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More About This Title Tax for Australians for Dummies
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Tax for Australians For Dummies helps you beat the taxman at his own game and get the maximum refund you're entitled to. Find out what you can claim as an employee, student, retiree, or small business owner on expenses like home offices, cars, investment properties, self-education, Super contributions, and more. Comprehensively updated for the 2014-15 tax year, this book provides complete coverage of changes to the tax legislation, as well as proposed changes that haven't made it into law yet. You'll learn tax tips, technicalities, and warnings, and get information on what things like financial hardship, relationships, and employment type mean when it comes to tax. Designed to help you take advantage of everything from investments to kids to government concessions, this book has you covered from every angle.
Do you want to be sure you're getting the maximum tax refund? Of course! Tax for Australians For Dummies is the only resource you need to ensure that you get every cent you deserve. Easy to read and clearly explained, this book guides you step by step through the complex Australian tax system to show you what you can claim, and exactly what you're owed.
- Get the latest tax rates, FBT, CGT, and superannuation thresholds
- Learn about the 0.5% increase in Medicare levy and 2% temporary budget repair levy on high income earners
- Investigate the changes to small business deductions
- Discover what marriage and same-sex relationships mean at tax time
- Explore the tax implications for running your own self-managed superannuation fund
Prepare your taxes yourself without worrying about missing out on deductions and shorting yourself on your refund. Tax for Australians For Dummies provides the most up-to-date information and step-by-step instruction to get every cent that you should.
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Jimmy B. Prince is a fellow of CPA Australia, a tax specialist, and author of several investment books. He is a former lecturer in income tax law at La Trobe University and has worked for the Australian Taxation Office.
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Introduction 1
Part I: How You’re Taxed in Australia 5
Chapter 1: Understanding the Australian Tax System 7
Chapter 2: Taxing Australians: The Formula You Need to Know 15
Chapter 3: Lodging Your Tax Return: This One Is for the Nation 31
Chapter 4: Receiving a Visit: When the Tax Office Comes Knocking 45
Part II: Income from Personal Exertion 51
Chapter 5: Taxing Employees: Working Class Folk 53
Chapter 6: Living in Your Castle: Main Residence 69
Chapter 7: Taxing Issues That Affect Students and Your Children 77
Part III: Tax-Effective Investments 87
Chapter 8: Interesting Stuff: Bank Deposits and Tax 89
Chapter 9: Owning Part of the Company: Investing in Shares 93
Chapter 10: Building Your Dreams: Investing in Bricks and Mortar 105
Chapter 11: Catching Up on Capital Gains Tax 121
Part IV: Running a Business 135
Chapter 12: Structuring Your Business for Maximum Gain 137
Chapter 13: Starting a Business: On Your Mark! Get Set! Go! 151
Chapter 14: Reducing Your Small Business Tax Bill 165
Chapter 15: Collecting Tax for the Government: Goods and Services Tax 179
Chapter 16: Living on the Fringe: Fringe Benefits Tax 187
Chapter 17: Getting Wealthy: CGT and Small Business 197
Part V: Thinking Long-Term 205
Chapter 18: Preparing for Retirement Using Superannuation 207
Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions 227
Chapter 20: Death and Taxes: Wills and Asset Distribution 237
Part VI: The Part of Tens 245
Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 247
Chapter 22: Ten Common Tax Mistakes You Need to Avoid 255
Appendix A: Taxing the Visitors: Non-Residents 263
Glossary 269
Index 273
