Hi All,
Wanted to remind everyone that income tax returns for those who do not use a tax agent are due to be lodged by Thursday 31 October 2019.
If you use a tax agent, or are expecting a refund, then there's no need to lodge by Thursday.
If you have been late in the past, you might want to get on it to avoid late fees/penalties.
Have a lovely day :)
I use the same accountant the Packers use - no point giving the bastards more than they're entitled.
Packer once said "anyone who pays more tax than they can get away with needs their head examined."
I agree. There's no point donating to a cause that isn't aligned with my views anyway.
He actually said:
"I'm not evading tax in any way shape or form. Of course I'm minimising my tax. If anybody in this country doesn't minimise their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra."
And he hit the nail on the head.
As a government
Packer is a Government?
I can't afford accountants that the Murdochs and the Packers use but I do earn exactly $18,200 (tax free threshold) which means I can still follow Packer's golden rule "anyone who pays more tax than they can get away with needs their head examined"
Earning over $18,200 is like paying more than $33 per TB for a external hard drive: it's less bang for your buck. Change my mind.
how often do you visit your GP?
used any Govt services?
got a HECS debt?
claimed benefits recently?
who do you think should pay for those?
I do earn exactly $18,200 (tax free threshold)
you earned it? Or was that composed of centrelink payments
how often do you visit your GP?
I'm not fat etc so I never do. I am at peak health.
used any Govt services?
Examples?
got a HECS debt?
Yes, and it will never be paid for as long as I live.
claimed benefits recently?
Examples?
who do you think should pay for those?
The taxpayers. AKA the suckas.
you earned it? Or was that composed of centrelink payments
Honest to god, earned it.
got a HECS debt?
Yes, and it will never be paid for as long as I live.
https://www.ozbargain.com.au/node/482636?page=3#comment-7720…
I work as a sugar baby at night (or escort or prostitute whatever you want to call it).
my student debt has already been paid for (and then some)
You're full of it.
@ssquid: Deff full of shite. What kind of people earn the exact amount of the tax free threshold? A terrible liar.
@DeafMutePretender: hahahaha, your comment history confirms you're a shitty attention seeker
Try not to make your bs so easily disproven next time
Not really, with low income offset you can basically earn around $20,000 before you pay tax.
So your pondering about how to live like a forgotten crumpled packet of chips kicked under the super market shelves is already costing you money. Should've pulled those extra hours like Johnny boy.
Bon appétit!
plot twist, he actually hasn't got a job
Not really, with low income offset you can basically earn around $20,000 before you pay tax.
That is true.
So your pondering about how to live like a forgotten crumpled packet of chips kicked under the super market shelves is already costing you money. Should've pulled those extra hours like Johnny boy.
Such is life as an OzBargainer. Better to be a frugal penny pincher Scrooge McDuck than to keep up with the Jones's (and Johnny boy over there).
Just load up on equities paying fully franked dividends and you won't have to pay tax until you hit $138,000 (last time I checked)
Wonder if there'll be the automatic 2 week extension granted this year if you call up on Thursday.
If someone owes less than $1000 and puts their return in late what fees/penalties do they face? Asking for a friend. :)
Something along the lines of $210 for every period of 28 overdue days isn't it?
Based on my experience, unless you consistently lodge late, you won't get a penalty.
Due to having to wait on others for information, I've been up to 5 years late with 5 returns in arrears on several occasions. I got fined once for ~$100. IIRC the fine is a tax deduction. It's either the fine or the interest on late payment of tax.
https://www.ato.gov.au/General/Interest-and-penalties/Penalt…
Interest on late payments is a deduction. I did 6 years worth of returns at once and had to pay ~$23K worth of interest, which nearly reduced my next assessment to nothing owed/returned.
$23k! Wow!
@brad1-8tsi: Yeah, they really slug you to make sure their interest kills any benefit from keeping the money owed in a high interest (not so high now…) savings account instead of handing it over.
I always look forward to your reminders
Thank you :)
I wish companies would stop randomly not sending me my physical documents…
They seem to randomly decide, when they bother or not in sending printed statements, yet they are still capable of sending ads and 'buy more shares plz' junk mail(can't tell me they are saving the environment with that)…..
I'm going to want physical documentation regardless of whether I print them or they do….
Posting to remind myself just in case. Was about to do it last night when I noticed my car tyre was a bit flat. Found a nail in it. The Tax Gods are making me not complete my tax! lol
My tax has been ready to go for a month. Waiting to hit the "Submit" button as late as possible.
Thank you lady at Family Services for the advice on how to avoid an over-payment to my ex-wife that I will never get back.
I found out the other week that my partners sister has never filed a tax return. She has also never been chased by the ATO, can I assume the ATO have always had her tax in 'surplus' thus owing her a return. Which is why they haven't had people chasing her down yet? She is in her mid 20s with quite a high paying job
You are still required to submit a return. She must have a tax file number or her work would not be able to pay her.
I assume that eventually this will catch up to her - possibly resulting in $990 fines for each year.
Her employer withholds the correct tax and unless she has other investments, she won't have much tax payable.
I def recommend she gets on that ASAP. Everything is data matched now.
tell her just to start.
My daughter was 5 years behind as she assumed that if you were under the threshold you didn't have to submit.
We logged into MyGov and they were all lined up waiting. She had her documents handy and we knocked out all 5 in 45 minutes. Not a peep from the ATO.
I think if you've just been "dumb" and it's a one-off they are quite lenient as they just want you to do your tax.
Yeah we both told her to do it right now, just get the cheapest accountant and have them sort through it all. She didn't seem super keen haha
I'd just sit down with her and walk her through MyTax. After the first it will autofill. Any interest, etc should pre-fill. Also the ATO online chat is great and you can d/l a transcript to cover your butt.
She just needs mentoring to get her confidence up. The first step is always the hardest. If she uses an accountant then she'll do this batch and then wait another 5 years
They're lenient if you're owed a refund or owe an insubstantial amount of tax. Not so much if you owe more than a couple thousand.
All good thanks.
I use the same accountant the Murdoch's use so only ever get a refund