Tuesday, October 12, 2010

Moom's Draft Australian Tax Return 2010

I've just completed drafting my tax return for this year. Our tax year ends on June 30. That's presumably because the agricultural year is out by 6 months in the Southern Hemisphere compared to the Northern Hemisphere.

I still don't have a tax statement from the EAIT fund of hedge funds. They claim they'll send one out this month. The deadline for the tax return is 31 October. If I don't get it soon, I'll just have to treat that as income for 2010-2001. But I'll wait a little longer before finalizing and sending in the return. Yes, I send in a paper return. I do all the calculations on a spreadsheet that I adapt each year to changes in the tax rules and my circumstances. Anyway, taxable income came in at roughly $A43k and I should owe about $A4,700 in taxes but $A8,565 was withheld. This is due to only being employed for 8 months of the year but having tax deducted as if I'd work for 12 months and about $A2,000 in franking credits and foreign tax paid. So I expect about a $A4,000 refund.

Last year, my taxable income was under $A10k due to lower income ($A25k vs. $A50k this year) and higher deductions ($A15k vs. $A7k). Mostly the increase in income was due to working 8 months vs. 4 months and the decrease in expenses to the derivative losses I suffered in the financial crisis.

I'll post the detailed spreadsheets when I finalize the return.

1 comment:

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