End of Financial Year (EOFY)

Nadine · May 2013

Hello po!

The end of the financial year is just around the corner. By June, most of us would need to file with ATO. Ask ko lang sana if meron kayo ma-suggest, ma-advice to maximize income tax return? Ok sana kung maibalik sa atin a bit of the tax that we already paid for.

Hopefully, yung matagal na dito or yung nakapag-file na ng tax before, makapagbigay ng input! Salamat in advance!!

TasBurrfoot · May 2013

Hello po!

The end of the financial year is just around the corner. By June, most of us would need to file with ATO. Ask ko lang sana if meron kayo ma-suggest, ma-advice to maximize income tax return? Ok sana kung maibalik sa atin a bit of the tax that we already paid for.

Hopefully, yung matagal na dito or yung nakapag-file na ng tax before, makapagbigay ng input! Salamat in advance!!

I am just curious as well on this... Since I will be starting work this Monday and technically I will earn 1 month before the fiscal year ends.

Nadine · May 2013

Eto na pick-up ko so far, sir @psychoboy

1. Get health insurance and get tax concession
2. Collect receipts
3. Get an accountant, hehe

Mahal kasi talaga tax sobra. So if anything can help ease that somewhat...

nfronda · May 2013

@Nadine..nkapagfile na po aq ng tax return twice na.. But sa isang accounting firm which is manage by a filipina, her office is in Sydney ata.. Pag hndi pa kayo nkpag 1 yr d2 by the end of the financial year, mostly 70% of ur tax marerefund sau, but if nag 1yr na kayo d2 mga 30% of ur tax na lg ang ma rerefund sau. As u are 457 visa holder, by the end of financial year apply po kayo ng medicare levy exemption kasi mlaking dag2 pa yan sa tax refund m.. Pag wla po kasi yan, ibabawas pa yan sa tax m..

nfronda · May 2013

@nadine, yup collect all ur receipts as long na u think work related xa.. Kasi pwde un ma refund sau.. sakin laptop q na erefund ang 70% of it at pati na rin ung visa application fee q last year nasama pa sa refund..

Nadine · May 2013

@Nadine..nkapagfile na po aq ng tax return twice na.. But sa isang accounting firm which is manage by a filipina, her office is in Sydney ata.. Pag hndi pa kayo nkpag 1 yr d2 by the end of the financial year, mostly 70% of ur tax marerefund sau, but if nag 1yr na kayo d2 mga 30% of ur tax na lg ang ma rerefund sau. As u are 457 visa holder, by the end of financial year apply po kayo ng medicare levy exemption kasi mlaking dag2 pa yan sa tax refund m.. Pag wla po kasi yan, ibabawas pa yan sa tax m..

Oh wow, thanks po. Yup, I'm about 5 months pa lang by EOFY. How do I apply po ng medicare levy exemption?

Salamat for this info!

nfronda · May 2013

@Nadine..So almost 70% of ur tax makukuha nyo po yan.. Eto po ung form na dapt m fil-upan and my address na din yan kung saan m e sesend..
http://www.humanservices.gov.au/spw/customer/forms/resources/3169-0712en.pdf

Nadine · May 2013

Thanks po ng madami for that! I'm sure madami mag-benefit nito!

Haha, may oras pa bumili ng laptop. Char.

. Naisip ko I probably won't get tax refund sa visa fees kasi ni-refund na ng employer. Tama ba tong iniisip ko?

happyinmelbourne34 · May 2013

@nfronda...aling visa application fee po ung sinama nyo sa tax filing? Ung 857 po or ung 676 na visa ng hubby nyo? Hindi ko po kc nasama ung partner ko sa PR application ko since d pa nman kami magkakilala nong nagapply ako ng GSM 175 dto, then last yr nag apply po kami ng partner visa nya then nagbayad po kami ng fee, pwede dn po bang i-apply as tax refund yun?

nfronda · May 2013

@happyinmelbourne34..ung sa 857 visa q poh.. Kasi onshore application un, kaya pwde isama.. Naglodge po kasi aq march 2012 so nsama pa xa.. Ung sa hubby q, hndi pwde un ksi offshore un ehh.. Ung sa partners visa ng asawa m, hndi q alam kung pwde un ksi offshore yan dba?? At dapt kung sino ung applicant xa din ang mag keclaim.

happyinmelbourne34 · May 2013

@nfronda, onshore application po ung sa partner ko, kung pwedeng i-claim ipapa claim ko po sa kanya sayang dn kc.

nfronda · May 2013

@happyinmelbourne34..yup, just try po..sayang din namn yan ehh..sakin, hndi q rin alam na pwde pla..so isinama q lg ung receipt q nung nagfile aq ng tax refund, at un nsama pa xa.. Ung sa papa q nga sayang ehh..kasi hndi nya nasama.. Kailan po xa naglodge ng partner's visa?

happyinmelbourne34 · May 2013

actually feb 2012 po but ung visa grant ay eksaktong june 30 2012 po dumating meaning last na financial yr sya dapat pero ndi nman po pwede kc nakaapply lang po sya ng TFN nung na grant ung visa nya kaya etong financial yr lang sya masasama. Thanks po, subukan nmin na makapag refund kung pwede...sana pwede dn mag claim dun s mga nagastos nmin sa medical for the partners visa, ndi lang kc simpleng medical test ung pnagnawa po s kanya dahil may naakita dun s urine test nya. Na refer pa po sya s specialist at medyo daming medical test at my mga kamahalan dn kaya sana pwedeng i tax refund...

nfronda · May 2013

@happyinmelbourne34..So dapt po last yr pa yan.. I don't know lg if pwde pa yan kasi feb 2012 pa ehh.. But e try nyo lg po.. Ksi pag hndi pwde, hndi namn nla yan e rerefund sau.. Ung sa medcal, hndi po pwde yan..kasi sakin isinama q rin but hndi na nasama sa refund q..

happyinmelbourne34 · May 2013

@nfronda....thanks po ayun n nga lang ang gagawin nmin, kc d rin po sya agad nag apply ng tfn kaya ndi naisama last year, tapos n po ung filing nung tax nung nakuha nya ung tfn nya.

Tony12000 · June 2013

@Nadine

me link ang ATO in case you want to file your income tax without the help of tax agents

http://www.ato.gov.au/

try to use this link first , if after putting all your deductions and got less refund than you think then use a tax agent .

other possible deductions

if you're using a prescribed uniform and paid for it - like nurses etc.
cleaning of uniforms is also deducible - max amount yata is AUD 150
travelling cost is also deductible (if youre using your own vehicle ) depende sa trabaho at hindi subject sa FBT ( fringe benefit tax)
school fees or any training you have done is also deductible .
reading materials , tools of trade ( unsubstantiated - that means without receipt is AUD 300.00)
all receipts shoud be related to your profession

Nadine · June 2013

@Tony12000: thanks po for the link. May tanong po ako, if I'm using the bus to and from work, can I claim those? Tinago ko lahat ng mga receipts ko.

..

Thanks po ng madami for your info!

tharty · June 2013

hello po... ano po maipapayo ninyo... may 1 pa lang po ako nag start ng work at suuuuuuuuper laki ng tax ko. sabi ng mga kakilala ko, dahil daw yun sa pag fill up ko sa tax form nilagay ko non-resident. ano po ways pra at least man lng makakuha ako ng okay na return. huhu! super laki po talaga ng tax ko. nakaka stress. example sa 1,300 ko, 960 lang net ko. =( ito po first tax refund ko. ano po ma advise ninyo. tulong po. thanks.

nfronda · June 2013

@tharty..ang gawin nyo ay fill up kau ulit ng tax file declaration form den submit sa payroll department nyo pra sa next na pay day maliit na tax lg ang makukuha sau.. Ganun din nangyari sakin dati, mali ung pgka fill up q kya malaki ang tax na bnabawas.

Don't worry po, marerefund sau yan. Makikta namn kasi yan ng ATO na sobra ung tax na kinukuha sau kaya e rerefund nla sau yan.. Sakin kasi na erefund ehh.. Kasi binibase lg namn nla sa income m.

tharty · June 2013

@nfronda thanks po sa pag reply. so you mean po, yung lahat na na deduct sakin na tax, makukuha ko po yun? so bali ang gagawin ko po, mag fill up ng bagong tax declarati0n, so anytym ko lang po ba pwede yun gawin? or kelangan muna tapusin ang financial yr?

nfronda · June 2013

@tharty..Hndi namn lahat, maibabalik lg sau ang sobra sa tax na kinuha sau.. kasi obligasyon m yan sa OZ gov't ang pgbyad ng tax.. For example sa $1300 m na salary ung net nyo is $960 lg so bale $340 ung tax m.. pro sana dapt mga $200 lg ung tax m, so ibabalik nla sau ang $140 na sobra..

ASAP po, mag fill up na kau ulit ng Tax file declaration pra sa next na payday maliit na ung tax nyo..

tharty · June 2013

ah i see... thank you ng marami...

by the way po, sabi po ng kakilala ko, pag first tax refund daw p0, makukuha nyo dw po lahat ng binayad nyong tax? totoo po ba yun? basta daw po first...

tharty · June 2013

@nfronda ah i see... thank you ng marami...

by the way po, sabi po ng kakilala ko, pag first tax refund daw p0, makukuha nyo dw po lahat ng binayad nyong tax? totoo po ba yun? basta daw po first...

nfronda · June 2013

@tharty..almost 80% of ur tax po makukuha nyo.. Lalo na pag ilang months pa lg kayo nagwowork.. Pro pag whole year na, mga 40% na lg ung makukuha nyo..

tharty · June 2013

@nfronda ah ganun po ba. may pa lang po ako nag start ng work. sana po makuha ko talaga. thank you po ulit. God bless...

nfronda · June 2013

@tharty..ahh okk, so posible un na almost 90% of it makukuha m pro hndi 100%.. kasi my obligasyon tayo na dapt mgbyad ng tax..

Ur welcome po..

Tony12000 · June 2013

@Nadine
" May tanong po ako, if I'm using the bus to and from work, can I claim those? Tinago ko lahat ng mga receipts ko.

..

it depends Nadine , if youre self employed or working as consultant yes ( there are 4 ways of getting deductions on motor vehicle / travel expenses ) . if youre a full time employee the answer is no , kahit pa naipon mo lahat ang recibo .

however if you have a second job , your travel from your first job to the second job is deductible even if youre a full time employee.

may 1 pa lang po ako nag start ng work at suuuuuuuuper laki ng tax ko. sabi ng mga kakilala ko, dahil daw yun sa pag fill up ko sa tax form nilagay ko non-resident. ano po ways pra at least man lng makakuha ako ng okay na return. huhu! super laki po talaga ng tax ko. nakaka stress. example sa 1,300 ko, 960 lang net ko. =( ito po first tax refund ko. ano po ma advise ninyo. tulong po. thanks. >

tama lang yan its a little over 25% ang group tax (payg) mo . di ko lang alam kung resident migrant ka or non resident talaga , pag non resident ang alam ko flat rate ang tax 30% .

pag nag file ka try the link i gave you , i dont think you need a tax agent for your situation . lahat ng binayad mo babalik sayo ( tax of $340 -26 =$314 kung 1,300 lang ang income mo this year ). dont forget to click "resident for tax purposes" kung hindi ka talaga non resident ha.

australia has got one of the highest tax rates imposed on wages in OECD countries
if your income is over $150k yata or even less ang marginal tax rate is 47% + 1.75 % medicare levy ( 2011-2012 tax year ) . pero this year nabago na ang ceiling if your income is less than AUD 20k ( tax free threshold ) lahat ng kinaltas sa yo thru payg ( group tax) makukuha except
for the 2 % ( eto yata ang applicable rate for 2012-2013 im not sure) medicare levy .

Nadine · June 2013

Thank you po for this information Sir. I'm not a consultant pa po eh, I'm working as Registrar pa. So, I'm employed full-time by a public hospital for 5 months now and taxed as resident.

Tax-free threshold, ibig sabihin wala tax up to that amount, tama po ba? I thought it was $18k. Ok po yan kung $20k na pala. Ever since I did salary packaging, bumaba na po yung tax na kinakaltas sakin. Previously, I was hitting 30% talaga. Now, it's lesser na. Although malaki pa din, mahal talaga tax dito. Sabi din dito, I can ask for medicare levy exemption as wala pa ako medicare (being on 457).

I've kept lang all receipts, just in case. I've asked around din how to go about it as this is the first time I'll file tax. But thank you po sa input niyo.

apc · July 2013

good day! My husband is on 457 via, can he claimchild support for our child eventhough nasa Pilipinas pa yung bata. Binasa ko kasi instruction sabi dapat daw Australian resident yung dependent child

nfronda · July 2013

@apc..so he can't..and yes child support is for australian resident and citizen only..and dapt nasa custody m ang bata on the time u claim it..

JCsantos · July 2013

kami we opt to go to a accountant to maximize our tax return ... basta itago lang ang mga receipt when you buy electronics and anything that relates to work