Can anyone tell me how much tax i would have to pay back- i paid $5965 tax on 36000 earnt through employers and than i did some work through my abn and earnt $8900 but have paid no tax- does the tax office look at this total together- so therefore as $43000 earnt and only $5965 tax paid?
Also if I owe a tax debt will I still the $950 bonus????
(Edited by scotty — fix title)
Hmm. Best to see your accountant?
However your taxable earning will be your salary(s) + your business income so it would be 36,000 + 8,900 = $44,900 in this case. Using an income tax calculator shows that you need to pay $7,470 tax in 2008/2009 financial year, which means you are $1,505 short.
However the truth is, it's more complicated than that when various rebate comes in. Yeah. See an accountant.
thanks for that but dont they tax the two amounts sepreatly and than put them 2gether
to the govt, income is income.
add up all separate incomes (wages, 2nd jobs, rental income, share profits and dividends etc etc) and take away deductibles (job related expenses, deductible debts etc) and you are left with your "taxable income" upon which they determine your tax amount.
of course, its a bit more complicated then that.
thanks guys for your input
but isnt the two figures tax seprately though because i worked through my abn and tax is done at a different rate and more deductions?
Best to talk to the ATO, they have people on the phones to answer these specific questions.
No, don't call the ATO.
It's useless.
I called them about this, and they said "What you read on the website if the only information we have".
It's better to read the website yourself.
But most importantly - LODGE SOMETHING, ANYTHING, WITH THE ATO BY 30TH JUNE 2009!
i'm not an accountant but if 5965 covers the tax you owe to the govt for your wage of 36000 then all that is owing would be tax on the 8.9k, which is probably around $2.5 - $3k. unless you have other deductions. you will still get the $950 if eligible (and it goes through) but the ato has said that the bonus cannot be offset against anything you owe the tax office, as they want us to SPEND SPEND SPEND!!!!!!! but i can't see why you could not cash in the bonus chq and use it to pay your tax debt