Saturday, October 12, 2013

Snork Maiden's Taxes 2012-13 Edition

I've finally done our tax returns for this year. First, is Snork Maiden's taxes. Blogpost on last year's taxes in order to compare with this year. In Australia there is no such thing as a joint tax return but increasingly married couples have to enter data in their tax return on their spouses finances as more things are being assessed on a household basis such as the Medicare Surcharge Tax. So, actually I need to do them at the same time. Anyway, here is a summary for Snork Maiden:

Her salary is actually higher than this. Employee superannuation (retirement) contributions are not counted in the taxable income - so-called "salary sacrifice". They amounted to about $A10k. Salary was up 11.5% on last year and taxable income including investments was up 12.5%. Distributions from managed funds and capital gains were up dramatically. I also compute a real income number before and after tax (up 15.2%) that puts back in some of the deductions which are purely imaginary. For example, long-term capital gains are taxed at half the rate of ordinary income but instead of using half the tax rate, half the capital gain is deducted from taxable income.

It looks like she owes about $500 extra tax this year.

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