Tax time 2018

[TheKanga]

So we are nearing that time again.
I normally do my taxes straight away via Mytax.
Get the return mid to late July.

Do you normally wait or do it as soon as you can?
Expecting a good return or a debt?

 

[Eastern Rangers]

First time in years I’ll be lodging it pretty much straight away.

Finish a TAFE assignment this week and then I’ll bring the last financial quarter up to date and go from there.

Hoping for 3k back.


Sent from my iPhone using Tapatalk

 

[TheKanga]

Hoping I'll get around 1.1k back.

 

[van peebles]

Have the best accountant money can buy.
He could cheat god out of 3 maybe 4 clouds.

 

[Golden_6]

Have the best accountant money can buy.
He could cheat god out of 3 maybe 4 clouds.

As in he's breaking the law? I'm confused at what you're saying.

 

[van peebles]

As in he's breaking the law? I'm confused at what you're saying.

Yes.
Cheating tax is breaking the law.
So is poor posting in threads.

 

[Zim^zuM]

Looking at my return last year i paid $1700 in a medicare levy. I have private health and in my assesment it saud I am not liable for the levy yet was slugged the $1700. Would anyone have any insight as to why??

Same happened to my wife who was slugged $800.

 

[Denkverbot]

I've already submitted mine ... owe 3k ... capital gains tax.

Don't do any dodgies as the ATO are apparently going to go on a rampage.

 

[Scotland]

Looking at my return last year i paid $1700 in a medicare levy. I have private health and in my assesment it saud I am not liable for the levy yet was slugged the $1700. Would anyone have any insight as to why??

Same happened to my wife who was slugged $800.

Unless you are a low income earner then you are liable for the levy. Everyone is. $1700 would suggest an income of $85k, $800 $40k.

Private health cover gets you out of paying the levy surcharge. So basically you pay tax, then on top of that you pay $1700 towards the health system, then if you earn more than $90k the government says you need to get private health cover or pay another 1-1.5% of your income towards the health system.

 

[ash_1050]

Went in and did my tax return at H&R Block this evening and the lady who did my return advised crypto gains are only treated as income at the time it's converted back to AUD. So coin to coin transactions don't need to be tracked for the financial year ending 2018. That's a few less headaches for everyone.

$6.8k tax return as well as I moved back to Aus in Feb so therefore paid much more tax than I would otherwise have needed to.

 

[hotkorma]

I've already submitted mine ... owe 3k ... capital gains tax.

Don't do any dodgies as the ATO are apparently going to go on a rampage.

Haha this gets thrown around every year.

 

[sabre_ac]

Went in and did my tax return at H&R Block this evening and the lady who did my return advised crypto gains are only treated as income at the time it's converted back to AUD. So coin to coin transactions don't need to be tracked for the financial year ending 2018. That's a few less headaches for everyone.

I'd assume the H&R Block person knows what they're talking about, however, it might be worth reviewing the below guidance provided by the ATO

https://www.ato.gov.au/General/Gen/...tcoin/?page=2#Transacting_with_cryptocurrency

 

[ash_1050]

I'd assume the H&R Block person knows what they're talking about, however, it might be worth reviewing the below guidance provided by the ATO

https://www.ato.gov.au/General/Gen/...tcoin/?page=2#Transacting_with_cryptocurrency

I've seen all kinds of contradictory stuff posted by the ATO, hence going to H&R Block. Provided you can demonstrate you've done as much as you can reasonably do to ensure your tax is done properly I can't see the ATO chasing after you as they would someone actively trying to hide their crypto gains.

For the record I didn't pay CGT in Australia though so your mileage may vary, however that's what I was told when asking about future crypto gains and what would have happened had I reported them in Australia for the financial year ending June 30.

 

[Scotland]

Tax on crypto profits paid to the ATO is only fiat anyway...

 

[nobbyiscool]

Do people suspect (or even have experience) that red flags are raised if you claim a lot of deductions that put you just below a threshold?

I didn't actually dodgy up any deductions at all - I just had a lot of them, particularly with using my own phone and car (that I used to drive to regional cities a lot) for work.

It left me about 40 bucks below a threshold and subsequently gave me an extra couple of grand on my tax return. While I have a diary of the car usage and bills/receipts for phone bills, union dues etc, a tax audit sounds like a massive pain in the arse. (Then there's also the fact that everyone who uses a uniform claims the $150 unreceipted... that becomes receipted if you have over $300 of deductions. How the **** is anyone expected to record how often they wash their stuff?)

 

[hornetswce]

Has anyone had any luck getting a decision reversed on a late lodgement? Wife submitted a hecs benefit form and it must not have arrived in time through the post. Wondering if we have an argument that the post was the reason for the delay

On [device_name] using BigFooty.com mobile app

 

[Carl Hooper]

Do people suspect (or even have experience) that red flags are raised if you claim a lot of deductions that put you just below a threshold?

I didn't actually dodgy up any deductions at all - I just had a lot of them, particularly with using my own phone and car (that I used to drive to regional cities a lot) for work.

It left me about 40 bucks below a threshold and subsequently gave me an extra couple of grand on my tax return. While I have a diary of the car usage and bills/receipts for phone bills, union dues etc, a tax audit sounds like a massive pain in the arse. (Then there's also the fact that everyone who uses a uniform claims the $150 unreceipted... that becomes receipted if you have over $300 of deductions. How the **** is anyone expected to record how often they wash their stuff?)

i got a warning whilst doing my return on mygov about high deductions...

but like yourself i use my own car, phone and have to buy uniform and work boots.

so my deductions are naturally high... it is what it is

 

[NUFC Tiger]

Just had a go doing my Tax on MyTax and my estimated return is about $700 which is significantly less than previous years and I have no idea why (usually got 2k or more the previous few years). I used the chat assistance and the person I chatted with had a look but couldn't see any reason for the discrepancy but suggested I submit anyway and they will look into it.

The only changes in my circumstances have been changing jobs around September last year (salary increasing from about $64k to $74k) and now paying for private health. Changing jobs, my annual leave was paid out (just under $8k) so I wonder if that might be something to do with it.

Wondering if I should try lodging it professionally or just go with it and see what happens after lodging with the ATO - was banking on a better return so I can build a new back fence and pay off my credit card.

 

[Carl Hooper]

Just had a go doing my Tax on MyTax and my estimated return is about $700 which is significantly less than previous years and I have no idea why (usually got 2k or more the previous few years). I used the chat assistance and the person I chatted with had a look but couldn't see any reason for the discrepancy but suggested I submit anyway and they will look into it.

The only changes in my circumstances have been changing jobs around September last year (salary increasing from about $64k to $74k) and now paying for private health. Changing jobs, my annual leave was paid out (just under $8k) so I wonder if that might be something to do with it.

Wondering if I should try lodging it professionally or just go with it and see what happens after lodging with the ATO - was banking on a better return so I can build a new back fence and pay off my credit card.

lmaoo exactly the same thing happened to me...

i earnt roughly the same as last year. quickly entered, roughly, the same amount of deductions as i did last year (when i got 3k back).. and my estimate was like $800. I was like nah that can't be right.

so I've printed off my bank statements and just going to highlight everything work related (tradesmen) and go nuts on the deductions.. I should be goin nuts anyway, was just having a quick look last night to see what id be getting back haha


I'd say go back and beef up some of those deductions.. also, my friend said his estimate was 2.3k and then received 2.7k. so it could go up.

 

[nobbyiscool]

Just had a go doing my Tax on MyTax and my estimated return is about $700 which is significantly less than previous years and I have no idea why (usually got 2k or more the previous few years). I used the chat assistance and the person I chatted with had a look but couldn't see any reason for the discrepancy but suggested I submit anyway and they will look into it.

The only changes in my circumstances have been changing jobs around September last year (salary increasing from about $64k to $74k) and now paying for private health. Changing jobs, my annual leave was paid out (just under $8k) so I wonder if that might be something to do with it.

Wondering if I should try lodging it professionally or just go with it and see what happens after lodging with the ATO - was banking on a better return so I can build a new back fence and pay off my credit card.

Was the annual leave payout taxed? It should've been, but not a guarantee.

The other possibility is just that your new job are paying a lower amount of tax, and closer to what it should be than your old employer, who were obviously sending more to the ATO than you owed.

I'd be blown away if you ended up with more by lodging what you've done on MyTax. They process them too quickly for anyone to have really looked closely at your sums. If you think it should be more you should probably stump up the cash and see an accountant.

 

[NUFC Tiger]

lmaoo exactly the same thing happened to me...

i earnt roughly the same as last year. quickly entered, roughly, the same amount of deductions as i did last year (when i got 3k back).. and my estimate was like $800. I was like nah that can't be right.

so I've printed off my bank statements and just going to highlight everything work related (tradesmen) and go nuts on the deductions.. I should be goin nuts anyway, was just having a quick look last night to see what id be getting back haha


I'd say go back and beef up some of those deductions.. also, my friend said his estimate was 2.3k and then received 2.7k. so it could go up.

Sounds like we are in the same situation - I got just over 3k last year as well.

I had a go redoing it last night looking at my bank statements and increased a few of my deductions as a result and managed to get an estimate closer to $750 now...When you did yours, did you also prefill your details? I tried the prefill option first time around and then doing everything manually the second time but didn't seem to make much difference.

The ATO guy mentioned to double check step 3 in MyTax (the personalise your return step) but I compared what I did to last year and everything looks the same as well. My sister did hers last week and she is expecting 3k as well and is quite similar to myself in terms of circumstances. Quite bizarre really.

Was the annual leave payout taxed? It should've been, but not a guarantee.

The other possibility is just that your new job are paying a lower amount of tax, and closer to what it should be than your old employer, who were obviously sending more to the ATO than you owed.

I'd be blown away if you ended up with more by lodging what you've done on MyTax. They process them too quickly for anyone to have really looked closely at your sums. If you think it should be more you should probably stump up the cash and see an accountant.

My final payslip did mention my AL pay out got taxed (got a gross payout of $7,900 and $2,760 of that was apparently taxed).

I'm wondering if maybe the bold bit is onto something. I've gone from a private sector job to one in the public sector and I signed up for a commuter club scheme when I started (which offers 10% discount for public transport for public sector workers - subsequently my expenses getting to and from work have been less this last financial year.)

I'm thinking getting it done professionally so might need to scout out well reviewed service providers haha (that's tax deductible when doing my next tax return I think?).

 

[00Stinger]

Between my wife and I we are getting back $18k. $8k for myself and $10k for her.

Paying for a 3 week trip to the USA. Bang!

 

[nobbyiscool]

I'm thinking getting it done professionally so might need to scout out well reviewed service providers haha (that's tax deductible when doing my next tax return I think?).

Correct - it is. I remember seeing in MyTax last week where you can write off the cost of managing your tax

 

[NUFC Tiger]

I ended up submitting over the weekend and am expecting about $850 now - found a few other things I could claim for work related expenses and having a go including some of my phone charges in as well (took a very conservative approach there and had took a sample of a 4 week period breaking down work v personal calls).

Tried using the H&R Block online tax return form to see if it made any difference but it didn't so I just ended up going through MyTax instead. I guess something is better than nothing haha.

 

[06Premiers]

Just submitted my tax & checked my HECS. It seems I'll finally be done paying it off this FY

Been talking to a few people & it's a 50/50 split as to whether I should stop the automatic deductions from work or not.
Do I use the extra cash each pay to speed up the mortgage, or get a yuge tax return each year for coke & hookers?