Its your tax minus offsets and minus franking credits that it is calculated on. I earned over $30,000 but because i had several thousand dollars worth of franking credits i'm not eligible.
This conversation is in reference to the low income earners and if they are eligble. What I typed is truth.
If you made $9000 and paid $1100 in tax, then after your deductions/claims, your taxable income is say $8500 then your tax payable is calculated on this amount.
If paid more tax .. a refund, if paid less tax .. more to pay.If you have paid more than zero income tax you are eligble.
This conversation is in reference to the low income earners and if they are eligble. What I typed is truth.
If you made $9000 and paid $1100 in tax, then after your deductions/claims, your taxable income is say $8500 then your tax payable is calculated on this amount.
If paid more tax .. a refund, if paid less tax .. more to pay.If you have paid more than zero income tax you are eligble.
You're missing the devil in the detail about the offsets. The Low Income Offset kicks in at $6000 and ensures that (as a general rule) tax is not payable where the taxable income is less than $11,000.
The example you've given is not possible (or at least highly unlikely). If your taxble income was $8500 then you have not had to pay any tax. You are confusing the PAYG amounts deducted as "tax payable".
Duckman
If you earn $11,000 then your tax payable would be $750. However you would be entitled to the 'low income tax offset' of $750. Hence you pay no tax and are not entitled to the bonus.
If you earn $11,000 then your tax payable would be $750. However you would be entitled to the 'low income tax offset' of $750. Hence you pay no tax and are not entitled to the bonus.
Can someone please answer this query.
If my mum (non employed) had income of $13,000 Capital Gain not eligible for discount, $1000 interest income. Is she eligible for the bonus.
Thanks and best regards
Depends if she put in a tax return, what age she is and what deductions she had.
Ridiculous. How can you earn too little and not be eligible?
I am 19, a trainee, I earn $300 a week for 38 hours and I do not qualify for any centerlink money because my parents have lots of money.I'm always getting absolutely nothing. Might as well quit and move across the road and get the living away from home like everyone else around me seems to do, despite still being AT home most days. Im so sick of assholes getting money they don't deserve. I'm going to go home tonight and blow the whistle on every single person screwing the system around, friend or not. I've had enough.
No Deductions
Age 54.
Tax return lodged and tax paid via cheque to ATO
Thanks
Of course Super receives a tax advantage! There has to be some incentive to lock your funds away and to encourage people to save for their retirement, thus hopefully not being a burden on the taxpayer.Hiya Julia,
But your SMSF pays heaps less tax as a % than individuals so you are miles ahead .....
Of course Super receives a tax advantage! There has to be some incentive to lock your funds away and to encourage people to save for their retirement, thus hopefully not being a burden on the taxpayer.
The reduced tax goes some way towards offsetting the considerable costs involved in running a SF.
Miles ahead? You'd have to be joking!
Be careful WYSWYG.
Do you play cards? If you are going to go "all in" you need to be pretty sure of your hand......and that of your opponents. I'm going to watch the next move. (I'm betting on your opponent).
Duckman
Okay got it from the ATO site calculation and the offset of $750 nullifies the tax payable on $11000.
and i aint laying that bet for anyone lol
sorry wys - knowing this rubbish is my job - its still a very simplified version thou, cos once you get centrelink as well, it gets real ugly.
and yes, for those who cruelly get refunded all their tax thru franking/medical expenses/medical insurance/mature age or other offsets, they become ineligible too.
fyi - the $11000 becomes $14000 in 2009 - what a wonderful world.
does anyone know about this or have received their payment the same
having received my tax assessment as a sole trader i now owe ato certain amount for 07/08 have another month to pay it.
last week i logged on line to tax portal and found that i have $900 credited to my tax account.....no explanation and cant find any information to this kind of payment from ato site
as far as i know payments weren't being released till this week anyway as the gov were waiting on court judgment
am half hoping that i am going to receive another $900 in the bank account as well over next few weeks.
gary
I have a SMSF which, as you point out, means my funds are under my control. Without holding funds in Super I'd be paying more tax so I have no problem with using Super as a vehicle.$100k invested through a SMSF (and trust me a properly managed SMSF Sh!ts all over Managed funds), versus $100k with minimal gearing, and risk management in place? There is no comparison over the longer term. The SMSF ends up with a ****load of opportunity cost.
Me I want my long-term money under my control, not subject to whatever freaking interest group can lobby (bribe) the government in giving them a greater ability to take chunks of net worth away from my kids and grandkids.
rant end now.
Sir O
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