Saturday, October 12, 2013

Moom's Taxes 2012-13 Edition

My taxes are not so much changed from last year as things have settled down a lot now, compared to our first few years in Australia:
Salary (no employee super contributions so that is the actual salary) was up 12.3%. Interest up dramatically due to our house buying fund. Dividends and managed fund distributions up more modestly. Deductions were down on the whole. Tax payable up 19.4% due to lower deductions and the increase in Medicare surcharge etc. as a result after tax income didn't rise as much.

I expect to pay $1440 extra tax. I actually increased my CGT loss carry-forward this year, taking it from from $82k to $83k! That's a tax asset worth about $31k, which we don't include in our regular net worth spreadsheets.

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