Tax Time Tips

[scottyjc]

Any (unusual) pointers on what we can claim this time of year?

I guess we all have the regular ones, but maybe you can suggest something a little left field?

Does anyone also know what the go is on share losses? I bought some BHP earlier in the year, and am down about 10%.

I also bought some WBC through my margin loan, approx $4k. The shares are up, can I still claim the interest on the loan?

 

[bballscout]

If you work outside can claim sunglasses up to $150.

 

[DrParrot]

Scotty losses on sale of shares are separated as capital losses... These carry forward to future years and you can use them against any capital gains you make.

Interest on the margin loan is deductible

 

[Jordie_tackles]

Bump, tell me how to claims moneys please

 

[DrParrot]

Bump, tell me how to claims moneys please

lol question is very vague. Would suggest if your not sure what your doing with your tax you see an accountant. Or if you are a low income earner often the local community house will assist you for free.

 

[Jordie_tackles]

lol question is very vague. Would suggest if your not sure what your doing with your tax you see an accountant. Or if you are a low income earner often the local community house will assist you for free.

Was just looking for some sneeky tips for the average punter, normally go to an accountant but couldnt be bothered last year, just did it myself.

 

[DrParrot]

Was just looking for some sneeky tips for the average punter, normally go to an accountant but couldnt be bothered last year, just did it myself.

ah ok, up to $300 of deductions without receipts. (note once you go over $300 you need receipts for everything). Generally $150 for laundry, sunscreen sunnys (if work outside)

can claim up to 5000km of travel without a log book (although if ever audited you will need some kind of proof you did have to travel... perhaps a letter from employer and reasons why etc) The below link shows what kind of travel you can claim for.
http://www.ato.gov.au/content/00313832.htm

Not sure if this helps...

 

[NitroFan]

if youve purchased two seperate packets of shares from the same company, one over 12 months ago and one within the last 12 months, and you sell all of them in one hit, are you able to apply the cgt discount to all of them?

 

[Ikan Bodoh]

if youve purchased two seperate packets of shares from the same company, one over 12 months ago and one within the last 12 months, and you sell all of them in one hit, are you able to apply the cgt discount to all of them?

No each "packet" is treated separately

 

[Superstar hawks]

Hi guys,
I just have a quick question, (well i hope its quick anyway) I currently live in Australia but I work in Papua New Guinea, Im on a rotation of 49days in PNG then 21days of R&R back in Australia. Is anyone able to tell me how to work out how much tax I am going to be paying come tax time next year?
Thanks in advance.

 

[eastcoastcrow]

If you work outside can claim sunglasses up to $150.

What about driving to work?

 

[DrParrot]

What about driving to work?

Cant claim travel to work and back (assuming you have a single workplace). Can claim travel between workplaces, or travel to a clients etc. But not to work and back

Sorry superstar hawks, dont know much about Overseas income. I know your treated as an australian tax resident as your main place of residence is here, but other then that im clueless. Might do a bit of research and get back to you! (probably wont be today)

 

[DrParrot]

http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/64144.htm&page=3&H3

it appears that its taxed like normal income, so just using the normal tax rates. You still get the tax credits for any tax you have paid abroad.

 

[Scotland]

If you're an Australian resident earning income outside Australia you must declare it to the ATO.

I'd wager those in the Rudd government that brought this in have never worked a day in their life outside Australia, let alone spent weeks or months on end away from family in places like Africa & PNG.

 

[GeeUUess]

If you work outside can claim sunglasses up to $150.

Can claim total amount of sunglasses, not limited to $150.

Any (unusual) pointers on what we can claim this time of year?

I guess we all have the regular ones, but maybe you can suggest something a little left field?

Does anyone also know what the go is on share losses? I bought some BHP earlier in the year, and am down about 10%.

I also bought some WBC through my margin loan, approx $4k. The shares are up, can I still claim the interest on the loan?

The loss/gain in shares doesn't get calculated each month, only when you sell them. Yes you can claim interest.

 

[00Stinger]

ah ok, up to $300 of deductions without receipts. (note once you go over $300 you need receipts for everything). Generally $150 for laundry, sunscreen sunnys (if work outside)

can claim up to 5000km of travel without a log book (although if ever audited you will need some kind of proof you did have to travel... perhaps a letter from employer and reasons why etc) The below link shows what kind of travel you can claim for.
http://www.ato.gov.au/content/00313832.htm

Not sure if this helps...

As a normal estimation the ATO will audit tax returns like this:

(a) They will pick 3-5 professions a year and most of the audits will be done on these professions

(b) They will work out an average for deductions for all professions. Anyone who is outside of this average by 10% will be highlighted and the chances of being audited greatly increase

With regards to the km travelled, remember you can only claim work travel or travel between jobs. You cannot claim travel to and from work.
I have had a nice little set up for the mrs for the past couple of years. We live in Essendon and she works in Werribee (so roughly about 35kms away). She also decided to start teaching 1-2 aerobic classes after work a week around the corner from our house. So now we can claim 80km a week in travel allowance as she is able to claim the kms driven between her jobs (even though the aerobic classes are only 45 mins each). So now over a year we can claim 4,000 odd km in travel

 

[00Stinger]

Hi guys,
I just have a quick question, (well i hope its quick anyway) I currently live in Australia but I work in Papua New Guinea, Im on a rotation of 49days in PNG then 21days of R&R back in Australia. Is anyone able to tell me how to work out how much tax I am going to be paying come tax time next year?
Thanks in advance.

without looking into all of your details you will need to pay tax in Asutralia.

They normally work it out that the tax will be the difference between the PNG tax and Australian tx rates.

So for instance if you are taxed $100 in PNG and Australian tax would have you have taxed $300 for the same earnings, you will owe the ATO $200( $300-$100).

If they can prove you will return to Australia to reside at some point in the financial year you will be taxed.

 

[Superstar hawks]

without looking into all of your details you will need to pay tax in Asutralia.

They normally work it out that the tax will be the difference between the PNG tax and Australian tx rates.

So for instance if you are taxed $100 in PNG and Australian tax would have you have taxed $300 for the same earnings, you will owe the ATO $200( $300-$100).

If they can prove you will return to Australia to reside at some point in the financial year you will be taxed.

Thanks for that, I dont even know if I should bother working o/s anymore.
Sorry it took me so long to say thanks, its been a busy couple of months.

 

[Scotland]

Thanks for that, I dont even know if I should bother working o/s anymore.

As far as I'm concerned if you spend a period of time living and working in another country being paid in that country you should be subject to the tax laws of that country only.

What we have now is just rent seeking from the Australian govt.

 

[00Stinger]

As far as I'm concerned if you spend a period of time living and working in another country being paid in that country you should be subject to the tax laws of that country only.

What we have now is just rent seeking from the Australian govt.

Disagree. Tax money pays for infastructure, hospitals ext. All services that are to be used by Australians, paid by Australians.

it is set up to stop people from trying to invest their money in overseas markets in order to avoid Asutralian tax

Plus alot of countries use this method, so it isn't restricted to Australia.

 

[GeeUUess]

As far as I'm concerned if you spend a period of time living and working in another country being paid in that country you should be subject to the tax laws of that country only.

What we have now is just rent seeking from the Australian govt.

Nah.
I haven't had a great deal to do with overseas income but I am pretty sure you can end up with a refundable offset (if the tax paid in the other country is greater than that of Australia).
More importantly, if overseas working income isn't taxed it creates a double standard with overseas investment income and well you can't just let overseas investment income not be taxed in Aust imo. It's Australians who earnt the money from Australians and will probably spend the money in Aust.
Like overseas working income, those overseas workers will spend some of that $$$ in Australia, competing their $$$s against my $$$s for the purchase of products, so it is unfair if their $$$s haven't been taxed in Australia.