This year, I've prepared our tax returns earlier than usual as I have already received all the required information. Here is a summary of my taxes. Last year's taxes are here. To make things clearer, I reclassify a few items compared to the actual tax form. Of course, everything is in Australian Dollars.
On the income side, Australian dividends and franked distributions from managed funds are again up strongly. My salary still dominates my income sources but only increased by 3%.
A big chunk of foreign source income is from the distribution from Aspect Diversified Futures Fund. As a result, I am moving that holding into the SMSF. Net capital gain is zero due mainly to some strategic sales ton generate losses. I am carrying forward $99k in capital losses, which is double what was brought forward from last year.
In total, gross income grew 8%.
Deductions fell 47% because last year they included the loss on Virgin Australia bonds. Most deductions are interest including the $14k in other deductions.
Net income rose as a result by 26%.
Gross tax is computed by applying the rates in the tax table to the net income. In Australia, you don't enter the tax due in your tax return, but I like to compute it so that I know how big or small my refund will be.
Franking credits (from Australian dividends), foreign tax paid, and the
Early Stage Venture Capital (ESVCLP) offset (none this year as there were no capital calls from Aura) are all deducted from gross
tax to arrive at the tax assessment.
Estimated assessed tax rose 47%.
I estimate that I will pay 28% of net income in tax. Tax was withheld on my salary at an average rate of 31%. I already paid $6,546 in tax installments and so estimate that I need to pay an additional $2,829 in tax.
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