Hi, I'm 72 on the OAP and have a part time job. Courier work for 17/18 , earned $14000.Part of that income (50 cents in the dollar) was deducted from my pension
Just done my tax online (not submitted yet) and was assessed as owing $1039.
Thought I should declare some deductions , but never kept receipts because I thought with low income rebates etc I'd be tax free.
I do remember certain amounts claimed (clothing , phone , internet etc) did not require receipts—-any ideas.
Thanks in advance
Tax Deductions ----Little Help Please
spuddo on 14/10/2018 - 15:50
Last edited 14/10/2018 - 16:58 by 1 other user
Last edited 14/10/2018 - 16:58 by 1 other user
Comments
An accountant will charge about $120. Well worth it
Up to $300 without receipts, but you will not get that full amount back, just roughly the tax you paid on it.
On a pension you might qualiy for SAPTO and if you have a spouse you might be able to transfer your spouse's SAPTO. I second the advice of going to a tax accountant ASAP and paying their measly fee. You have about 2 weeks left to file. If you owe an amount that you cannot pay just go online (ATO) once your NOA is out and request to go on a payment plan. That way you only pay a small portion of what you owe within 7 days and can pay off the balance over several weeks. Keep receipts next time.
I forgot to mention, call the ATO tax help hotline https://www.ato.gov.au/Individuals/Lodging-your-tax-return/T… and they will help you with your tax return free of charge if you qualify.
The $14000 was before tax , no tax taken as i thought there would be no tax—-company thought the same.
I qualify for SAPTO and low income offsets , otherwise tax bill would have been $3264—-ouch
As an old fart as soon as you earn over $209/week , centrelink take 50 cents per each dollar——they said this is not a tax——-yeah right.
I'm not trying to dodge tax , just minimise——like apple do :)
Thanks for your replies—any further suggestions welcome
Reducing your pension is not a tax.
In the same way reducing someone's Centrelink if they work is a reduction of a benefit, not a tax.
If you're trying to get out of losing some of your pension, I don't think deductions will do anything since they assess based on your gross income
The $14000 was before tax , no tax taken as i thought there would be no tax—-company thought the same.
That's correct, the income tax threshold is currently at $18,200 (how much pension are you getting?). Though the tax you're assessed be some combination of levies but none that should apply to you that I can think of.
As an old fart as soon as you earn over $209/week , centrelink take 50 cents per each dollar——they said this is not a tax——-yeah right.
That's not a tax. The government is giving you money. Now they're giving you less. None of that is a tax.
Could the income tax assessment amount be because of an overpayment of other benefits during the tax year because of your income?
Welcome you comment king.
Do you use a work-provided vehicle or your own vehicle for the couriering?
You dont have to pay any tax as you are under threshold <$18,200
Thank you
He is on a pension so will be over the threshold.
what has pension got to do ?
work provided vehicle.
i'm only seeking minimum amounts i can claim with no receipts required for clothing , phone and internet , all of which are work related.
An amount of $300 was mentioned , is that for each or a total for all?
Thanks again for your help.Total excluding some items
https://www.ato.gov.au/Individuals/Tax-return/2018/Tax-retur…Please go to an accountant or at least call the ATO tax help volunteers.
Unfortunately they add the pension onto my income.
maybe you havn't included SAPTO (senior australian pensioners tax offset). irrespective 14K and half the aged pension shouldn't be any payable. have you done medicare and residency correctly?
Probably did not do the 365 days not liable. He says SAPTO was there. Low income offset is automatic.
I really don't get why he doesn't just go see an ATO tax help volunteer.
did you earn $14,000 before or after tax?
did you use your own vehicle?
Any allowances within your PAYG summary?