1st Tax Return advisable to get a Tax Agent ?
 

Hi All

I have done a substantial search of the site and there seem to be so many questions coming up, as is always the way.

Would you suggest it's best to go through a tax agent to get the best out of your tax return ? i.e. they will be able to advise what we can and cannot do being on the 457.

Any recomendations for an agent in Sutherlandshire/Botany/Mascot area would be appreciated

Being on a 457 and having to pay for my daughters schooling for example, can tax be claimed back on this? the one thing that irks me, I pay my taxes I get no hand outs but I have to pay $4500 for my 5 yr old to attend school (not private either).

Thanks in advance

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Yes, I would suggest using an Agent for the first year.

School fees are not claimable. The only way to do anything about that one is to live anywhere but ACT or NSW.

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Agree school fees are not claimable - yes we had the same issue when on the 457. Any way work would provide you an opportunity to have the school fees expensed through salary sacrifice? Might there be an opportunity to have someone in work advise you. I know not everyone gets alot from the company providing the 457 but I had tax and financial advice thrown in my transfer package.

Recommendations from colleagues in same situtation might be an idea.

Make sure when getting a tax agent you get one who has handled your circumstances. Some tax agents take on Students to do the mundane cases this time of year and you are sometimes not getting the best advice - happened to me last year when I had to provide the web links and calculations for my non taxable work expenses to the kid who was doing mine! Back to doing them my self this year. I have a slight advantage in that I work in payroll but still think a good tax accountant is really the best thing for first time or complicated issues. After that you can take over if it is all clear to you. You can also claim back the cost of the accountant on next years allowable expenses!

Don't be tempted by any of the - get your tax refund today schemes that seem to float about! For straightforward cases you get refunds in a few days or possibly a week.

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Hi Sandra
Thanks for all of that advice !!

What's "Salary sacrifice" ? a new term for me.

I have only been working in Oz since late November so I guess I should recieve a return on the taxes I have already paid ?

I will ask our accounts manager for some advice with regards who I should use, I guess there will be a few things I didn't consider that will be applicable, always hated my UK tax return guess this wont be any different.

Thanks Again :)

Re: 1st Tax Return advisable to get a Tax Agent ?
 

A lot more things that you can claim for here... :thumbup:

Re: 1st Tax Return advisable to get a Tax Agent ?
 

just cost me $99 to get my tax return done and I was amazed by the refund I got.:)

Re: 1st Tax Return advisable to get a Tax Agent ?
 

We've been here since Jan, on a 457. I did the tax return myself last week, and the money was in the bank this week.

I really don't get the big deal about it, it is self explanitory at every stage, the etax guides you through step by step. There is a lot of reading, but all the info is there!

Re: 1st Tax Return advisable to get a Tax Agent ?
 

I agree that with a simple PAYG system with one employer and a payment summary there can be little point in seeing a tax consultant but some expenses they really are not that clear what you can and cannot claim. I have some fun with this one.

http://law.ato.gov.au/atolaw/view.ht.../NAT/ATO/00001

But it can mean over $7000 a year to me to get it right with the amount of travel I do.

I think the first timers will not really be wasting time if they get the tax accountant to explain things around the process and discuss points to watch and dockets to keep and information to file for those extra tax breaks.

Cheers

Re: 1st Tax Return advisable to get a Tax Agent ?
 

But it can mean over $7000 a year to me to get it right with the amount of travel I do.

I think the first timers will not really be wasting time if they get the tax accountant to explain things around the process and discuss points to watch and dockets to keep and information to file for those extra tax breaks.




I did my own last year and received $2300 refund.
Earnt exactly the same this year, paid $99 and got over $5000 back worth every cent.

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Big difference eh :)

This is why as a first timer I wanted some advice rather than wading in on the online forms and possibly missing out on a couple of K, I have to pay for another years schooling, hopefully this will go a long waytowards those fees before we get PR :thumbup:

Thanks again everyone

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Any pointers as to what one can claim on a 457 I have two primary school kids.joint income of less than $85000.I have a company vechile but I do have to wear Company uniform (logoed shirt)
I own a house in the UK which I rent out and have send money money to cover the mortage as the rent does not cover the mortage.

Nev

Re: 1st Tax Return advisable to get a Tax Agent ?
 

50 cents per week for the laundry.... ;)

Not sure on temp Visas, what is actually claimable...

Re: 1st Tax Return advisable to get a Tax Agent ?
 

As it is your first year, I would ask around your colleagues/friends for the name of a good accountant. We did this and for the cost of $ 140 dollars and a hour of our time, the tax form was done and dusted. The guy we used was excellant and he was really helpful, he also did my tax return for the previous year free of charge as it was a nil return (nice man).

In our case we are on a 136 visa, oh is PAYE which is relevantly straight forward until you take into consideration he has had 4 employers in the last financial year and spent x amount of days out of Australia. We are now just waiting on our refund and I will be going shopping:)

Re: 1st Tax Return advisable to get a Tax Agent ?
 

Pretty similar to me although $62000 per annum, renting our UK home, rent covers mrtgage though thankfully, co car fully maintained, and one child at school, also logoed shirt.

50c a week laundry Cha Ching :D