Tackle your taxes with ease – and get the most from your next return!
Do you want to be sure you’re getting the maximum tax refund? Of course you do! Luckily, Tax for Australians For Dummies makes it easy to ensure you get every cent you deserve. Written by respected tax specialist and CPA fellow Jimmy B. Prince, this fun and friendly guide walks you step-by-step through the complex Australian tax system. It explains in plain English what you can claim — and exactly what you’re owed.
Tax for Australians For Dummies has you covered from every angle: from family tax benefits to electric cars, superannuation tax thresholds to working-from-home deductions, personal investments to business concessions, and much more. Full of top tips and quick facts, this new and revised 9th edition will ensure you’re up to date with the latest tax changes. Whether you prepare your tax return online or go to an accountant, you’ll find something inside that will take your return from “What?” to “Wow!” in no time.
- Includes up-to-date tax rates and superannuation thresholds
- Explains Fringe Benefits Tax and Capital Gains Tax
- Covers tax and financial hardship and relief measures
If you’re an employee, investor, small-business owner, retiree or even a student, Tax for Australians For Dummies is the no-nonsense, easy-to-follow guide that answers all of your tax questions.
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Introduction 1
Part 1: 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 43
Part 2: Income from Personal Exertion 51
Chapter 5: Taxing Employees: Working Class Folk 53
Chapter 6: Living in Your Castle: Main Residence 71
Chapter 7: Taxing Issues Affecting Students and Your Children 79
Part 3: Tax-Effective Investments 89
Chapter 8: Interesting Stuff: Bank Deposits and Tax 91
Chapter 9: Owning Part of the Company: Investing in Shares 97
Chapter 10: Building Your Dreams: Investing in Bricks and Mortar 111
Chapter 11: Catching Up on Capital Gains Tax 129
Part 4: Running a Business 145
Chapter 12: Structuring Your Business for Maximum Gain 147
Chapter 13: Starting a Business: On Your Mark! Get Set! Go! 163
Chapter 14: Reducing Your Small Business Tax Bill 179
Chapter 15: Collecting Tax for the Government: Goods and Services Tax 193
Chapter 16: Living on the Fringe: Fringe Benefits Tax 203
Chapter 17: Getting Wealthy: CGT and Small Business 215
Part 5: Thinking Long Term 223
Chapter 18: Preparing for Retirement Using Superannuation 225
Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions 247
Chapter 20: Death and Taxes: Wills and Asset Distribution 259
Part 6: The Part of Tens 269
Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 271
Chapter 22: Ten Common Tax Mistakes to Avoid 279
Appendix A: Taxing the Visitors: Non-Residents 289
Appendix B: Leading Tax Cases and Tax Office Publications: Study Guide 295
Glossary 307
Index 313
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Jimmy B. Prince is a fellow of CPA Australia, a tax specialist, and a bestselling author. He is a former lecturer in income tax law at La Trobe University and has worked for the Australian Taxation Office.