tax in Aus

Closed Thread Subscribe

Thread Tools

Jan 18th 2007, 9:15 am

#16

NickyC

BE Forum Addict

Joined: Jun 2003

Location: Sydney beachside

Posts: 3,505

Re: tax in Aus

Quote:

Originally Posted by cartel

Hi,

I think I am just about to ask an incredibly stupid question, but please bear with me......

If you are employed, is your tax taken out of your monthly pay? If so, I take it you are taxed on the annualised pay agreed at acceptance of the job?

Yes, exactly.

Quote:

Originally Posted by cartel

Are we talking about ways of being able to get a tax rebate by offsetting childminding, petrol, ?????? and any additional costs (any idea's greatly appreciated).

You can claim the costs (of some things) that you need to incur in order to earn your income. Childminding is not one of them. Car expenses are included if you use your car whilst you are at work but not to travel to or from your usual place of work. There are some costs you can claim that are specific to certain occupations. Other examples are bank fees, dry cleaning bills for uniforms, special footwear if you need it - that type of thing.

Quote:

Originally Posted by cartel

Can this work the other way and you get charged additional tax?

Oh yes. If you have other income (like interest from investments, rental income etc) then the tax owed on that is added on.

Last edited by NickyC; Jan 18th 2007 at 9:18 am.

Jan 18th 2007, 11:38 am

#17

cartel

BE Enthusiast

Joined: Apr 2006

Location: Heritage Park, South Brisbane, QLD

Posts: 316

Re: tax in Aus

Thanks Wendy/Nicky,

Nicky if we rent when we go out I am right in thinking that we would just pay tax on any interest we make on the equity we are taking out to OZ?

Cheers

Carol

Jan 18th 2007, 12:04 pm

#18

NickyC

BE Forum Addict

Joined: Jun 2003

Location: Sydney beachside

Posts: 3,505

Re: tax in Aus

Quote:

Originally Posted by cartel

Thanks Wendy/Nicky,

Nicky if we rent when we go out I am right in thinking that we would just pay tax on any interest we make on the equity we are taking out to OZ?

Cheers

Carol

Yes, you pay tax on any investment income - just as if it was earned income. But if that's your sole income and you don't reach the tax-free threshold, you don't pay any tax on it at all.