Tax Return Question.
Jun 17th 2013, 11:34 am
#1
Just Joined
Thread Starter
Joined: Jun 2012
Posts: 5
Tax Return Question.
Hi,
I am after advice surrounding estimated tax returns. I am currently operating under a 457 visa and have been in Australia since Nov 2012. I am hearing conflicting stories regarding the amount of tax I may be due back, therefore can anyone answer them.
I am married with 1 child, and I am the sole earner, do I qualify for any tax relief?
As I have worked for only 8 months of the tax year do I qualify for any tax relief.
I have earned 52K this tax year and paid 12.5k tax.
Any advice would be greatly received.
I am after advice surrounding estimated tax returns. I am currently operating under a 457 visa and have been in Australia since Nov 2012. I am hearing conflicting stories regarding the amount of tax I may be due back, therefore can anyone answer them.
I am married with 1 child, and I am the sole earner, do I qualify for any tax relief?
As I have worked for only 8 months of the tax year do I qualify for any tax relief.
I have earned 52K this tax year and paid 12.5k tax.
Any advice would be greatly received.
Jun 17th 2013, 12:05 pm
#2
Forum Regular
Joined: Nov 2005
Posts: 158
Re: Tax Return Question.
I think you will shortly get some expert help, but in the meantime I would suggest you look at using the tax calculator provided by the ATO. It is different from most calculators in that it takes into account the situation where you work a part tax year - 8 months in your case - and prorates the tax free allowance.
http://calculators.ato.gov.au/script...putDetails.asp
You seem to be being taxed at the right rate for a person earning $81K per annum, but in this year you should get a tax refund of a couple of thousand dollars - perhaps more depending on what other tax offsets may be available to you. Perhaps it wouldn't be a bad idea to have your first Australian tax return done by a tax agent - the cost shouldn't be too high if you simply have employment income.
http://calculators.ato.gov.au/script...putDetails.asp
You seem to be being taxed at the right rate for a person earning $81K per annum, but in this year you should get a tax refund of a couple of thousand dollars - perhaps more depending on what other tax offsets may be available to you. Perhaps it wouldn't be a bad idea to have your first Australian tax return done by a tax agent - the cost shouldn't be too high if you simply have employment income.
Jun 17th 2013, 11:47 pm
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Tax Return Question.
Hi Jason.
Do you expect to receive any further income before the end of June? If so, how much?
If you can advise your expected gross Australian source income I can identify the Aus tax payable on that income. Compare this with the tax you have already paid under PAYG = the tax repayment you can reasonably anticipate.
The tax repayment might be higher if you can reasonably claim tax deductions to reduce your taxable income ...
Best regards.
Do you expect to receive any further income before the end of June? If so, how much?
If you can advise your expected gross Australian source income I can identify the Aus tax payable on that income. Compare this with the tax you have already paid under PAYG = the tax repayment you can reasonably anticipate.
The tax repayment might be higher if you can reasonably claim tax deductions to reduce your taxable income ...
Best regards.
Jun 18th 2013, 12:59 am
#4
Forum Regular
Joined: Nov 2011
Posts: 55
Re: Tax Return Question.
Hi Jason,
I believe you will get a considerable refund on your taxes this year. The reason being you were taxed on the assumption of you making 81K per year but since you have only earned only 52K the tax slabs will be different. It probably would be a good idea to use a tax accountant this first year. Hope it helps!
I believe you will get a considerable refund on your taxes this year. The reason being you were taxed on the assumption of you making 81K per year but since you have only earned only 52K the tax slabs will be different. It probably would be a good idea to use a tax accountant this first year. Hope it helps!
Jun 18th 2013, 11:15 am
#5
Just Joined
Thread Starter
Joined: Jun 2012
Posts: 5
Re: Tax Return Question.
Hi Jason.
Do you expect to receive any further income before the end of June? If so, how much?
If you can advise your expected gross Australian source income I can identify the Aus tax payable on that income. Compare this with the tax you have already paid under PAYG = the tax repayment you can reasonably anticipate.
The tax repayment might be higher if you can reasonably claim tax deductions to reduce your taxable income ...
Best regards.
Do you expect to receive any further income before the end of June? If so, how much?
If you can advise your expected gross Australian source income I can identify the Aus tax payable on that income. Compare this with the tax you have already paid under PAYG = the tax repayment you can reasonably anticipate.
The tax repayment might be higher if you can reasonably claim tax deductions to reduce your taxable income ...
Best regards.
Taxable: $52,654.46
Gross Pay: $52,654.46
Tax Withheld: $12,416.00
Net Pay: $40,238.46
Jun 18th 2013, 12:43 pm
#6
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Tax Return Question.
Ball park tax repayment: $2,600.
Let me know (send an email to me by clicking on my name - please confirm your name in the email) if you'd like to know our fee for preparing and e-lodging your 2013 Australian tax return.
Best regards.
Let me know (send an email to me by clicking on my name - please confirm your name in the email) if you'd like to know our fee for preparing and e-lodging your 2013 Australian tax return.
Best regards.
