Saturday, September 27, 2014

Moom's Taxes 2013-14 Edition

I have now completed my own tax return - this goes really fast when you have a good system in place. Looks like I should also get a refund. My salary is only up 3% on last year and my taxable income by 6% but my real after tax cash income (counting realised capital gains and losses in the year they happen) is up 18%. Dividends, franking credits etc. are all up steeply too.

Previous years:



Revanche said...

It boggles my mind that your taxes appear on the surface to be so. damn. simple!! Is it really? I guess you would have had some experience with US taxes so you can reasonably compare...

mOOm said...

This is a summary which is similar to if you saw the summary of a company's accounts in their annual report. But I don't actually have to fill in that many more boxes than this on the tax form but a lot of calculation might go into some numbers like capital gains (unlike the US though only a couple of numbers need to go onto the tax form for capital gains not the details of every transaction).

Compared to the US I would say that the complication is somewhat similar - there are fewer limits to claiming deductions or tax credits than in the US system. Also there are no state income taxes so just the federal form. The instructions are much more user friendly to read here.