diddy

First time I've done a return, so does anyone know the following?

1. Do I have to declare my income in the tax year that I earned before migrating?

2. Does my other half have to do a return if she hasn't worked since we got here?

Ta,

Paul.

Sandra

1 - Income from the day you turned up in Aus, they only want to know about income you earned since being resident in Aus but that could possibly include earnings from the UK if you are still getting them now, eg rental income, premium bond winning etc.

2 Yes

Sandra

Sorry - meant to write more and pressed the button too early

on question 2 you might not have to lodge the full form but you still have to sign a declaration check out here

http://www.ato.gov.au/individuals/co...p=001&st=&cy=1

diddy

Thanks.

gdcollectables

Hi

can I ask something on this subject too?

What do we do re. interest earned on our capital in the bank?

When we 1st arrived, we had a joint account and kept it for a while after my husband started work; as we were offered a mortgage and were househunting.

After 6 months, we gave up househunting, moved into a rental and I moved the money into a high interest account in just my name!

Any advice, please?

gd

renth

You've got to declare it.

NickyC

Quite right - don't risk not declaring it - banks share interest info with the tax office.

You can split the interest paid on a joint account (declare half each) but the interest paid on the account in your name (the OP, I mean) will have to go on your tax return.

gdcollectables

Hi

thanks for your advice!

I am intending to declare it, but wondered how to do it, ie do I halve it and put half on my return and half on my husbands?

Also, do they then ask for a percentage of it as tax?

gd

NickyC

Yes, the joint account interest is split down the middle and half goes on yours and half goes on your husband's return.

If your bank had your tax file number(s) then you will have received the full amount of interest. If not, then they will have already deducted 48%, and paid you the rest.

What you pay is dependant on your marginal rate of tax. You might get some back (if the bank withheld 48%) or you might have to pay.

jensteve

Just done my tax return, the bond investment was taxed, we had to declare it, and because it was joint names both had to declare 50%, also any other bank accounts where you are given interest even UK ones.

I used H&R block, very good, she got me claiming laundry expenses, internet usage, travel expenses at 65c a k/m which just made my day, my tafe fees and anything I need to buy myself for work. They where really good and yes I got a refund. She ahs given me a list of things to start collecting for next year, med expenses for the family was one, something to do with if you spend more than $1500 in any tax year we can claim some more back, so with my sons ortho work we can do that as well.

Jenny

smwtorrington

Hi folks


its my first tax return as well, my tax consultant says that im only due part of the $6000 tax free bracket (pro rata) calculated from the time i arrived in australia ?? i got my visa grant (permanent visa) in August 2004 but entered on 6th Jan 2005 (so im only entitled to just under $3000 of the tax bracket before paying 30% tax rate).

anybody have any experience/ comments


many thanks

scott

Elaine M

That's right Scott,

Same thing happened to me; I arrived in Sept though so I got 10 months allowance - $5000.

Elaine M

smwtorrington

Thanks for the reply Elaine, you cant then calculate back to the day of your visa grant ? its from the day you landed ?

many thanks

scott

kirsty&al

Here are the tax bands for the last tax year (not including medicare).

Only the tax free band ($6000) is reduced pro-rata, after that, the next $15,600 is taxed at 17% (plus medicare), and so on.

A

Wol

I did my own & Mrs Rog's e-tax return a few weeks ago (it took ages before the £/$ exchange rates were posted on the ATO website, didn't it?!) and found it extremely straightforward - certainly compared with the UK e-return, which I never managed to get to work.

We were liable to pay the Medicare Levy Surcharge but the e-return totalled up as if we had been in Oz since the 1st July. So, after phoning, I found that you can attach (on the e-return) a message explaining your figures. It's found from the "your spouse" page only, which is weird!

Anyway, MY assessment came back with the correct allowance for non-residency but Mrs Rog's didn't - they had just ignored the message. But they are very helpful on the phone - must be the fact they're in WA!