This year, I've prepared our tax returns just before the deadline. 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.
Overall, gross income and deductions barely changed from last year, falling by 1% each.
On the income side, Australian dividends and franked distributions from managed funds are again up strongly. My salary still dominates my income sources but again only increased by 3%.
Other income sources are down strongly, partly because I shifted the assets, which produced these returns into the SMSF. Net capital gain is zero due mainly to some strategic sales to generate losses. I am carrying forward $93k in capital losses.
Deductions fell 47% because last year they included the loss on Virgin Australia bonds. I redistributed deductions a bit to match the size of different holdings. This resulted in some big changes in the individual categories. Didn't plan on charity falling that much...
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 are all deducted from gross
tax to arrive at the tax assessment.
Estimated assessed tax fell because of the larger offsets this year.
I estimate that I will pay 25% of net income in tax. Tax was withheld on my salary at an average rate of 32%. I already paid $7,782 in tax installments and so estimate that I should get a refund of $8,701.
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