TAX RETURN QUESTION
Aug 3rd 2010, 8:12 am
#1
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TAX RETURN QUESTION
I am busy completing my tax return these days. As I have been a student during last financial year, my only income has been the 6500 dollars bank interest I got from ANZ.
There is a new section in tax pack 2010, namely "income tests". There are some reasons that force a taxpayer complete this section.
I fall into two of those reasons, because I have completed
section T1, Spouse tax offset
section M2, medicare levy surcharge
thus, I "MUST" complete this "Income tests" section on page 8 of paper tax return.
But the problem is that no matter how much I ponder, it seems that ALL the 7 items on this "Income tests" page would be zero in my case. (IT1 to IT7). Am I missing something here? Do I have to enter the 6500 dollars(bank interest) in IT5?
Thank you in anticipation.
There is a new section in tax pack 2010, namely "income tests". There are some reasons that force a taxpayer complete this section.
I fall into two of those reasons, because I have completed
section T1, Spouse tax offset
section M2, medicare levy surcharge
thus, I "MUST" complete this "Income tests" section on page 8 of paper tax return.
But the problem is that no matter how much I ponder, it seems that ALL the 7 items on this "Income tests" page would be zero in my case. (IT1 to IT7). Am I missing something here? Do I have to enter the 6500 dollars(bank interest) in IT5?
Thank you in anticipation.
Last edited by BARDI77; Aug 3rd 2010 at 8:19 am.
Aug 3rd 2010, 8:26 am
#2
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Posts: 9,316
Re: TAX RETURN QUESTION
I just had a quick look and can't see that you need to put anything but zero into IT1-7
I've not looked at this year's return yet but I suspect it's just checking that you haven't got money (real or notional) from other places which may affect your spouse tax offset or saying no to medicare surcharge.
I've not looked at this year's return yet but I suspect it's just checking that you haven't got money (real or notional) from other places which may affect your spouse tax offset or saying no to medicare surcharge.
Aug 3rd 2010, 9:00 am
#3
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Re: TAX RETURN QUESTION
I just had a quick look and can't see that you need to put anything but zero into IT1-7
I've not looked at this year's return yet but I suspect it's just checking that you haven't got money (real or notional) from other places which may affect your spouse tax offset or saying no to medicare surcharge.
I've not looked at this year's return yet but I suspect it's just checking that you haven't got money (real or notional) from other places which may affect your spouse tax offset or saying no to medicare surcharge.
There are some parts in the tax return that I ASSUME that one can either leave blank or put "zero" in. For example, in spouse details section, there are 12 parts ( O, T, U , S ..., F). In my case - due to the explanations at the beginning of the "Spouse Details" section in Page 10 of the tax return - I have to complete all of them but "P". However. when I check my tax return with e-tax, 6 of those 12 parts are BLANK ( due to the explanations above the page, ONLY ONE MUST BE BLANK) and 5 are ZERO and one is my spouse taxable income which is a number!
I decide to lodge a PAPER tax return So I don't know if I should:
1- Put zero for 10 parts, leave part "P" blank and fill the spouse income part
2- Fill it like e-tax fills it, despite the guidelines of page 10
3- Put zero for ALL sections except (spouse income)
I really don't know the difference ZERO and Blank can make.
Cheers mate
