How Does Your 2006 Tax Return Look? (2 Viewers)

[jase_]

You made it just under the $21,600 tax bracket, so you should get most of it back

 

[pete_mate]

they dont even look at you if your deductions are less than 300. you dont even require receipts for less than 300.

you should definately make some stuff up if your only getting 40 back

 

[Skeeta]

i earnt about 10 grand and for some reason paid about a 1500 dollars in tax (i think its because i got paid in 2 lump sums for a job i did)

hopefully i'll get it back

 

[scarybunny]

TOTAL TAX WITHHELD:

$1.

i only worked a few months this year (way below the tax free threshold) but somehow... $1. not worth the time it'll take to file the return. buttt i filed one last year and got a group cert this year so i'll have to *sigh.

 

[glycerine]

hmm, i earned around $11,000 gross, paid $1000+ in tax... thinking i'll get at least $550 of that back (for the 6000 under the threshold).

plus i'm just going to claim 300 or close to for uniform, i work for coles so it's feasible.

plus i can get 350-400ish back from amnesty

so i'm hoping for around 1000 back

 

[redruM]

When you claim an amount, I don't think you get them back. I always thought that they just reduce your taxable income, so you end up not paying any tax on those amounts. So in your case it would be 300 + 400 = $700 claimed and ~$100 (15% of 700) returned.

I might be wrong...not a 100% on this.

 

[Atticus.]

all looks set for a hefty return of around 800 squid

hurrah

 

[Skeeta]

When you claim an amount, I don't think you get them back. I always thought that they just reduce your taxable income, so you end up not paying any tax on those amounts. So in your case it would be 300 + 400 = $700 claimed and ~$100 (15% of 700) returned.

I might be wrong...not a 100% on this.

no i think you're right here. Its not like taxpayers are going to buy your work uniform or anything

 

[blue_chameleon]

Just a quick note, everyone should be aware that deductions for uniforms only are only applicable if the uniform is "occupation specific clothing, protective clothing and certain work uniforms".

So basically, this means you cant claim the cost of those black pants for your job at coles or kmart, or clothing that generally pertains to retail jobs.

Although, if you need say, steel capped boots for your mechanics apprenticeship, then your able to claim those as deductions.

 

[pete_mate]

there's an excellent crikey article on it:

http://www.crikey.com.au/articles/2006/07/07-1515-955.html

tips from a former ATO auditor:

"Although you must have receipts for claims in excess of $300, generally the ATO will not audit someone whose claims for deductions are under $1,000. However this doesn't apply to those occupational groups mentioned on the hit list above. Last year the Commissioner wrote to nearly four hundred thousand individual taxpayers warning them they must have documentation to support their claims. If you get one of those silly letters from Mr D'Ascenzo saying that you have come under notice for claiming large deductions, screw it up and throw it in the bin. It is merely a scare tactic by the ATO to stop you from claiming what you are entitled to."

 

[fnkychk]

If you've made $12,000, approximately how much tax should you pay on that?

 

[pete_mate]

If you've made $12,000, approximately how much tax should you pay on that?

6000 x .15 = 900

less 100 in tax deductions you make up = 800

 

[iambored]

When you claim an amount, I don't think you get them back. I always thought that they just reduce your taxable income, so you end up not paying any tax on those amounts. So in your case it would be 300 + 400 = $700 claimed and ~$100 (15% of 700) returned.

I might be wrong...not a 100% on this.

yeah that's right.
the deductions are not taxable, you don't just get them back i.e. if you have $100 in deductions, and you're getting taxed at 15c per $1, you'll get an extra $15 back in tax that you would have otherwise paid.

6000 x .15 = 900

less 100 in tax deductions you make up = 800

it would be: less 100 in tax deductions you made up = taxable income of 5900
5900 x .15 =885 paid in tax