Tax for Australians For Dummies

by Prince, Jimmy B.

• ISBN13: 9780730324652
• ISBN10: 0730324656
• Edition: 16th
• Format: Paperback
• Copyright: 2016-05-16
• Publisher: For Dummies

Summary

Tackle your taxes—and get the most from your next tax return!

Do you want to be sure you're getting the maximum tax refund? Of course you do! Luckily, Tax For Australians For Dummies is here to make it easy to ensure you get every cent you deserve for the 2015-16 tax year. Written by respected tax specialist and CPA fellow Jimmy B. Prince, this fun and friendly guide walks you step-by-step through the complex Australian tax system and explains in plain English what you can claim and exactly what you're owed.

Designed to help you take advantage of everything from investments to kids to government concessions, Tax For Australians For Dummies has you covered from every angle. With plenty of top tips to help make filing your tax return a breeze—plus some key warnings to help you avoid any pitfalls along the way—it's completely up-to-date for anyone completing their tax returns from June onwards. Whether you prepare your own tax return, use myTax or eTax or go to an accountant, there's something inside that will take your return from 'What?' to 'Wow!' in no time.

• Includes updated tax rates and superannuation thresholds
• Explains Fringe Benefits Tax and Capital Gains Tax
• Covers tax and financial hardship
• Describes changes to small business deductions

If you're an employee, investor, small business owner, retiree or even a student, Tax For Australians For Dummies is the no-nonsense, easy-to-follow guide that answers all of your tax questions.

Author Biography

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.

Table of Contents

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 43

Part II: Income from Personal Exertion  49

Chapter 5: Taxing Employees: Working Class Folk 51

Chapter 6: Living in Your Castle: Main Residence 67

Chapter 7: Taxing Issues That Affect Students and Your Children 75

Part III: Tax-Effective Investments  85

Chapter 8: Interesting Stuff: Bank Deposits and Tax 87

Chapter 9: Owning Part of the Company: Investing in Shares 91

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! 153

Chapter 14: Reducing Your Small Business Tax Bill 167

Chapter 15: Collecting Tax for the Government: Goods and Services Tax 181

Chapter 16: Living on the Fringe: Fringe Benefits Tax 189

Chapter 17: Getting Wealthy: CGT and Small Business 199

Part V: Thinking Long-Term  207

Chapter 18: Preparing for Retirement Using Superannuation 209

Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions 229

Chapter 20: Death and Taxes: Wills and Asset Distribution 239

Part VI: The Part of Tens  247

Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 249

Chapter 22: Ten Common Tax Mistakes You Need to Avoid 257

Appendix A: Taxing the Visitors: Non-Residents 265

Glossary  271

Index  275