raised quite substantially not long ago.

Any ATO workers here?

[Lightning McQueen]

dammit she was right

someone i know earnt 12000 i think and paid 2000 lets just say for argument sake... when they did their tax they got it all back... why is this?

does she have dependants?

[Lightning McQueen]

Thanks for the reminder Johno, I am now downloading the etax2009 so I can do my return whilst I'm doing my regular work, I got my group certificate yesterday.

[Johno6]

dammit she was right

someone i know earnt 12000 i think and paid 2000 lets just say for argument sake... when they did their tax they got it all back... why is this?

does she have dependants?

i have no idea what that means

[Psyber]

Yeah, I thought this was amount was raised quite substantially not long ago.
Any ATO workers here?

Email received from my accountant recently:

You can have a taxable income of $14,000 before you pay any tax.
Therefore if your super deduction puts you below this level there would be no tax benefit.
However the super fund will have to pay 15% contributions tax.
Between $14,000 and $34,000 your personal tax rate is 15%, which is the same as the contributions tax rate.

It suits me to take that to mean, "Don't bother working unless you earn $34K plus whatever you want to drop into your super fund for the financial year."

[Johno6]

so even tho she paid say 2000 tax she gets it all back?


i got 250 back in tax.... wow...
better than nothing

[Lightning McQueen]

dammit she was right

someone i know earnt 12000 i think and paid 2000 lets just say for argument sake... when they did their tax they got it all back... why is this?

does she have dependants?

i have no idea what that means

Children in her care

[Lightning McQueen]

Yeah, I thought this was amount was raised quite substantially not long ago.
Any ATO workers here?

Email received from my accountant recently:

You can have a taxable income of $14,000 before you pay any tax.
Therefore if your super deduction puts you below this level there would be no tax benefit.
However the super fund will have to pay 15% contributions tax.
Between $14,000 and $34,000 your personal tax rate is 15%, which is the same as the contributions tax rate.

It suits me to take that to mean, "Don't bother working unless you earn $34K plus whatever you want to drop into your super fund for the financial year."

You lost me at hello

[Johno6]

dammit she was right

someone i know earnt 12000 i think and paid 2000 lets just say for argument sake... when they did their tax they got it all back... why is this?

does she have dependants?

i have no idea what that means

Children in her care

No

[Lightning McQueen]

Children in her care

No

She may have deductions from education or travel expenses. The wise Psyber would probably have an accurate analysis of the situation. Earning $12K she should've paid $900 tax for the year, could've claimed up to $300 in clothing etc. Leaves $600 floating around.

[Hondo]

There's also a low income rebate on top of the $6000 tax free thresshold

[Ron Burgundy]

Not to mention SATO if they are elderly

[lesthemechanic]

The tax free threshold is $7600 per annum.

[Dog_ger]

Don't you Love this time of year.

A Mamoth tax return for Dog_ger

Dog_ger the Tax Accountant.

[lesthemechanic]

Don't you Love this time of year.

A Mamoth tax return for Dog_ger

Dog_ger the Tax Accountant.

Its like the lottery for me being self employed ...have I paid them enough in PAYG tax or am I in for a mammoth debt ????

[Sploosh]

The tax free threshold is $7600 per annum.

According to the ATO website, the tax free part is $6,000 for the 2008/2009 year, as well as the 2009/2010 year.

http://www.ato.gov.au/individuals/conte ... /12333.htm

[dedja]

I think its best to contact the ATO directly ... and not rely on the advice on this site