Tax return estimates

[Cobez]

Hey guys, i'm getting my missus aunt who works for H&R Block to do my tax this year for a slab of Corona, now, i know you can't get an EXACT figure of your return by asking someone, but if i have had around $8000 of tax withheld, what sort of return can i expect to be getting this year by having it done by an accountant, taking into account i'll be claiming $150 for a pair of steel capped work boots, a $90 donation to the bushfire appeal and about $120 worth of fuel for doing emergency deliverys etc?

I'm not sure how to calculate tax returns roughly, it's obviously not my field.

Any help would be appreciated

[stocky]

fuel usage is based on kilometres i believe? something like 60 cents per kilometre travelled can be claimed

[Trayner]

but if i have had around $8000 of tax withheld, what sort of return can i expect

around the $4,500 mark I'm pritty sure

[stocky]

around the $4,500 mark I'm pritty sure

how on earth did you reach that number

[Cobez]

fuel usage is based on kilometres i believe? something like 60 cents per kilometre travelled can be claimed

Yeah that's about spot on Mike!

around the $4,500 mark I'm pritty sure

Really? That doesn't sound right. I know i'm going to sound stupid here, but why does that dumb Etax program you download and do your tax on, give you such a crap return as opposed to an accountant? Why is there such a massive dollar difference?

Last year i had $7500 tax withheld, i got back about $900 on Etax, give or take a few bucks.

[Jesterarts]

I've had 14G withheld this year... though I expect to get about 5G of that back depending how much HECS I decided to pay.

Just do a check on the ATO site using their simple calculator and you should get a ballpark figure.

[Cobez]

I can't seem to find a calculator that does the tax REFUND, they all seem to be calculators for figuring out how much tax you pay etc......

[stocky]

tax refund should just be tax withheld subtract tax you should pay?

[Cobez]

Oh so use the tax payable calculator, get the final figure from that and deduct that from my tax withheld?

[shlink88]

give this calculator a go its based on last years rate but should give you a good idea

Tax Tools

[Jesterarts]

Yep... check how much you've paid in tax, calculat how much you SHOULD have paid. The difference should be your tax return. Though only a ball park as there are other factors that influence your tax return that are not in the simple calculator.

Cheers

[Cobez]

True, add on donations, work supplies and costs etc. Accountants can generally get MORE than stupid Etax.

[davway]

for an ultra rough guide give this one a shot:
JAW's Oz Tax Calculator for the Current Financial Year

you can then calculate what the difference is between what you paid and what it says you should pay.

[Cobez]

Sweet thanks mate

[nicko]

oh god. tax time. The raping of the tax man begins with all my deductions

[davway]

oh god. tax time. The raping of the tax man begins with all my deductions

do share - i got raped from work on my return.
asked for an extra 10% to be paid to tax and they stopped doing it after 6 months so i only get 1/2 of what i expected back.

any and all deductions that you know of would help.

[nicko]

I own my own business dav. I take a crap and claim it.

But you can claim washing power/liquid if you are required to wear a uniform to work etc etc. Many loop holes.

[azkwazere]

True, add on donations, work supplies and costs etc. Accountants can generally get MORE than stupid Etax.

ahhh, not really. E-Tax lists everything that can be legally claimed.. ie, it has provisions for all possible deductions adn reporting for the average joe, there are some companies which wouldn't fit for example.

All accountants do is know exactly what they can and cant do within the law... There are things that you can claim without proof, ie. $150 worth of laundry for work... accountants just know all the loop holes which they can use where as e-tax users just follow the instructions and get scared hence they dont maximise their return.

aZk.

[Cobez]

Bwahahahaha, that's similar to what my missus aunt claims on. I buy 20 kilo tub of this heavy duty washing powder from work to get my work clothes clean. Costs an odd $70 a tub.

[Cobez]

ahhh, not really. E-Tax lists everything that can be legally claimed.. ie, it has provisions for all possible deductions adn reporting for the average joe, there are some companies which wouldn't fit for example.

All accountants do is know exactly what they can and cant do within the law... There are things that you can claim without proof, ie. $150 worth of laundry for work... accountants just know all the loop holes which they can use where as e-tax users just follow the instructions and get scared hence they dont maximise their return.

aZk.

Exactly, so accountants DO get you more money, as i said

[MAS_614]

i have been doin my tax thru etax for the last 5 years mainly cos i didnt wanna pay some other bastard to do it but then i found out if you start doing it with an accountant each year you only have to pay for the first year as the rest off the years after that you can actually claim it in tax so i was thinking off starting up with an accountant this year, what are ppls thought off the best place to use?

[Cobez]

That's correct ^^^^

[minux]

I've had 14G withheld this year... though I expect to get about 5G of that back depending how much HECS I decided to pay.

Just do a check on the ATO site using their simple calculator and you should get a ballpark figure.

5g? Thats A LOT of deductions. I paid almost double your tax, with all my deductions for car expenses, home office expenses, i will be surprised if I can even get close to 5g(still waiting for etax 09 to be released dammit).

If you get it, good on you lol!!

i have been doin my tax thru etax for the last 5 years mainly cos i didnt wanna pay some other bastard to do it but then i found out if you start doing it with an accountant each year you only have to pay for the first year as the rest off the years after that you can actually claim it in tax so i was thinking off starting up with an accountant this year, what are ppls thought off the best place to use?

You do realise you dont get it back right? Its only a deduction, not a complete refund. I'd much rather do my own tax and understand the Australian system so I know what I am doing is legal and that if I am audited I am covered.

Cobez, if you get just $1 back, be happy, it's one less dollar this pathetic govco gets

[Cobez]

Yeah you get taxed on that deduction of using an accountant.

I'll be happy to get back $1000 to cover my dyno tune / ECU upgrade

[hsvpunk]

aslong as u dont have to pay back anything, then your fine.

Il be happy to get around 2k back.