Tax return advice

hawkeye_bmr

Hi all, alot of head scratching going on with this tax return.

I have filled in all the stuff on etax, and the estimate came up as $200 refund.
This is on a earnings of $55k with $10k tax paid.

Last year on earnings of $37k and $7k tax paid I got refund of $4k.

Just wondering if I am doing something wrong this time? Is the fact that I was only here for part of 2012-2013 tax year (9months) the main factor in the difference?

hussey

Last year you were at the low tax bracket

Over 37k you get charged 32.5% rather than the 19% on the 18k-37k mark

so it actually adds up.

https://www.ato.gov.au/Individuals/Income-and-deductions/How-much-income-tax-you-pay/Individual-income-tax-rates/

55k = 3572 + .325 * (55000-37000) = 3572+ 5850 = 9422 tax, so unless you are paying medicare it should be around the $500 mark

jackbhoy

You probably over paid tax last year as companies project your salary over 12 months and substract tax accordingly.

This year sounds close enough to me, at a very basic level:

$18.2 to $37k = $18.8 @19% = $3575
$37-55k = $18k* @32.5% = $5850

Tax payable = $9422

hawkeye_bmr

Thanks for the help guys, just need to sort out this medicare exemption before doing my return

Hail 2 Da Thief

hawkeye_bmr wrote: »

Thanks for the help guys, just need to sort out this medicare exemption before doing my return

Have they asked you to provide this documentation?.....If not don't bother wasting your time.

Batgurl

Get the exemption cert. It was majorly cracked down on last year. Most people I know were asked for it.

hussey

Speaking from experience it is A LOT easier to get it now than when they ask.
They asked me for 2 years of exemptions, one was fine as medicare had it on record, the other year was a problem as I had to find my old passport.

If you have the info now apply for it, at least medicare have it on record

mandrake04

You definitely need an exemption cert this year if you are claiming an exemption from Medicare and medicare Surcharge, heard this on the radio the other day.

The ATO are cracking down on anyone who claims an exemption by cross matching data from the Human Services Department, the only possible way HSD will know if you need an exemption is to apply for one by filling in the form.

Just did a google search on it

http://www.couriermail.com.au/news/queensland/ato-crackdown-on-medicare-cheats-set-to-save-taxpayers-millions/story-fnihsrf2-1226987570770

if you dont have an exemption they will be on chasing you over it for sure.

browne_rob5

How do you apply for medicare a exemption cert?

browne_rob5

Nevermind just saw on the other thread

Hail 2 Da Thief

mandrake04 wrote: »

You definitely need an exemption cert this year if you are claiming an exemption from Medicare and medicare Surcharge, heard this on the radio the other day.

if you dont have an exemption they will be on chasing you over it for sure.

I received my refund for the Medicare Levy without an exemption cert. I've never provided one for previous tax years either.

mandrake04

Hail 2 Da Thief wrote: »

I received my refund for the Medicare Levy without an exemption cert. I've never provided one for previous tax years either.

Like I said in another post tax refund is self assessment, you don't have to show any evidence when you submit it.... but the if the ATO check up (usually before Xmas) they will be chasing you for it and probably the previous years as well.

I was only pointing out that they are targeting exemptions this because it was in the media.

You saying not to bother is not helpful to others

Hail 2 Da Thief

mandrake04 wrote: »

but the if the ATO check up (usually before Xmas) they will be chasing you for it and probably the previous years as well.

If this does happen that's when I'll put the effort into applying for the Medicare exemption cert. Why bother beforehand?

aido79

Hail 2 Da Thief wrote: »

If this does happen that's when I'll put the effort into applying for the Medicare exemption cert. Why bother beforehand?

Because they only give you 28 days to get it and it can take up to 6 weeks to get it.

hussey

Hail 2 Da Thief wrote: »

If this does happen that's when I'll put the effort into applying for the Medicare exemption cert. Why bother beforehand?

It is easy to do it now, later it could be difficult (e.g. lost/stolen passport)
They can ask you for this cert for the previous 4 years

digiman

Can anyone confirm if this is the correct form to apply for the medicare exemption?

http://www.humanservices.gov.au/spw/customer/forms/resources/3169-1306en.pdf

Batgurl

digiman wrote: »

Can anyone confirm if this is the correct form to apply for the medicare exemption?

http://www.humanservices.gov.au/spw/customer/forms/resources/3169-1306en.pdf

Yep that one is correct

Apollo_Creed

Batgurl wrote: »

Yep that one is correct

Hi guys, I'm currently back in Ireland but want to apply for the medicare exemption.

Do you know if I any get the form certified in Ireland?