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Tax For Australians For Dummies, 2nd Edition

ISBN: 978-1-74246-848-8
192 pages
September 2011
Tax For Australians For Dummies, 2nd Edition (1742468489) cover image
Created especially for the Australian customer!

Take on tax issues with confidence — and minimise your tax bill

Paying tax doesn't have to be a nightmare. In Tax For Australians For Dummies, 2nd Edition, Jimmy B. Prince steers you through the labyrinth of everyday tax issues. Whether you're an employee, investor, business owner, retiree or student, this easy-to-follow guide answers your tax questions. Bonus materials are available offline at www.dummies.com.

  • Build your tax knowledge—lodge a tax return or deal with an audit with confidence
  • Investigate tax-effective investment—take advantage of investing in shares and property
  • Reduce your tax bill as a small business owner—understand the rules and claim, claim, claim
  • Understand your income tax rates—deal with federal, state and local government taxes
  • Find expert guidance—come to terms with key tax principles and tap into the cases behind Australian tax law
  • Choose the right business structure—reduce your business tax bill the right way
  • Prepare for retirement—plan for tax-free twilight years
  • Tap into government concessions—understand all the options

Open the book and find:

  • Strategies to reduce the tax paid on share dividends
  • How you're taxed if you receive a termination or redundancy payment
  • Case studies—with practical, step-by-step examples
  • How your child's income, investments and trust distribution are taxed
  • Exactly what you need to know about GST
  • How to calculate capital gains tax on sale of investments
  • Which tax concession you can claim for your business type

Learn to:

  • Lodge your tax returns and maximise your refund
  • Minimise your small business tax bill
  • Make the most of tax-free investing
  • Use the tax system to increase your super
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Introduction 1

Part I: How You’re Taxed in Australia 7

Chapter 1: Understanding the Australian Tax System 9

Chapter 2: Taxing Australians: The Formula You Had to Have 17

Chapter 3: Lodging Your Tax Return: This One Is for the Nation 31

Chapter 4: Receiving a Visit: When the Tax Office Comes Knocking 41

Part II: Income from Personal Exertion 49

Chapter 5: Taxing Employees: Working Class Man 51

Chapter 6: Living in Your Castle: Main Residence 65

Chapter 7: Taxing Issues That Affect Your Children 73

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 103

Chapter 11: Catching Up on Capital Gains Tax 117

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 179

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

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 229

Chapter 20: Death and Taxes: Wills and Business Succession Planning 241

Part VI: The Part of Tens 251

Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 253

Chapter 22: Ten of the Top Retirement Tax Tips 261

Part VII: Appendixes 269

Appendix A: Income Tax Rates and Tables 271

Appendix B: Taxing the Visitors: Non-Residents 293

Glossary 299

Index 311

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Jimmy B. Prince is a fellow of CPA Australia, a tax specialist and author of several investment books. He teaches tax courses and is s former lecturer and tutor in income tax law at La Trobe University. During his career, Jimmy has worked for the Australian Taxation Office.
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Tax For Australians For Dummies - Appendix C 708.65 KB Click to Download
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