Tax Return help - first time using e-tax

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  ozhunter on 11/08/2013 - 14:11

  The tax offset part is calculated automatically as long as you put your income in correctly. The Low Income Tax Offset did change to a maximum of $445, but the tax-free threshold did go up to $18,200.

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    henrikoez on 11/08/2013 - 15:03

    Sorry I'm not good with these stuffs but does it mean there's no tax for $18,200 if australian residents with low income? I still can't find what's wrong with my e-tax…my income is only $40k with nothing else. I shouldn't owe anything to ATO

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      ozhunter on 11/08/2013 - 18:25

      +1

      Yes. Maybe you paid less tax this year. This simple calculator says you should pay $4747 tax if earning exactly $40k. If your PAYG summary states you paid less than that, then you are most likely to be owing some money.

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        henrikoez on 12/08/2013 - 23:19

        After calculating gross income, interest, and deduction; my total income is $40800 and according to that calculator, I had to pay $4807? with tax offset and medicare levy, it said I owe $170 to ATO this year..I really don't understand why. my workmates got $700-800 for tax refund last year, while I only got $200 (minus $116 after using H&R Block).

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        ozhunter on 13/08/2013 - 02:44

        Not much point comparing to last year as few things changed that would affect the amount of tax you paid.

        my workmates got $700-800 for tax refund

        I got $1200 back this year, my sister owes $600ish, and my workmate got back almost $5000. All depends how much tax you paid throughout the year.

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        henrikoez on 13/08/2013 - 10:08

        thanks for your help, mate. I've asked someone about my case and it seems I owe tax because of bank interest. nothing I can do.

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  siraitken on 11/08/2013 - 14:15

  There were changes to the low income offset for last year (2012-13).

  Refer to the table in the link below
  http://www.ato.gov.au/Rates/Household-Assistance-Package---t…

  Use the calculator to assess your eligibility as well.

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  [Deactivated] on 11/08/2013 - 16:15

  Did you compare your deductions and income from last year? You can claim $300 work expenses without a receipt so make sure you do that. Check your private health and/or Medicare data. The ATO has plenty of help available and they won't bite your head off even if you ask simple questions so if you need assistance don't hesitate to contact them. Here's a useful link:

  http://www.ato.gov.au/Individuals/Lodging-your-tax-return/In-detail/Getting-help/Tax-Help-program/

  "New rates from 2012

  The money raised by the carbon tax was earmarked by the Government for a variety of uses including changes to the personal income tax which will come into effect from 1 July 2012:

  the tax free threshold for individuals will be increased from $6,000 to $18,200;
  the low income tax offset will be reduced;
  the thresholds for the Medicare levy will be increased; and
  the two bottom tax brackets [currently 15% and 30%] will be increased to 19% and 32.5%. The thresholds for these rates and the remaining rates are unaffected."