Excuse me being so blunt, I'm curious to know the average tax return for an OzBargainer.
I earned $44,000 last financial year, and with the economic stimulation bonus, will have a return around $4000.
How Much Are You Getting from Your Tax Return This FY? Estimated/Actual Values? Include Salary if Possible
dTer on 08/07/2019 - 11:58
Poll Options
- 20Under 500
- 9Over 500
- 14Over 1000
- 10Over 1500
- 6Over 2000
- 7Over 3000
- 2Over 4000
- 12Over 5000
- 17Over 10000
Comments
Let the
bragginglying begin.Fixed
Need an option for -10000
You should have a similar range of options for owing money if you are really curious. I have owed money for the past 5 years. I don’t know how much yet for this year as not everything has prefilled and I am not bothered to pursue it till closer till the deadline as I am sure I will have to pay.
It’s not always that related to salary. A person could have a high salary and not owe money because they only have income from employment and all the withholding was done correctly.
They could have an average salary, but also have money in savings and shares– tax is not withheld from these during the year so you pay at the end, and that may mean you get a very small refund, or actually owing money.
Working more hours than expected at a second job or getting a bonus can kick you into a higher HECS repayment threshold, or past the medicare levy surcharge threshold when you weren’t expecting it, and bam you owe money.
Yeah; the ATO wanted an extra $5.50 from me pre tax offsets being passed on Thursday
Why?
Not excused
I expect I will get around a $1000 bill. I pay about as much tax each year as you said you earned :( The thought of getting any money back from the government disappeared a long time ago.
Estimated return prior to offset: $7.61
I'll probably be paying tax.
More than some, less than others.
I declared a business loss of ~$10k with an instant asset write-off purchase of a car (I do Uber in my spare time) making up the bulk of it, so I'm getting a ~$10k refund. I would have received a refund of approximately $8k otherwise.
Wait until you sell the car!!! Make sure you declare the depreciation you claimed and enjoy paying tax
I didn't think you could claim a deduction from one source against tax paid on income from another source.
If so, couldn't we all do one Uber fare and claim the cost of buying/running a car against the tax paid from our regular job?
Only the costs of buying/running the car that are attributable to that one fare..
So an instant $10k+ write-off is OK then?
If the business is projected to make more than $20k income in a financial year, you can deduct business losses from your income.
Careful, you're meant to only deduct the portion of the car that earns you uber fares, not the whole lot.
As someone previously mentioned, you can't tax deduct more than your source of income, be aware.
With a disproportionate tax refund, ATO might audit you as well. Careful regarding this
-$550
Under -$1000. Better to owe ATO than for them to owe you. Interest ftw.
About -$2000
$400 prior the new law. But first year I haven’t owed them. Well chuffed
I'm also in the bracket of probably around -$2000
Surely there are so many variables in the calculation of an individual's taxation refund (or payment), that this forum post is relatively pointless.
yeah. seriously, member since 2017 and come up with this…
Tasmanians…
what are you expecting to get out of this? the responses you get are going to be so unique to everyone's circumstances that it won't amount to any info worth knowing.
they want unique answers.
I PAYG 80% to maximise tax returns :)
So you voluntarily forfeit having extra capital sooner, that you could use to earn a return with?
what's the point of this?
to maximise tax returns :)
You're better off having the money in your pocket during the year imo.
I put $10k into my SMSF and will be claiming it as a tax deduction under the rules. Between that plus other work related deductions (car for work use - depreciation on it etc), hoping to get about $10K back on my tax
If you are getting money back, you aren't doing well btw.
Explain?
You are making zero percent interest on the extra money the ATO holds for a year.
Well yes, but for your average salary-earner the refund is usually due to deductions that aren't realised until tax time.
TI: 53K
EST RETURN: $3800apparently 50 bucks.
Let the bragging begin.