tax + centrelink (1 Viewer)

[dYnaMiC7]

I have to do my tax return, and after talking with my old man, he has told me that my youth allowance is to be included in the tax return sh*t. So what does that mean, anything over including my work money and youth allowance is to be taxed if it is over 6,000, is this correct?

 

[ur_inner_child]

Yes you youth allowance is taxable income and yes if its over 6000 it is taxed.

To avoid this pickle next time, ask Centrelink to withhold some tax. You can ask them to withhold as much as you like per payment.

 

[vodkacrumble]

has everyone received their group certificates from Centrelink yet? i want to get mine so i can get my tax return underway (i have a feeling i have to pay some extra tax this year)

 

[sirius_g]

hey

if you do your tax return on line you don't need to wait for centrelink to send you out you tax summary. As the tax programs 'connects' to centrelink and downloads the tax summary. Pretty nifty you just really all you need certain info to identify yourself.

cheers

sirius

 

[AntiHyper]

I earned $7895 in total (work + YA) with only $166 tax withheld.

If my calculation is correct: I'm meant to pay an extra $118.25

Where do we go to pay?

 

[CrAzEe Lady]

I just found out today that Youth Allowance is included..well thats just great =| i now owe them $1600 because i earn $6000 at work and $4700 in youth allowance... no one ever told me

it seems they are punishing the people who are actually bothering to get jobs and earn money. if i didn't work i wouldn't have to pay them!

there goes that car i'm trying to save for...this is stupid =(

can anyone help me out, or knows of anything i can do?

 

[CrAzEe Lady]

Errr.. where'd you get that figure from?

You seem to be forgetting both the tax free income threshold AND the low income tax offset

Read more about these two, and I'm sure you'll be pleasantly suprised

i got it from the online tax return thingo...yeah tax offset is only $235 off so i still have to pay back the like $1365... my fiances dad talked to a financial guy and he said just save up and wait to put your return in coz i haven't done it before... thanks anyways =)

 

[kalli]

i got it from the online tax return thingo...yeah tax offset is only $235 off so i still have to pay back the like $1365... my fiances dad talked to a financial guy and he said just save up and wait to put your return in coz i haven't done it before... thanks anyways =)

The $6000 from work is TAX FREE (tax free threshold) so you only have to 15c for every $1 of the money you got from Centrelink...

$4700 * $0.15 = approx $700 tax

From that $700, take away laundry allowance etc...

Earning $10700 and having to pay $1600 in tax is correct if you don't claim the tax-free threshold - but you're ripping yourself off by not claiming it...