TAX TIME....finally!

Kryton · 02-07-2007, 01:43 PM

well its that time again.
ive already got my tax return planned out.
im getting a new computer + ADSL2, giving the BA a good service, GF and I are both getting our motorcycle learners and possibly will buy a motorbike as well.
so, what is everyone else going to do with their return?

||| · 02-07-2007, 01:48 PM

2 slabs of ice cold tinnies

Black F6 · 02-07-2007, 01:50 PM

Tax Time!!!, every friggin day is tax time.

And its starts all over again.

By the way Im an accountant

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Dazza XLT · 02-07-2007, 02:19 PM

Quote:

Originally Posted by BFXRScott

By the way Im an accountant

:

Rang my accountant....
"He's in the Kimberleys for 4 Weeks"

What a crap time of year to head off for holidays.
Our dog needs surgery, I reckon thats where mine will go, and also into the "House Deposit Fund" (Donations being taken! :P )

Cheers

Darran

bArNsY · 02-07-2007, 06:53 PM

Quote:

Originally Posted by BFXRScott

By the way Im an accountant

:

me to

FPV GT · 02-07-2007, 06:58 PM

Hate this time of year.

Really hate the following March even more.... thats when I make payment on the outstanding tax.
Have had to pay extra tax every time, so I cant see why this year will be any different.

Regards
Paul

sgt_doofey · 02-07-2007, 01:52 PM

Quote:

Originally Posted by davway

well its that time again.
ive already got my tax return planned out.
im getting a new computer + ADSL2, giving the BA a good service, GF and I are both getting our motorcycle learners and possibly will buy a motorbike as well.
so, what is everyone else going to do with their return?

Jeez. How many dodgy deductions do you make to be able to get all of that?

Looking forward to our tax returns to get a bit more cash in the bank for our overseas trip later on in the year.

King Nothing · 02-07-2007, 01:58 PM

Oooh, I can't wait to get my tax return! I've only started full time work in feb this year. So I will get a fat return this year! Oh yeah!

:

Will probably go towards mods on the BA, or save towards my house deposit

05MkIIFutura · 03-07-2007, 06:10 PM

Quote:

Originally Posted by King Nothing

Oooh, I can't wait to get my tax return! I've only started full time work in feb this year. So I will get a fat return this year! Oh yeah!

:

Will probably go towards mods on the BA, or save towards my house deposit

You didnt by any chance finish some sort of education at the end of 2006 did you?? If so you are only eligable for 50% of the tax free threshold. Sorry!!!

MightyXR6Turbo · 03-07-2007, 11:04 PM

Quote:

Originally Posted by 05MkIIFutura

You didnt by any chance finish some sort of education at the end of 2006 did you?? If so you are only eligable for 50% of the tax free threshold. Sorry!!!

Not quite right, the 2007 financial year return has abolished the need for the A2 Tax Free Threshold adjustment to be made for people finishing school. So they are entitled to the full threshold.

PS: I also loathe this time of year as well...

Kryton · 02-07-2007, 02:26 PM

Quote:

Originally Posted by sgt_doofey

Jeez. How many dodgy deductions do you make to be able to get all of that?

no dodgey deductions. actually thats without any deductions.
i pay an extra 10% of my gross salary to tax.
its the easiest way to save money.

Quicksand · 02-07-2007, 03:50 PM

You are spot on Dave we do the same thing, an extra $30-50 a week gives a tidy 2 grand at the end of each financial year even before legit deductions. Because it comes out of your pay before it hits your bank you hardly miss it

We will be using ours to try to upgrade to the XR6T BF (hanging out for that turbo spool and 6 speed!)

Quote:

Originally Posted by davway

no dodgey deductions. actually thats without any deductions.
i pay an extra 10% of my gross salary to tax.
its the easiest way to save money.

Powdered Toast Man · 02-07-2007, 04:01 PM

Quote:

Originally Posted by ThundaBird

You are spot on Dave we do the same thing, an extra $30-50 a week gives a tidy 2 grand at the end of each financial year even before legit deductions. Because it comes out of your pay before it hits your bank you hardly miss it.

I was going to do that but my old boss advised me to set up a second high interest savings account. Instead of giving my extra money to the government to hold, I earn interest on it. Sure it's not much on 2 grand but I had over 10 grand in there (just put a slab on my BA loan so it's down to nothing again) and earning $60 a month in interest. Best bit of advice I've ever taken.

merlin · 02-07-2007, 01:58 PM

Hmm full 3" inch exhaust for me I thinks....thats if I don't owe them money like I did last year...

MITCHAY · 02-07-2007, 09:44 PM

Quote:

Originally Posted by merlin

Hmm full 3" inch exhaust for me I thinks....thats if I don't owe them money like I did last year...

Yeah I got home and I was told I owed $900. I waited to the last minute to pay it too.

The timing was absolutely crap as I just forked out about $33k cash with my car

:

I hope I overpaid tax by heaps and get a massive refund. Wishful thinking I reckon.

crYnOid · 02-07-2007, 10:03 PM

I got $7.7k back last year, i'm expecting more this year

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TheSneakiness · 02-07-2007, 02:25 PM

Probably only a tank of 98 I'll get outta mine... :(

TheSneakiness · 02-07-2007, 02:51 PM

Quote:

Originally Posted by The_Axe

Probably only a tank of 98 I'll get outta mine... :(

Make that a tank and a half...

banarcus · 02-07-2007, 02:29 PM

New exhaust. Happy days.

Falcon_Phill · 02-07-2007, 02:39 PM

A new laptop and some fix ups for the fairmont hopefully.

MISTA FIESTA · 02-07-2007, 02:44 PM

Tax return will hopefully go to the " Damo wants Fiesta XR4" fund.

Outbackjack · 02-07-2007, 02:48 PM

Tax return???? I only ever pay more!!

Falcon_Phill · 02-07-2007, 03:00 PM

Quote:

Originally Posted by Outbackjack

Tax return???? I only ever pay more!!

Isnt that only if you dont pay it in the first place? Not that I have any clue how it works, I just cant see why youd pay more.

Black F6 · 02-07-2007, 03:03 PM

Quote:

Originally Posted by Falcon_Phill

Isnt that only if you dont pay it in the first place? Not that I have any clue how it works, I just cant see why youd pay more.

Obviously, self employed!!!

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Outbackjack · 02-07-2007, 03:20 PM

Quote:

Originally Posted by Falcon_Phill

Isnt that only if you dont pay it in the first place? Not that I have any clue how it works, I just cant see why youd pay more.

I have some investment properties turning into the black..... I am pretty sure that this is going to bite me in the hip pocket once again.

Powdered Toast Man · 02-07-2007, 03:39 PM

Quote:

Originally Posted by Outbackjack

Tax return???? I only ever pay more!!

Unfortunately I'm with you Outback Jack, although my bill will be fairly low this year compared with last year (over $1800 bucks last year).

Quote:

Originally Posted by fordfan86

Hopefully a bit.. then get raped by my HECS debt, still not sure how it works.. but anything back in my pocket will satisfy me.

Did you nominate that you owe HECS on your payment form when you started work or told your pay department. If so then by rights they should have been taking out your HECS payments each pay as extra tax. If you have to pay more it's because they didn't take out enough, which is what happens with me. But I know about it and am prepared, next year should be sweet though.

It's a percentage of your gross wage/salary depending on what you earn. The percentage goes up the more you earn so it's an exponetial growth in your tax deductions.

FordFan86 · 03-07-2007, 11:26 AM

Quote:

Originally Posted by Powdered Toast Man

Did you nominate that you owe HECS on your payment form when you started work or told your pay department. If so then by rights they should have been taking out your HECS payments each pay as extra tax. If you have to pay more it's because they didn't take out enough, which is what happens with me. But I know about it and am prepared, next year should be sweet though.

It's a percentage of your gross wage/salary depending on what you earn. The percentage goes up the more you earn so it's an exponetial growth in your tax deductions.

Nope, started working there while I was in high school (almost 4 yrs now!) so unless my boss has taken the initiative and taken extra tax out for HECS I don't think so... I kindly asked them to take out $5 extra per week anyway in the hope of getting 52*5$ back at tax time :P

I earn too much to get youth allowance or anything like that so all I can do is wait till I have my group cert (and wonder where the hell all the money it says i've earnt has gone!) and go from there.

AUsome · 03-07-2007, 06:07 PM

Quote:

Originally Posted by Powdered Toast Man

Unfortunately I'm with you Outback Jack, although my bill will be fairly low this year compared with last year (over $1800 bucks last year)....

Im also with you guys... not as much but was around 750 last year and I cant wait to see how much ill have to pay this year... and i aint self employed either! Bloody tax on interest earnt.

sfr rob · 02-07-2007, 06:05 PM

Quote:

Originally Posted by Outbackjack

Tax return???? I only ever pay more!!

I am with ya brother!
doesn't it make you sick? Just as you start getting on top of things, you get the next lot of tax to pay come in!!!!! Arghh.
I think I might go back on wages one day, stuff working for your self.

FordFan86 · 02-07-2007, 02:52 PM

Hopefully a bit.. then get raped by my HECS debt, still not sure how it works.. but anything back in my pocket will satisfy me.