View Full Version : For Australians
mermaidnz
05-11-2007, 07:12 PM
vee, do you think that gst increase limits are for the *next* tax year?
cos the tax we pay after july 1st this year, is tecnically for period of july 1 06-june31 07 aye?
where do i find out the whole gst thing ? i just dont get it.
if i earnt say $60k, id deduct the deductions, say to $52k, pay tax on the 52k, then pay 12.5% EXTRA tax on the 60k? is that it?
so technically, earning over 50k means the tax rate is 30% + 12.5%?
wtf?
mermaidnz
05-11-2007, 07:22 PM
fuck.
i need to be a fucking accountant to understand any of the shit on the ATO website. where is the laymans tax info ffs? *fustrated*
fuck it. ill just earn less then 50k before deductions.... easier that way :(
GoldCoastGirl
05-11-2007, 07:58 PM
^^^ Why don't you ask your accountant these questions? Even if you only use the accountant once a year for your end of year tax return ... keep that accountant's number and email addy handy so you can contact him/her/them about your concerns.
The Tresuerer announced an increase in the GST registration annual turnover threshold effective 1 July 2007.
It won't come into effect until 1 July 2007 thus the NEXT tax year not this one. Stay under 50k for this financial year (only one more month to go anyway as end of financial year is 30 June every year).
mermaidnz
05-11-2007, 08:01 PM
true. i need to find an accountant actually :)
right. getting on it !
GoldCoastGirl
05-11-2007, 08:07 PM
true. i need to find an accountant actually :)
right. getting on it !
You need to find someone who is familiar with self employed people working in a cash based industry. Not every accountant is familiar with all the workings of being a self employed person and/or cash based businesses.
I'm with PKF in Southport. You could try them to see if you are eligible (as they have certain criteria you have to met before they take you on as a client)? I became eligible back when I was first working at Players (I've got one asset which won't pay up for many years to come that made me eligible).
I bought into a forestry scheme. I learnt my lesson.
eta: ask around at your club to see who other people are using for accountants. you may come across someone who is far cheaper than my mob yet do quality work.
mermaidnz
08-07-2007, 11:58 PM
just done my tak today :)
found my accountant in the phone book, tbh, just picked one that was close,and he was awesome! i now have $5k in cash saved more then my final tax bill (yay for deductions!) so planning on opening some sort of investments portfolio with ing.
w00! i loves tax
GoldCoastGirl
09-09-2007, 01:53 AM
Okay. I am fucking finally done. It took me quite awhile! :laughing:
I caught up with my MYOB (http://www.myob.com.au) data entry for the 2006-2007 tax year. All the accounts that I can reconcile have been reconciled. The last two or three will be reconciled when I get the statements from the PO Box on Monday.
I've the meeting with my accountant (PKF Southport) on Wednesday.
I have a :( sinking feeling that I may have to pay back some GST that I may owe due to being over $50,000 turnover... I tried to play it smart in that financial year so I wouldn't have to compulsory do GST just the PAYG tax.
Here's hoping I get something back! *fingers crossed*
I'm so so glad that the threshold for the GST (having to pay it compulsory) has been increased. I'm safe this financial year as far as I'm aware.
I'll spend some of my tax return (if I get one) on accountant fees as I pay good money for this accountant. (I still feel they are worth every cent as I have only been blessed due to using them!)
I'll update everyone later this week.
Lysondra
09-10-2007, 12:49 AM
My taxes are being done right now... they're not looking as bad as I thought they would. Next year is going to KILL me though, as I'm already up over 20k on this fin. year alone. Going this rate I might make it over the NEW GST cap... shit. :x
GoldCoastGirl
10-22-2007, 01:12 AM
Damn! I actually ended up OWING money this year.. yet it is only just over a grand in total I owe so it isn't THAT bad. Then again, I knew I would as I was only making payments of less than $300 each quarter with my PAYG tax.
This year my quarterly contributions will increase however since it has taken me so damn long to get around to do my 06-07 end of year tax return ... my first quarter payment (due end of October each and every year) is still less than $300 due to the ATO basing the payments off the 05-06 tax return of mine.
Whilst on the subject of tax.
I received in my home mailbox a brochure so it might be worthwhile checking out for someone? I'm not in the market for a new accountant, I'm still quite happy with my current one so I havn't contacted them and nor am I recommending this accountancy firm. I'm just passing on details for anyone interested.
QUESTION: Would you prefer to have your tax return prepared by someone who does a 10 to 16 week, part time course (like H & R Block or ITP)
or
by a Professional Firm with University Graduates with a 70 point checklist and a 100% no questions asked, Money Back Guarantee?
.....
Gorrie Amedee & Associates
Nerang QLD
PHONE 07-55-782966
[email protected]
The Navigator Network
Ashmore QLD
PHONE 07-55-970661
[email protected]
OFFICE HOURS
9am to 6pm
Monday to Friday
Open til 7pm Thursday night.
9am to 1pm Saturday - July and August only
wild slash
11-01-2007, 03:24 PM
well its nice see you have a plan
and it looks as though you have put a lot of thought into
but as far as the property thingy goes your wasting your time
just by doing the numbers.
i have worked out a way to turn $50,000 into $1,000,000 over a five year period on the asx using blue chip shares
pm me if you want more info
by the way i have nothing to sell you and there for recieve no commissions
what i am doing is using simple maths and a safe level of gearing
WILD SLASH!!!!!!!!!:P
GoldCoastGirl
11-18-2007, 05:38 AM
This is for everyone not just Australians ... I'm just putting it here so as to not have to start a new thread just to pass on a website address.
Whatever your goals, the Cheapskates Club will show you ways that you can save money every day.
On or about the first of every month, the new edition of The Cheapskates Journal, full of brand new information just for Cheapskates members, is uploaded to the Member's Centre, ready for members to read at their leisure.
http://www.cheapskates.com.au/
q158444492
06-10-2008, 02:58 AM
Very good!!! Support !
Lysondra
06-10-2008, 09:03 PM
*^&%^)(**&$&*^* You guys don't update me... where did Mermaid go??!
fluffypenguin
06-25-2008, 10:10 PM
Ok today i get a letter from the taxman listing my bank accounts and pointing out that I forgot to include my interest earned on my last tax return ($110 whoopeee!).
I always poo myself that I will get audited, especially with the "average weekly income" supposedly being $1200 a week (snigger, yeah right), and the rumours that we make $1000 a night (guffaw) combined with the fact I can't actually PROVE my income either way. Oh and my bookkeeping reallys sucks, I do however keep receipts and have a crappy diary that notes my earnings.
Actually it's not a question, I just poo myself at tax time even though I do declare my income. I think I need a normal wage job, I can't handle the bookkeeping stress. AAARGH! :scared:
Lysondra
06-30-2008, 07:02 PM
^ Go to kikki.k... I got a wonderful set of organizational stuff for taxes, including a receipt book I have organized by type. So I know at ANY given tim how much I've already spent on petrol that financial year.
I got a letter from the tax man saying me $20,000 in writeoffs seemed a bit high, but they weren't auditing me - to just make sure next time. I went through my receipts and went, "OH, I was wrong... I had $22,000 in write offs." Hahahahaha.
One of these days I'll be audited for my write offs. Which I -can- prove, so NEENER.
GoldCoastGirl
02-04-2009, 02:05 PM
Remember Lysondra back at the start of this thread: they can only audit back the last 4 years.
You ONLY had $22k in write-offs? I've had more some years and have not heard anything back from the ATO. I'm guessing you do it all yourself right? I don't because using a tax accountant is a great way to make doubly sure I do not get audit-ed. Besides, I pay damn good money to this firm for book keeping and tax services ... and they have quality controls in place to make sure all deductions are legal.
Also, your kikiki.k stuff ... is it:
http://www.kikki-k.com.au/catalog/category-Finance-product-My_Receipts_Organiser.html
or
http://www.kikki-k.com.au/catalog/category-Finance-product-Receipt_Books.html
???
GoldCoastGirl
11-16-2009, 02:05 PM
Here are a couple of URLs that are a MUST READ for all workers in the industry:
How to determine if you're an employee or contractor:
http://www.ato.gov.au/businesses/content.asp?doc=/content/00095062.htm
Superannuation:
http://www.ato.gov.au/print.asp?doc=/content/19159.htm
Now, remember, if you DO NOT GIVE YOUR ABN the club/agency has is legally able to withhold payment: If the company, partnership or trust [this means you as the contractor!] has not quoted its ABN [the club/agency/etc] will need to withhold tax from the payment. For more information, refer to: No ABN withholding – questions and answers. (http://calculators.ato.gov.au/businesses/content.asp?doc=/content/19178.htm)
Print these out + present these to the club if you need to do so if they start
Purrfect
10-26-2010, 07:10 PM
Edit: Thanks for the help, much appreciated! My post is probably better off gone. :)
flickad
10-27-2010, 02:47 AM
^^
Yeah, ATO can access bank accounts and all sorts of other records without notice or warning. I'm not sure what the answers to your other questions are because when my ABN was active, I put in tax returns (and thus don't know when, whether and to what extent the ATO makes inquiries if you don't). My instinct would be to do a late tax return and pay the late return fine. A slightly late return isn't that big a deal. They don't treat it like large-scale tax evasion or anything as long as you do put that return in.
You could even do the return on time if you act quickly. The last date for a timely return is October 31.
As for facing trouble down the track, I know that a character check will be done by immigration authorities on receiving any visa application, but am unsure how thorough it will be with respect to tax returns not filed.
Purrfect
10-27-2010, 09:11 PM
I lodged my return on e-tax, but couldn't provide any deductions as I have no receipts *bashing herself*. It estimated that I need to pay about $6000 AUD.. but I obviously just need to wait a few weeks until I hear back from ATO. I've never filled a tax form before and I didn't understand half of the stuff, but I feel relieved that I've actually taken action. So, just fingers crossed that everything works out. :)
flickad
10-28-2010, 03:17 AM
^^
Contact the ATO if there's anything you don't understand. They are super helpful, honestly.
person
10-31-2010, 01:28 AM
You could even do the return on time if you act quickly. The last date for a timely return is October 31.
I seem to recall that you can file later if you go through a registered tax agent like H&R block or something. They're pretty affordable... in the order of $100
lolamaxx
02-19-2011, 09:50 PM
I am such a noob about all this Tax stuff! I've only started camming in the past two weeks and I have NO idea how it all works. Do you guys recommend just visiting an accountant or should I attempt it all myself?
Do I need to keep pay/cheque receipts?
Anything I really need to know or do? Thanks :)
person
02-27-2011, 02:42 AM
I am such a noob about all this Tax stuff! I've only started camming in the past two weeks and I have NO idea how it all works. Do you guys recommend just visiting an accountant or should I attempt it all myself?
Do I need to keep pay/cheque receipts?
Anything I really need to know or do? Thanks :)
One piece of advice - always keep as many records as you can of all expenses and income. Can't hurt. One of the requirements/tests for some forms of work are whether it is conducted in a "businesslike manner", otherwise it might be regarded by the ATO as something you just do as a hobby (which is a bad thing - you can't deduct computer and internet as business expenses unless you pass the test for it being a legitimate business activity).
Having said that, I am not a cammer, so maybe someone else can be more specific.
fluffypenguin
03-23-2011, 09:16 PM
Visit a tax accountant- a proper one not those H& R Block dodgy mobs that just fill in the forms for you. Tax has also become too complicated to do yourself, I used to always do my own tax returns but I stressed majorly over whether I had done it right. Tax returns are complicated unless you are a simple salary earner, I have been seeing an accountant for the last few years and she is worth every cent and more!.A proper accountant doing your tax will cost $100-$200 but they will find everything you can claim for which will save you 10 times what you spent on the accountant. They can also help you with lodging late returns with mininal penalties. Keep all your receipts for anything you think may be work related, and your accountant can advise what is deductable and what isn't. Sometimes you can deduct the strangest things. If the agent doesn't ask you if you have deductions for....? They are probably one of the lazy ones that just charges you to fill in the form on your behalf (like H&R Block), make sure you hunt about and find an accountant that actually knows all the deductions you can qualify for. Also an accountant can set you up to repay your tax bill, in quarterly installments rather than trying to find the full amount in one hit!
Davey17
08-26-2011, 06:11 AM
My TFN has all numbers no letters the same as my ABN so I don't understand why yours does have letters.... might have something to do with not being a fully fledged citizen maybe? In the end, ask the tax department. Go to their website and send them an email or give them a call.
Personally, I think it is hella kewl to have those letters at the end... what if you had 4NE8 (fornicate) at the end ??? :D
Hi there Gold Coast ...
We know each other , but I have not seen you for a long time . Actually we spoke about this ( Very briefly ) even before your post in 2005 . Although I never knew you had a small investment in Gunns ... I ended up in Gunns ( Via the demise of Great Southern Plantations ) ..but thats another story , all over now really .
Im glad you are now structured as a Company ..this made good sense ( In your case ) plus your potential for multiple income streams . Your situation is of course quite different to many others here , especially with regard to rulings over travel ... Yours is black and white really .
The important thing you have done is recieved great advice , plus you have been extremely keen to learn which is the imporatant thing . I stumbled accross your post ...
Anyhow , hope we see you some time in Melbourne Again ... I rarely get to QLD these days , because I fly straight over the top basically .
Good Stuff ........ P Dave :) ;D
EllaLord
07-11-2012, 07:19 PM
Can anyone one explain why the club "pays my gst for me"? I don't turn over more that 50k and am not registered for gst. I doesn't seem right to me? Thanks x
Davey17
07-12-2012, 02:14 AM
Can anyone one explain why the club "pays my gst for me"? I don't turn over more that 50k and am not registered for gst. I doesn't seem right to me? Thanks x
Pretty Simple ..THEY DONT PAY YOUR GST .
True its not compulsory to register for GST with a turnover under 50 k , but GST still is applicable , and they get it one way or another .
When you created your ABN , you should register for GST even though its not compulsory . Although I wouldn't mind betting Few do pay GST , if it were me Id remit some , certainly keeps them off your back . The Club remits GST for drinks , door fee , Shift Levy , Pool tables and thats about it .
All the best .