bredennis

Is it wise to have an accountant for the tax return? If so, any recommendations in Melbourne of a good one? I understand that if you earn slightly too much, e.g. working overtime, you can get shafted in tax. Any experience of this.

Cheers

Ben

Bix

Lot's of special booths are set up in the shopping malls by accountancy firms.
Up here they charge between 70 - 100 bucks.

You can offset that cost on the following years tax return.

bredennis

Is it still worth employing the services of an accountant or is this money wasted?

chels

If you are that concerned about being shafted, maybe $70 will be a small price to pay.

How complicated are your finances? Do you have lots of investments, offsets etc? I do my own tax returns as my finances are relatively uncomplicated. Maybe have a look at the ATO website and see what things you need to do for a tax return, and decide if you need professional help then.

Re working overtime - depends what it's taxed at. OH gets commission which is classed at FBT rate which I think is about 50%. Not much he can do about that, even with an accountant doing his return.

BTW aren't you a bit late to be making a tax return for the 2005/6 tax year?

Ozzidoc

You are not shafted on overtime.

Ultimately, at the end of the tax year, you pay the appropriate tax rate on your entire annual income. In Oz, a weekly/fortnightly/monthly wages is taxed as tho that is the weekly/fortnightly/monthly level of income for the entire year.....and it's sorted out properly at tax return time.

In the UK, the figures are calculated on a cumulative basis...as in oooh its october and u have just earned your first amount of money for the current tax year - £3000......so you wouldnt be taxed much, whereas in Oz, it would be the tax rate for an annual rate of 12 x £3000.....if you follow.

It all sorts itself out in the end.