First tax return.

[Rebecca1978]

Hi all,

 

Im hoping for some tax return advice, now I know I need to get an accountant and I will be doing that in July when the return is due, my question is will we defiantly get a tax return on our first one? I've read all sorts of things on here and I'm either getting a bit over excited lol, or I'm reading it wrong, I've just been on the ATO calculator and put my hubby's details in so the taxable income is 115000 my hubby started earning in September 2012 and when we do our return it we would have been earning for 10 months it says we only have to pay $30000 for the tax year, but we have already paid $37461, so am I right in thinking I will get refunded the difference which in June is going to work out about $9000? This really don't seem right to me so was just wondering if anyone else had an idea, oh we are on a 457 visa, I'm not sure if that makes any difference at all?

 

This is where someone is going to come along and burst my bubble now islnt it lol

[blossom]

Did he tick that he was resident for tax purposes?

[northshorepom]

You should get a fairly decent sum back as you arrived halfway through the tax year. I find the online tax system provided by the ATO quite helpful and easy to use. If your affairs are straightforward you don't really need an accountant, although of course as the accountant's fees are themselves tax-deductible, it's often worthwhile, if you can be bothered

 

Impossible to say how much you'll get without knowing the full ins and outs which tbh I wouldn't want to know nor have the time to pick through them. Just look on any amount of refund as a bonus and don't mentally spend it before you have it, is all I would say. You never know, you might find you need a filling or a cup of coffee and poof! There's the refund gone in an instant

​:wink:

[Rebecca1978]

Hi, yes he is a resident for tax purposes, I'm also trying really hard not to spend it before I've got it and trying hard to not get my hopes up of even getting a return, but it sure would help a lot especially as my daughter is of to uni in February and is classed as an international student, that's $68000 so anything would be great right now.

​thanks for your replies.

[NickyNook]

Don't forget the Medicare levy of 1.5% which also needs to be paid. Some tax calculators don't allow for this.

 

This one does:

http://www.taxcalc.com.au

[NickyNook]

Have to admit that there's something funny about the tax your OH has been paying.

 

It's at a far too high a rate for someone on $115k.

 

If he's on $115000 a year, he's only been working for 8 months and he's already paid $37461 in tax, then he's been paying at a flat rate of a whopping 48%.

 

Either his company doesn't have his tax file number - or he's on a much higher pay than $115000.

[Rebecca1978]

Hi, my husbands annual salary is $137000 with the fly in fly out it goes up to $205000 when he's away, the $115000 is what he has earned to date. so I must be calculating things wrong, I'm no good with these things.