Moominpapa's Taxes 2023-24

I did our taxes earlier this year as Aura sent me a tax statement earlier than in previous years. Here is a summary of my taxes. You can find previous year's taxes here. To make things clearer, I reclassify a few items compared to the actual tax form (such as foreign source income deductions). Of course, everything is in Australian Dollars. 

Overall, gross income fell 6%, while deductions rose 5%, resulting in a fall in net income of 8%.

On the income side, Australian dividends, franked distributions from managed funds, and foreign source income were all down strongly. Tribeca Global Resources paid a much smaller dividend this year, some of my other share holdings were reduced slightly to make new investments, and I didn't get dividends from Fortescue (sold) or Pendal (acquired). I also reduced my holding of 3i (III.L) and so got reduced foreign source income.

My salary still dominates my income sources but again only increased by 3%. Net capital gain is zero due to carryover losses from last year. I am carrying forward $41k in capital losses to next year. Rising interest rates increased deductions, while charitable giving was up 33% after falling last year.

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 likely 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. ESVCLP was up due to more capital calls from Aura.

Estimated assessed tax fell because of the reduced net income and larger offsets this year.

I estimate that I will pay 24% of net income in tax. Tax was withheld on my salary at an average rate of 32%. I already paid $7,996 in tax installments and so estimate that I should get a refund of $16,942! Let's see.

Moominpapa's 2020-21 Taxes

I am finally able to submit my taxes for this year. Last year's taxes are here. Here is a summary of my taxes. 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  up strongly. My salary still dominates my income sources but is not growing. Interest is Australian interest only and is zero due to no longer holding Australian bonds.

Unfranked distributions from trusts is down strongly because the distribution from APSEC was exceptionally large last year. I have now moved the APSEC fund to our SMSF. Foreign source income is from foreign bond interest and distributions and dividends both from directly held foreign investments and from Australian managed funds. Other income is gains on selling bonds. These aren't counted as capital gains. As we have few bonds any more the amount is small. I used most of my carry forward capital losses this year reducing the net capital gain to zero. I am still carrying forward $28k to next year.

In total, gross income fell 2%.

Increased deductions are mostly due to writing down the loss on my Virgin Australia bonds. This isn't counted as a capital loss and can be deducted immediately. Dividend, foreign source income, and trust deductions are all mostly interest on loans.

Total deductions rose strongly, and as a result, net income fell 9%.

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. This time because of the Virgin Australia loss and the ESVCLP offset I should get a large refund.

I estimate that I will pay 24% of net income in tax. Tax was withheld on my salary at an average rate of 31%.

Moominpapa's 2022-23 Taxes

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.

Moominpapa's Taxes 2016-17 Edition

I have now completed my tax return. Looks like I should get a $2,870 refund. This huge increase in refund compared to last year is mainly due to the 16% increase in tax witholding by my employer relative to only an 11% increase in tax owed. My taxable income is up by 8%. But my tax is up 11%. This is because the increase in income is taxed at the maximum marginal rate, which is 49%. Gross cash income is before tax income ignoring franking and other tax credits and adding in net undiscounted capital gains (not deleting losses from previous years). It was up 16%.

I again checked what information the government knows about my tax affairs as revealed by the prefilled information on my tax return. They are still missing as much information as last year.  I filed Moominmama's return online for the second time, using the prefilled numbers plus deductions.

Previous years' reports:

2015-16
2014-15
2013-14
2012-13
2011-12
2010-11
2009-10
2008-9
2007-8

Moominpapa's Taxes 2015-16 Edition

I have now completed my tax return. Looks like I should get a $204 refund. My taxable income is up by 2%. But my tax is up 4% despite a 23% increase in deductions and increases in tax credits. I'm a bit puzzled by that but I did move into the top tax bracket. Gross cash income is before tax income ignoring franking and other tax credits and adding in net undiscounted capital gains (not deleting losses from previous years).

This was the first year I checked what information the government knows about my tax affairs as revealed by the prefilled information on my tax return. They are missing a lot of information on my Australian accounts and none on my foreign holdings. Strangely they have dividends for some shares I have with a broker and don't have information on dividends from other companies that I hold through the same broker. Also they have one managed fund account but not the other I hold with the same firm. If I filed a return based on the numbers they know but taking the deductions I could document my return would look so radically different to last year that I think it would raise a lot red flags. But I didn't want to give the government any more information than they have, so I again filed a paper return. I filed Moominmama's return online for the first time, using the prefilled numbers plus deductions.

Previous years' reports:

2014-15
2013-14
2012-13
2011-12
2010-11
2009-10
2008-9
2007-8

P.S. 9 November

I got a more than $900 refund. Don't know what I got wrong in my calculations, but I'm not complaining :)

Moominpapa's 2021-22 Taxes

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.