Petkula73 Posted October 29, 2014 Share Posted October 29, 2014 Hi What is the last date I would need to register with a tax agent to be able to submit my tax return in the next calendar year? We would ideally like to do this after the end of the UK tax year in April 2015. Thanks Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted October 30, 2014 Share Posted October 30, 2014 The Aussie return or the Pommie return? They have different dates. Aussie one is due in by 31 October for 2013/14 so you'd better get to an agent tomorrow! Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 30, 2014 Share Posted October 30, 2014 Are you a business? Even if you aren't submitting you still need to register with an agent AFAIK. As a business we usually have up to May 2015 to submit the 2013-2014 return. Quote Link to comment Share on other sites More sharing options...
Petkula73 Posted October 31, 2014 Author Share Posted October 31, 2014 Australian tax return submitted as an individual. Quote Link to comment Share on other sites More sharing options...
ekf Posted October 31, 2014 Share Posted October 31, 2014 I called the ATO and asked for an extension to lodge my tax return. I too am waiting for some UK stuff to be sorted out which. They granted the extension over the phone. Quote Link to comment Share on other sites More sharing options...
Petkula73 Posted October 31, 2014 Author Share Posted October 31, 2014 Cool. We basically want to defer lodging until April next year. Went through Ernst & Young (via work) previously and wasn't an issue, but my understanding is that I'd need to be registered with an agent before end of today to do that. Tax over here is absolutely ridiculous. Makes you realise that somethings in the UK are actually better. Don't Australians just love mindless bureaucracy?! Only country in the world where something like negative gearing your house is seen as something a lay person should understand. I've a degree in economics and I've no idea how it works. Quote Link to comment Share on other sites More sharing options...
le petit roi Posted November 2, 2014 Share Posted November 2, 2014 Cool. We basically want to defer lodging until April next year. Went through Ernst & Young (via work) previously and wasn't an issue, but my understanding is that I'd need to be registered with an agent before end of today to do that. Tax over here is absolutely ridiculous. Makes you realise that somethings in the UK are actually better. Don't Australians just love mindless bureaucracy?! Only country in the world where something like negative gearing your house is seen as something a lay person should understand. I've a degree in economics and I've no idea how it works. Buy an overpriced house with next to no cash flow, rent it out at a rental loss, claim loss from Govt via tax system....not difficult to grasp the basics of the aussie psyche :-) Quote Link to comment Share on other sites More sharing options...
Petkula73 Posted November 3, 2014 Author Share Posted November 3, 2014 Buy an overpriced house with next to no cash flow, rent it out at a rental loss, claim loss from Govt via tax system....not difficult to grasp the basics of the aussie psyche :-) Yep, hence why any poxy one bed flat anywhere within 20km of Melbourne CBD is north of $500K. I posted a comment on another thread about how we are struggling to afford to buy a very modest house as anything with more than half a tennis court of land in our neighbourhood gets snapped up at 30% over the reserve price by some investor who then builds 3 tiny Hobbit sized houses on it. Pretty soon the only house that'll be left in the inner suburbs will be two room maisonettes (for $900K+ each) and the $5M+ piles the owners of them live in. The property market here is seriously mental. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 3, 2014 Share Posted November 3, 2014 What is ridiculous about it Petkula ? I don't understand what your concern is. Quote Link to comment Share on other sites More sharing options...
Petkula73 Posted November 3, 2014 Author Share Posted November 3, 2014 (edited) What is ridiculous about it Petkula ?I don't understand what your concern is. Seriously? My concerns are: 1. The property market is now saturated with investors with easy access to borrowing. 2. However, many of these investors can't actually afford these investments without negative gearing the property. Therefore, the tax payer is effectively subsidising people making risky and unaffordable investments. This takes money away from the public coffers, for no other reason than to subsiding someone's leveraged investment. So, less money to spend on schools, roads, nurses and so on. 3. The playing field between family buyers and investors is not level. A "normal" buyer is unable to write off mortgage interest (for example) against tax, so the market is unfairly biased towards investors. 4. Consequently, people either cannot get on to the house ladder, or get trapped where they are as they cannot compete with investors tax subsidies. It stinks. The whole idea of paying taxes to subsidise private investment is wrong. Nothing against owning property as an investment (I have an investment in the UK), but it's the responsibility of the owner to pay for any losses, not the tax payer. Add to that the fact my mortgage in Australia will be hugely inflated solely due to the increase in house prices fueled by negative gearing and it's a double slap in the face. And this is just the start of the problems. There is now a generation of young people coming through who have zero chance of every owning their own property. What do you suppose happens to these people? Squeezed by extortionate rent rises as everyone else is now renting, no chance of owning property, saving or investing themselves. And all the while, more and more older and wealthier investors are coming along and forcing prices of first homes higher through squeezing the tax system. Is it more important for someone who is 25 to own their first home, or some investor to pick up their 4th or 5th investment property, all negatively geared against their tax? Effectively what's happening is redistribution of income. The rich investors pay proportionally less than their share of the tax burden, whilst the poor and the young pay proportionately more of their income (in rent) to keep the whole charade going. Edited November 3, 2014 by Petkula73 Quote Link to comment Share on other sites More sharing options...
Parley Posted November 4, 2014 Share Posted November 4, 2014 It is a quid pro quo as the investor pays capital gains tax on any gains made. At least we don't have inheritance tax as in the UK which is truly evil. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.