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08-07-2008, 07:19 PM | #21 |
Senior Member
Join Date: Feb 2005
Location: Melbourne
Car: Race Blue RS Octavia hatch, Black Santa Fe Elite
Posts: 826
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Um or I could just put the difference each pay into ING and get interest on it.....lol....as I said before I hardly ever got much back in tax refunds, bit different now though as my car allowance gets taxed at the max rate and then the deductions mean I get most of that tax back...forced savings really.
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08-07-2008, 09:11 PM | #22 |
Junior Member
Join Date: Mar 2008
Location: Alstonville
Car: Ford Focus LV XR5
Posts: 196
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Yeah but then you get taxed on the interest so really letting the tax man hang onto it means its tax free
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08-07-2008, 09:22 PM | #23 |
SP20 Member!
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Generally work calculates all of the tax, HECS stuff so it is a real pain to get them to hold extra back. And even if you did out it anyway to earn interest, you are still earning more than whatever tax is taken out. It amazes me the number of times I hear people say dont earn any extra money or you will get taxed.
However, I will agree with the forced savings thing. If the taxman has it (even only temporarily) then you definitely cant touch it. If it is sitting in a savings account then theres always the temptation. |
08-07-2008, 09:28 PM | #24 |
Senior Member
Join Date: May 2005
Location: Sydney Lakemba
Car: mx-6 626 Gs300 Maz2 was 95 KF BA-HT
Posts: 2,024
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You all suck for getting tax returns
I got pinged $5840 last year - so that's gone this year plus who knows how much more I owe. EVERY FRIGGEN YEAR. I havent' had a return for 5 years. It's not like I make money, they just do it because I have investments. Bloody Captial Gains tax. |
08-07-2008, 09:38 PM | #25 |
Senior Member
Join Date: Nov 2006
Location: SE Brissy
Car: Old: 1989 DOHC Mazda 323 New: Nissan 180SX Type X
Posts: 2,135
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I might buy me some "Bling"...unsure of what though..... + the rims + the tyres + ah man.....i need more Tax money.....lol
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Today you will die and then you will know what it feels like to live... Straights Are For Fast Cars, Corners Are For Fast Drivers: Colin McRae Visit My Ride: http://www.astinagt.com/forums/vbpic...?do=view&g=319 Come see my deviantness....hehe http://dawnblade.deviantart.com/ |
08-07-2008, 09:49 PM | #26 |
Junior Member
Join Date: Mar 2008
Location: Alstonville
Car: Ford Focus LV XR5
Posts: 196
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Rodhog whats the percentage that you pay on capital gains ?? 33% or 47%
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09-07-2008, 08:21 AM | #27 |
I'm not as dumb as my posts would indicate
Join Date: Aug 2006
Location: jerrabomberra N.S.W (A.C.T)
Car: astina ba 97
Posts: 1,245
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got to love "meet joe black"
i get to use all my study as deductions as its all relivant to my job and i get to claim kms as before i had a company car i had to use mine... so my tax returns are normally quite great.... this yeah its going into savings! (when i get around to lodging it) as for my 21st bday my hole family is giving me money to go overseas and i am sure my tax return would make that holiday even better.... |
09-07-2008, 09:08 AM | #28 |
AstinaGT Regular
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CGT is the same rate as personal income tax, just gets added to your taxable income.
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71.3kw@5341rpm - 394.4nm@3968rpm - Protek Dyno. 2000 Mazda MX5 |
10-07-2008, 06:12 PM | #29 |
Senior Member
Join Date: Feb 2005
Location: Melbourne
Car: Race Blue RS Octavia hatch, Black Santa Fe Elite
Posts: 826
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You must be making some money rodhog, (even if its reinvested) as you don't get taxed on losses!
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10-07-2008, 06:16 PM | #30 | |
Senior Member
Join Date: Mar 2002
Location: -37.561609, 143.854814
Car: 2013 Mazda 6 GT Sedan - Soul Red
Posts: 3,517
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Quote:
Speaking of tax.. Who here knows how much you can earn as a 'hobbie'? Apparently there's tax free gains on people earning extra cash off a 'hobbie'. Adz
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2013 Mazda6 Diesel GT ------------------------------------------------------------------------------------------------------------------------------[Formerly] 2004 Mazda6 Luxury Sport |
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10-07-2008, 06:49 PM | #31 | |
AstinaGT Regular
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Quote:
I cant really help much with that one, I dont often come across people making income from hobbies. got my Group certificate today, assuming I have similar expenses to last year (probably more since petrol has gone up) I should get back about $1k
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71.3kw@5341rpm - 394.4nm@3968rpm - Protek Dyno. 2000 Mazda MX5 |
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