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Old 08-07-2008, 07:19 PM   #21
woofy
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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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Old 08-07-2008, 09:11 PM   #22
andrewck
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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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Old 08-07-2008, 09:22 PM   #23
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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.
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Old 08-07-2008, 09:28 PM   #24
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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.
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Old 08-07-2008, 09:38 PM   #25
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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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Old 08-07-2008, 09:49 PM   #26
andrewck
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Rodhog whats the percentage that you pay on capital gains ?? 33% or 47%
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Old 09-07-2008, 08:21 AM   #27
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Quote:
Originally Posted by KittyKatSmack View Post

Taxes and death eh?
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....
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Old 09-07-2008, 09:08 AM   #28
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Rodhog whats the percentage that you pay on capital gains ?? 33% or 47%
CGT is the same rate as personal income tax, just gets added to your taxable income.
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Old 10-07-2008, 06:12 PM   #29
woofy
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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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Old 10-07-2008, 06:16 PM   #30
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Quote:
Originally Posted by rodhog View Post
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.
I hear you on that bro.. same here. The government should not get any further tax from you after they have taken their cut from your pay.. What you do with your money after that should be all yours. It's so unfair. Those of us who actually want to earn more than our measly salary could do so without being taxed further..

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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Old 10-07-2008, 06:49 PM   #31
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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
http://www.ato.gov.au/youth/content....tent/66884.htm
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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