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Tax for Australians For Dummies, 3rd Edition

Tax for Australians For Dummies, 3rd Edition

Jimmy B. Prince

ISBN: 978-1-118-22290-4 March 2012 320 Pages




Take on your tax with confidence and get the most out of your next tax return

Do you want to be sure you're getting the maximum tax refund? Of course you do! And Tax For Australians for Dummies, Third Edition is the only resource you need to ensure that you get every cent you deserve. Written by respected tax specialist and CPA fellow Jimmy B. Prince, this book guides you, step by step, through the labyrinthine world of the Australian tax system to help you understand exactly what you can claim.

Providing complete coverage of changes to tax legislation for the 2011/12 tax year, including the recently passed climate change tax legislation, as well as proposed changes that haven't quite made into law yet, the book has you covered from every angle. Designed to help you take advantage of everything from investments to kids to government concessions, Tax For Australians for Dummies tells you everything you need to know to beat the taxman at his own game.

  • Designed specifically for Australians
  • Includes everything you need to build your tax knowledge
  • Contains essential new information on claiming home office, work car, and self-education expenses and uses case studies to illustrate your opportunities to save

Whether you're an employee, investor, small business owner, retiree, or student, Tax For Australians for Dummies, Third Edition is the easy-to-follow guide that answers all your tax questions.

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 43

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 83

Chapter 8: Interesting Stuff: Bank Deposits and Tax  85

Chapter 9: Owning Part of the Company: Investing in Shares 89

Chapter 10: Building Your Dreams: Investing in Bricks and Mortar 101

Chapter 11: Catching Up on Capital Gains Tax 115

Part IV: Running a Business 131

Chapter 12: Structuring Your Business for Maximum Gain 133

Chapter 13: Starting a Business: On Your Mark! Get Set! Go! 147

Chapter 14: Reducing Your Small Business Tax Bill  161

Chapter 15: Collecting Tax for the Government: Goods and Services Tax 173

Chapter 16: Living on the Fringe: Fringe Benefits Tax 181

Chapter 17: Getting Wealthy: CGT and Small Business 191

Part V: Thinking Long Term 199

Chapter 18: Preparing for Retirement Using Superannuation 201

Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions 217

Chapter 20: Death and Taxes: Wills and Asset Distribution 227

Part VI: The Part of Tens 235

Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 237

Chapter 22: Ten of the Top Retirement Tax Tips  245

Appendix A: Taxing the Visitors: Non-Residents 253

Glossary 259

Index 265

Tax For Australians For Dummies - Appendix B