First Tax Year, Do I Get It Back?

[B3NKobe]

Hey all, tax is coming up soon and this may be a stupid question but im not sure, This year will be my first tax year, I was wondering as have heard some people say that because its my first taxt year I will get most of it back?

Is that correct or wrong? or will I get a small $2 back?

[Shounak]

Depends on how much you earn.. If you're below the tax free threshold, you won't by paying any tax.. But you won't be able to make any deductions either..

[B3NKobe]

Depends on how much you earn.. If you're below the tax free threshold, you won't by paying any tax.. But you won't be able to make any deductions either..

Hmm ok, I think im above the threshold which is $6000 I think.

Iv earnt around $10,000 and been taxed $1500 roughly

[azkwazere]

Depends on your situation. Everybodys tax is 100% different. Differnt family, jobs, deductions, blah blah blah...... i have 3 jobs now... but this year i will be claming.... at least 5 entity group certs.... plus $300 in uniform deductions alone... i donno what ill get back. Hopeully $900 so i can pay mum off! Tax is stupid!

aZk.

[stylin_vr2]

i got the joys of havin a mum 4 an accountant (haha kiss it!!) n how much u get bak will also depend on whether ur employer paid enough tax or 2 much etc.. rough guess for what u'll get bak would be 350 tops..

[sircruisealotVS]

from the figures you've given, you should get a bit over a grand back from the $1500 tax thats been deducted from your pay.

[B3NKobe]

from the figures you've given, you should get a bit over a grand back from the $1500 tax thats been deducted from your pay.

Yeah, as its my first tax and havnt earnt that much I would like to get around a grand back, Guess only time will tell.

[sircruisealotVS]

well its not that hard to get an idea of what you'll get back...
goin from the figures you gave, your in the $6,001 to $21,600 taxable income bracket. so you taxed on a scale of 15c for each $1 over $6,000.
which mean you'll pay around $266 tax for the $4,000 more earnt over the tax free threshold (of $6,000).

[Pretender]

www.ato.gov.au

Tax on $10000 is $600 (15c per dollar over $6000) - $235 low income offset, tax payable = $365. Medicare = nil

The actual tax on your income may be higher than the calculated amount shown above if:

you stopped full-time education for the first time in the specified income year (a different calculation will generally apply to you)

you became an Australian resident or stopped being an Australian resident during the income year and part or all of your income was an Australian government allowance, payment and/or pension (you may not be entitled to a part-year tax-free threshold), or

you were under 18 years of age as at 30 June on the specified income year (certain income of minors is taxed at a higher rate).

Check here: http://www.ato.gov.au/individuals/pa...02_046_001_001

[minux]

mmm tax returns, i have never had less then $1500 return. This year it will rock because i am claiming almost 20,000km in travel

[Bax]

I've had two pay last year!! 30 bucks.

Year before was 2 grand..

I'm hoping I get something, anything. I need it.

[spice weasel (BAM)]

uuuuuh. minux if you are talking about travel, the maximum you are legally allowed to claim is 5,000km per car

[angelo.vs]

uuuuuh. minux if you are talking about travel, the maximum you are legally allowed to claim is 5,000km per car

Thats right unless he uses a different method such as a log book.

[minux]

uuuuuh. minux if you are talking about travel, the maximum you are legally allowed to claim is 5,000km per car

Without a log book and fuel receipts....

[spice weasel (BAM)]

If you have a log book, you claim a percentage of expenses ei fuel maintenance costs etc, not on a cents per kilometre basis, you are cross talking.

If you want to claim a percentage you are required to have a log book for three months to determine a percentage and then that is valid for 5 years.

Not trying to be difficult, just trying to help. (By the way if anyone wants to know yes i am an accountant)

[paddyj]

I do a couple of trips up to the hunter valley for work, maybe 2,000 km a year. Can I claim for that without having a log book detailing the trips?

[VZSV6]

anything under $6001 is tax detuctible. and wheat ever else u claim

[spice weasel (BAM)]

You only need a log book if you are going to claim a percentage of expenses. If you are claiming cents per km then you don't need a log book, just a basis of claim

[paddyj]

Cheers thanks

[minux]

If you have a log book, you claim a percentage of expenses ei fuel maintenance costs etc, not on a cents per kilometre basis, you are cross talking.

If you want to claim a percentage you are required to have a log book for three months to determine a percentage and then that is valid for 5 years.

Not trying to be difficult, just trying to help. (By the way if anyone wants to know yes i am an accountant)

I know everything i have to do, Without getting into heavy side of thing's i was simply stating that they are the km's i am basing expenses etc on.

[spice weasel (BAM)]

no worries. Just didn't want everyone thinking they can claim massive km's thats all. Hard to take my accountants hat off sometimes. lol