Tax Time!!!

[marcs_sp20]

so i did my tax online yesterday, getting $1600 back woot :D Decided im going to spend some money on the car for once seeing it all went to the rebuild of the engine.. On the list is new shocks, front rotor's & simota cai :D. So whats everyone else spending there money on? Marc

[andrewck]

Still making up my mind on what to do with $3000

[marcs_sp20]

Still making up my mind on what to do with $3000

BIG TV!!! :D:D

[70NYD]

BIG TV!!! :D:D

50" plazma, hdmi cable, PS3, surround sound. can b enough if u shop arround ;)

[marcs_sp20]

the missus wants a 40-42" LCD, so thats around 1300 or less (family member works at the good guys :D) and house stuff..

[hks_kansei]

getting $1600 back woot :D Decided im going to spend some money on the car for once

cool.

all the money I spend on my car is deductible for tax.

this year's tax will have 2 sets of tyres, a set of rims, and my Eibach's. on top of the petrol and servicing costs.


hmm, been thinking of getting PS3, might use my return on that. ;)





btw, I work as an accountant, so if people have any questions about deductions/claims etc I can help clear them up.

[mrpayner]

i'll probably have to pay further tax.. :(

[woofy]

Do you drive as part of your job HKS? My wife does as she is an auditor and she can't claim anything for her car, so how'd you swing that.

I do however and also get a car allowance, so funs ahead for this one. Not sure how you guys all get such Big $$$ back, I only got something close to that last year due to my car expenses but prior to that around $600 was pretty much all I ever got.

[KittyKatSmack]

Speaking of gaming consoles (completely ignorning Tax and shutting eyes and fingers in ears singing lalalalalalalalalalala)

Big W had a special on the XBox360 for $278 so I bought that for Aaron, plus he finally got his Air Compressor (2HP with attachments) and I haven't done that T word thing........

I'll owe money again coz a stupid gov department has been giving me the tax free threshold when I didn't select it, and it's taken 2 years to discover it - GAH!!!!

I need money for stamp duty on the house - GAH!!!!!

Taxes and death eh?

[hks_kansei]

Do you drive as part of your job HKS? My wife does as she is an auditor and she can't claim anything for her car, so how'd you swing that.

work related self education expenses.

I'm still at uni, studying Accounting/Commerce, and because I also work at an accounting firm I can claim expenses related to my uni course (including travel and car maintenance) as a deduction.

the catch is I need to keep a logbook and apportion all expenses according to the % of uni usage.

http://www.ato.gov.au/individuals/content.asp?doc=/Content/18843.htm&page=4&H4


if your wife uses her car for travel she should be able to claim the cost of the trip, but only from work to the destination, not from home to work, and vice versa.

[woofy]

Ah ok, I forgot completely that you were still at uni....having said that my wife never claimed anything when she had to drive to the city as part of her CA stuff mainly cause it was so minor it wasn't worth the effort.

She never claims anything with her car despite it getting used to transport her and her workmates to clients all the time. There is a reason why, but I don't remember. Its our car, and she doesn't get any allowance for it....but I do know that if there was a way she'd know......

[skar6270]

...sometimes I wish I didn't get paid in cash

[02-KQ-LASR]

i havent even thought about tax time yet...
but chances are depending on what i get, some will be spent on the car, and if my missus has someting to do with it, some will be saved for the house....

[andrewck]

BIG TV!!! :D:D


Already got that Sony Bravia 40" W series LCD with a Sony Bluray player :D

[Orion]

Already got that Sony Bravia 40" W series LCD with a Sony Bluray player :D

Seeing as you have the big TV, maybe you could get some springs for the SP20 ;)

[andrewck]

Thought about that also but decided against it leaving the bitch stock ;) Most likely will be new Shocks and a bigger rear sway bar and re rolling 3 rims :(

[Orion]

No worries :p Just having a lend.

I normally dont get much back from the tax man. I usually end up do overtime which stuffs around my HECS payments and Im lucky if I dont have to pay the tax man.

[Ky_88]

My tax return will go straight into my car fund!! WOO..

[tjongdy]

I normally dont get much back from the tax man. I usually end up do overtime which stuffs around my HECS payments and Im lucky if I dont have to pay the tax man.

You're not alone on that one.... or maybe i just need a better accountant.
But if there was anything back from the taxman i would use it on new rotors and pads, or just save it for rego and insurance.

[andrewck]

Guys what you do is simple when the Government gives you tax cuts dont take them put then back into your tax this way you get a real nice little tax cheque

[woofy]

Um or I could just put the difference each pay into ING and get interest on it.....lol....as I said before I hardly ever got much back in tax refunds, bit different now though as my car allowance gets taxed at the max rate and then the deductions mean I get most of that tax back...forced savings really.

[andrewck]

Yeah but then you get taxed on the interest so really letting the tax man hang onto it means its tax free

[Orion]

Generally work calculates all of the tax, HECS stuff so it is a real pain to get them to hold extra back. And even if you did out it anyway to earn interest, you are still earning more than whatever tax is taken out. It amazes me the number of times I hear people say dont earn any extra money or you will get taxed.

However, I will agree with the forced savings thing. If the taxman has it (even only temporarily) then you definitely cant touch it. If it is sitting in a savings account then theres always the temptation.

[rodhog]

You all suck for getting tax returns

I got pinged $5840 last year - so that's gone this year plus who knows how much more I owe.

EVERY FRIGGEN YEAR.

I havent' had a return for 5 years.
It's not like I make money, they just do it because I have investments. Bloody Captial Gains tax.

[zappy65]

I might buy me some "Bling"...unsure of what though..... + the rims + the tyres + ah man.....i need more Tax money.....lol

[andrewck]

Rodhog whats the percentage that you pay on capital gains ?? 33% or 47%

[skitz]

Taxes and death eh?
got to love "meet joe black"

i get to use all my study as deductions as its all relivant to my job and i get to claim kms as before i had a company car i had to use mine... so my tax returns are normally quite great....

this yeah its going into savings! (when i get around to lodging it) as for my 21st bday my hole family is giving me money to go overseas and i am sure my tax return would make that holiday even better....

[hks_kansei]

Rodhog whats the percentage that you pay on capital gains ?? 33% or 47%

CGT is the same rate as personal income tax, just gets added to your taxable income.

[woofy]

You must be making some money rodhog, (even if its reinvested) as you don't get taxed on losses!

[mrpayner]

You all suck for getting tax returns

I got pinged $5840 last year - so that's gone this year plus who knows how much more I owe.

EVERY FRIGGEN YEAR.

I havent' had a return for 5 years.
It's not like I make money, they just do it because I have investments. Bloody Captial Gains tax.
I hear you on that bro.. same here. The government should not get any further tax from you after they have taken their cut from your pay.. What you do with your money after that should be all yours. It's so unfair. Those of us who actually want to earn more than our measly salary could do so without being taxed further..

Speaking of tax.. Who here knows how much you can earn as a 'hobbie'? Apparently there's tax free gains on people earning extra cash off a 'hobbie'.

Adz

[hks_kansei]

Speaking of tax.. Who here knows how much you can earn as a 'hobbie'? Apparently there's tax free gains on people earning extra cash off a 'hobbie'.

Adz

http://www.ato.gov.au/youth/content.asp?doc=/Content/66884.htm
I cant really help much with that one, I dont often come across people making income from hobbies.



got my Group certificate today, assuming I have similar expenses to last year (probably more since petrol has gone up) I should get back about $1k