Tax

[rugrat]

Just a quick one. I paid a whole $51 in tax over the past 2009/2010 financial year. Now I will be getting all of that tax back, even without deductions. However I do have legitimate investment deductions and am not sure whether I should be including these in my etax or not - considering that I cann't get any more back anyway.

Thinking I just don't bother with them and leave them out?

 

[D.T.]

I'm assuming you're talking about yourself and not a trust or company.

Yes definitely include them. If it works out more than you can get back it goes into 'credit' and will be applied toward next years return.

 

[rugrat]

Cheers!

 

[RumpledElf]

Just remember that losses from an investment property get added to your income for calculating FTA, so don't go overboard or you might wind up with a debt to our happy little friend at Centrelink

 

[Dazz]

I will be getting all of that tax back, even without deductions. However I do have legitimate investment deductions and am not sure whether I should be including these in my etax or not - considering that I cann't get any more back anyway.

Thinking I just don't bother with them and leave them out?

Carry forward losses for next year.

 

[rugrat]

Just remember that losses from an investment property get added to your income for calculating FTA, so don't go overboard or you might wind up with a debt to our happy little friend at Centrelink

added to my income? Or added back (taking me back to my gross income)?

I don't think it will matter anyway (My income was under $3000), but am now curious.

Might go play with the FTB calculator....

 

[RumpledElf]

Added back I guess, since its a deduction. You think its a negative number and they flick it to positive. Its why we won't touch anything negatively geared - we do rely on FTA (despite those idiots not paying me it for the last 4 weeks) so I'd rather not have an actual loss be turned into a bigger loss if it cuts into my FTA total. This is a fairly new thing.

Tis a big problem when the wife earns $0 and the couple share an IP making a large loss. Her income goes from $0 to positive and centrelink decides they don't need all that FTA

 

[Ed Barton]

Just a quick one. I paid a whole $51 in tax over the past 2009/2010 financial year. Now I will be getting all of that tax back, even without deductions. However I do have legitimate investment deductions and am not sure whether I should be including these in my etax or not - considering that I cann't get any more back anyway.

Thinking I just don't bother with them and leave them out?

you will only be able to carry forward income losses if they relate to 'fluctuating' jobs. eg you were an artist, a primary producer, a film maker etc. as a 'normal' income earner you will not be able to carry forward losses from this years assessment to next.

you can carry forward capital losses to offset against gains in future periods.

what was your last film?

 

[skater]

you will only be able to carry forward income losses if they relate to 'fluctuating' jobs. eg you were an artist, a primary producer, a film maker etc. as a 'normal' income earner you will not be able to carry forward losses from this years assessment to next.

you can carry forward capital losses to offset against gains in future periods.

I believe that you are incorrect. I've been carrying forward losses for years and years.

 

[Luv2Travel]

you will only be able to carry forward income losses if they relate to 'fluctuating' jobs. eg you were an artist, a primary producer, a film maker etc. as a 'normal' income earner you will not be able to carry forward losses from this years assessment to next.

you can carry forward capital losses to offset against gains in future periods.

what was your last film?

Not sure when rugrat's last film was, but are you an accountant?

 

[Ed Barton]

I believe that you are incorrect. I've been carrying forward losses for years and years.

my apologies, you of course are correct. was thinking of something else in relation to artists.

how do you make losses for years and years and still afford to eat?

 

[skater]

how do you make losses for years and years and still afford to eat?

There's losses, and then there are tax losses. Two different things.

 

[Dazz]

how do you make losses for years and years and still afford to eat?

What skater said.

Plus it gets very technical, revolving around the exact legal definition of the word "you".

 

[JPS25]

How many years can you carry a loss for? If you sell will it come off your CGT liabilities?

 

[jaycee]

Q1 Don't kow
Q2 No, income tax and CGTax are treated separately so only Capital Gain losses or expenses can offset a Capital Gain