What Do you expect for this year tax return? (1 Viewer)

[yenta]

how much u get in total. and how much are u allowed to get back

I don't know yet. All I know is i've earnt over $6000 this financial year, and so far been taxed almost $1000. So I'll go over the 6k and hence not get all the tax back. I'm estimating I'll earn approx 8k and get taxed approx 1300 ish. SO yeah, how much would I get back?

http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Stax001i.xr4&go=ok

Umm that thing is useless. All it tells you is how much you will be taxed, not how much you'll get back in tax return

 

[LeftrightOut]

I don't know yet. All I know is i've earnt over $6000 this financial year, and so far been taxed almost $1000. So I'll go over the 6k and hence not get all the tax back. I'm estimating I'll earn approx 8k and get taxed approx 1300 ish. SO yeah, how much would I get back?

Umm that thing is useless. All it tells you is how much you will be taxed, not how much you'll get back in tax return

Well you work out how much you HAVE paid and how much you SHOULD have paid. If you HAVE paid more than you SHOULD have you get a refund, otherwise you have to pay more. untill you sit down and work it out step by step yourself or with an accountant it's like saying you will either owe $6000 or get an $8000 refund. Random people on forums will not be able to tell you anything about your finances and if they could I sure as hell wouldn't rely on it.

Using the calculator provided in the link it says you will pay roughly $340 tax on $8000 income, so if you have paid in more than that over the year you will get money back. that is without taking into account any deductions you might be able to make.

PS. If that is still a bit hard start up a calculator and type in $1300 (how much you said you have paid) - 340 (how much you should have paid in tax) and you should get = 960 which is the amount you might get back.

 

[LaZy_KoReAn]

PS. If that is still a bit hard start up a calculator and type in $1300 (how much you said you have paid) - 340 (how much you should have paid in tax) and you should get = 960 which is the amount you might get back.

Are you sure that's how it works?

Say gross pay was $675 per week, net pay was $535.

$20,250 = goss income.
Supposed Tax from calculator = $2,422.50

Difference = $4,200 - $2,422.50 = $1777.50 in return.

And that's just scratching the surface.

 

[Emily.]

that calculator calculates how much u owe, not how much you get back....

 

[LeftrightOut]

Are you sure that's how it works?

Say gross pay was $675 per week, net pay was $535.

$20,250 = goss income.
Supposed Tax from calculator = $2,422.50

Difference = $4,200 - $2,422.50 = $1777.50 in return.

And that's just scratching the surface.

Where are you pulling this difference number from? Is $4200 how much you worked out that you paid through PAYG/PAYE (I keep forgetting which acronym they use nowadays)? if so then yes you would get a nice return, but where are you getting this number from?

You aren't being very descriptive. You can't just pull numbers out of thin air and expect someone to be able to give you hints as to how it works.

Of course you are going to get back money if you earnt nothing for 20 weeks because you pay on your weekly bill. That is why if you are casual and work 5 weeks and earnt $5000 you will pay more tax in that period than if you earnt $5000 over 10 weeks, you will get the tax back if you have not earnt anything since but you pay more in that period because they take every pay day to be that you will earn that much every week so tax you accordingly.

Give me a sentence description of every number you've put up there, because I don't think you quite know where you are getting them from yourself.

 

[LaZy_KoReAn]

Give me a sentence description of every number you've put up there, because I don't think you quite know where you are getting them from yourself.[/QUOTE]

gross pay = before tax was $675 per week, net pay = after tax was $535.

Paid Tax = $4,200.
Supposed to pay tax: $2,422.50
= $1,777.50 difference, so this is what i'll get in return?

$20,250 = goss income for the year.

 

[LeftrightOut]

gross pay = before tax was $675 per week, net pay = after tax was $535.

Paid Tax = $4,200.
Supposed to pay tax: $2,422.50
= $1,777.50 difference, so this is what i'll get in return?

$20,250 = goss income for the year.

Yes you would get approximately $1777 back maybe more if you qualify for deductions, stopped full time study for the first time and applied the low income tax threshold. Less if you had external income you didn't pay on yet plus once you take the medicare levy into account. You wouldn't have to worry about HECS as your income was under the threshold, had it been higher you would have had to pay additional amounts for that if you had a debt. Also need to be sure that you had no centrelink payments in there anywhere as they will give you a different amount again. So the amount you came to may vary by $100-$700 once you take these other things into account.

So yes your calculations were correct, it was just a bit weird as you only had 30 weeks worth of income listed.

 

[soha]

im going to owe
i always owe money
last year was $90
the year before like $40
pisses me off
i want money back dammit

 

[iambored]

im gonna end up oweing. I only pay $10 worth of tax on $408 bucks a fortnight

how does that work? don't employers work out the tax bracket it would fit in if you made that much all year and take out the right amount of tax?

 

[modelzsuck]

Im up to about $900 tax and I have earned about $7000, I think I should get it all back which is pretty awesome

 

[Emily.]

how can u get it all back if youre over the threshhold??

 

[LeftrightOut]

how can u get it all back if youre over the threshhold??

low income offset gets you back a little.

 

[Emily.]

low income offset gets you back a little.

nah i just mean theyre nt gonna get it ALL back

 

[modelzsuck]

Yeah, im going to get most of it.