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Tax for Australians for Dummies, 2014 - 15 Edition



Tax for Australians for Dummies, 2014 - 15 Edition

Jimmy B. Prince

ISBN: 978-0-730-31957-3 July 2015 296 Pages

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Maximise deductions, get more out of returns, and file tax with confidence

Tax for Australians For Dummies helps you beat the taxman at his own game and get the maximum refund you're entitled to. Find out what you can claim as an employee, student, retiree, or small business owner on expenses like home offices, cars, investment properties, self-education, Super contributions, and more. Comprehensively updated for the 2014-15 tax year, this book provides complete coverage of changes to the tax legislation, as well as proposed changes that haven't made it into law yet. You'll learn tax tips, technicalities, and warnings, and get information on what things like financial hardship, relationships, and employment type mean when it comes to tax. Designed to help you take advantage of everything from investments to kids to government concessions, this book has you covered from every angle.

Do you want to be sure you're getting the maximum tax refund? Of course! Tax for Australians For Dummies is the only resource you need to ensure that you get every cent you deserve. Easy to read and clearly explained, this book guides you step by step through the complex Australian tax system to show you what you can claim, and exactly what you're owed.

  • Get the latest tax rates, FBT, CGT, and superannuation thresholds
  • Learn about the 0.5% increase in Medicare levy and 2% temporary budget repair levy on high income earners
  • Investigate the changes to small business deductions
  • Discover what marriage and same-sex relationships mean at tax time
  • Explore the tax implications for running your own self-managed superannuation fund

Prepare your taxes yourself without worrying about missing out on deductions and shorting yourself on your refund. Tax for Australians For Dummies provides the most up-to-date information and step-by-step instruction to get every cent that you should.

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 45

Part II: Income from Personal Exertion 51

Chapter 5: Taxing Employees: Working Class Folk 53

Chapter 6: Living in Your Castle: Main Residence 69

Chapter 7: Taxing Issues That Affect Students and Your Children 77

Part III: Tax-Effective Investments 87

Chapter 8: Interesting Stuff: Bank Deposits and Tax 89

Chapter 9: Owning Part of the Company: Investing in Shares 93

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! 151

Chapter 14: Reducing Your Small Business Tax Bill 165

Chapter 15: Collecting Tax for the Government: Goods and Services Tax 179

Chapter 16: Living on the Fringe: Fringe Benefits Tax 187

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 227

Chapter 20: Death and Taxes: Wills and Asset Distribution 237

Part VI: The Part of Tens 245

Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 247

Chapter 22: Ten Common Tax Mistakes You Need to Avoid 255

Appendix A: Taxing the Visitors: Non-Residents 263

Glossary 269

Index 273

Appendix B: Leading Tax Cases and Tax Office Publications: Study Guide