What You Getting With Your Tax Return?

[Redwarf]

If you've made $110K, for the year you have a tax burdon of $29k-ish. If you've paid $40K, expect a large lump back. Disclaimer: this figure doesn't take into account medicare levy, various rebates, and of course any deductions.

 

The ATO has a number of tax calculators if you want to work it out better.

 

For 40K tax you would want to have earned around the 135 mark.

 

I get paid overtime, which is irregular (some weeks not there, others 30 hours worth), but that usually only throws out the end of year by a couple of thousand.

 

4-6K for me is an educated guess. My tax burden should be about 45K and PAYG is about 49.5. Then there's deductions, investments and medicare which usually break even.

Edited June 21, 2011 by Redwarf

[cinky]

Iv got a fair bit to claim. 2 dependants and forgot to mention i pay extra tax due to extra icome but was all cash work so didnt declare it.

[ke70dave]

this is the first year i don't think i will be getting a tax return.

 

worked full time this whole financial year, pretty much did 40hrs/week. = exact tax taken out each week.

 

i might get my financial advisor to do the tax return though...see if they can get me something:P

Edited June 21, 2011 by ke70dave

[philbey]

I reckon my hecs is overpaid to the tune of a few grand, so BANG all that comes back. Spending all mine on the honeymoon, 10 week world tour, sweet.

 

Going towards workshop equipment. Aiming for at least a lathe by christmas and a milling machine by next tax time.

 

Nice one Ryan, I bought a lathe end 09/10 financial year (for tax reducing purposes funnily enough) but haven't had time to get the single-3 phase inverter wired up. Hercus 260, killer.

 

I really should get last years done first!

redwarf :o :blinks:

 

I did last years but not 09/10's, and now I'm going back to revise my 08/09 because I didn't tally my living away from home allowances and I'm due a significant return

 

 

I always find it funny that people seem to think they just "get" a tax return and don't realise that you only get one where you've overpaid tax in the first case (ie fluctuating overtime, taking unpaid leave etc). There's always deductions of course.

[t18drifts]

forgies and a turbo :P

[B.L.Z.BUB]

A fish tank so I can do some mean swapz bruz.

[ae824ate]

A fish tank so I can do some mean swapz bruz.

Hahaha, funny shit!

Um, i do have a 4ft tropical tank if you wanna swaps.... :lol:

[t18drifts]

does it come with fish bro and some cash my way oh and ill throw my gf in aswell ................. :D

[ae824ate]

does it come with fish bro and some cash my way oh and ill throw my gf in aswell ................. :D

Yeah man, 4 gourami's, and a brisstlenose catfish. Send me pics of your missus hahaha.

[t18drifts]

google search tits and pick one jks jks

 

 

 

 

 

 

Anywho f@$king keen on my bits n peices for my turbo build

[19914afc]

I get taxed every week but have lots to claim as I have spent heaps on tools this year and still want to buy roll cab tool box before the end of the financial year.

[BUZ440]

Carton of CC Dry

Bag of ice

2kgs of scotch steak

loaf of fresh bread

$10 worth of hot chips

 

Invite my mates around, and BAM!!!

[jono1986]

My new Guages :laff: :laff: :laff: :laff: :laff:

[Sloth]

I really should get last years done first!

 

I'm in the same boat, doing a double this year. Hopefully I should get a little back. Plan is to move out (still living with ex :huh: ), stash a bit away as saving and probably drop some on getting the KE70 track ready.

[kickn5k]

Rego on the rolla and a tow bar for the bt-50!!!