TAX Refund..

[SK1TZ- EF]

Originally Posted by Hayce

Only if you remove the tax portion from your pay before you see it... wouldn;t want the military to get done for double dipping

I lol'd, I lol'd harher when they admitted bullshitting to teh UN, hahhaha

[David R]

Just did my return. I owe them $200.

[STina]

Just saw the other thread of this a though i would update, didnt get scammed got $700 in the mail from my taxback on monday. took them over a month but hey im not complaining!

[d16a7]

i might go see them.. as i never got all my child rebates that i was eligible for in the past.. and ive allways put in each year.. so il either waste their time.. and they get nothing.. or il end up with more money..

[chris_P]

uhhhh wtf i did the txt rebate thing in the mall they were like yip you get $410 AFTER we have taken our cut off so was like sweet, thats better than a kick in the balls. Got the cheque today $173 wtf!

[Sleepy]

Woo got $500 bucks. Just took a phone call

[Matty]

I have to fill out an IR3 every year. I'm just happy i didn't have to pay anything this year - I actually got $24 back. Good times.

[Trivium]

I just let me accountant sort it out. Pitty he reams me with $100 an hour bills

[mr_tec]

^ ha i has an accountant that works for free for me

[Trivium]

cool

[kuji275]

poo's ive lived in aus for bout 5 years of my life and i miss the tax returns over there. you get about 30% percent of your tax back that you have paid that year. gotten about 3K back each year. and you dont even need an accountant. just fill a form out online. i guess if you go to an a accountant you will squeeze more out.

oh well. i guess smaller country smaller income. at least the food is better over here

go the all blacks !!!

[CL7R]

Great reminder - I've just got my header, exhaust and wheels back from IRD, done over the phone!

[fr3ek]

Originally Posted by Trivium

I just let me accountant sort it out. Pitty he reams me with $100 an hour bills

You do realise that a good accountant will save you more in tax than what you pay them?

If you set up your affairs as a business, you also won't have to pay GST on his services.

[TuLaLiT]

Originally Posted by Matty

I have to fill out an IR3 every year. I'm just happy i didn't have to pay anything this year - I actually got $24 back. Good times.

Any idea why both of us get sent IR3 every year ?? I owed them $800 this year even though i have been using the right tax code !!
Do you have a student loan Matty ??

[Matty]

No, I'm a partner in a forestry operation so I get to claim some back, and I have shares I get income off. Once you've filled out an IR3 they'll keep sending you one every year thereafter.

[Logger]

Originally Posted by fr3ek

You do realise that a good accountant will save you more in tax than what you pay them?

If you set up your affairs as a business, you also won't have to pay GST on his services.

A good accountant can also make it appear as though a business makes nil income over a year if done right, which is convenient when you're appplying for the student allowance and the parents have a business

[Trivium]

Sneaky bastard, maybe I need to get friendly with Charlenes mum too

My accountant gets me all my GST back, aswel as claims most my expenses back too through my business. I worked out that by paying him to do this, I still make money even though I have to pay for his services. The bugger is that hes a partner, and a family friend so I don't really want to change. Might have to look at getting an intern or someone to start doing some of the work

[fr3ek]

Originally Posted by Logger

A good accountant can also make it appear as though a business makes nil income over a year if done right, which is convenient when you're appplying for the student allowance and the parents have a business

I have a similar set up.... company tax is less than personal tax

[DrRubber]

Shit ive never done a tax return before.....

[fr3ek]

That's good.... that way you don't experience the money being raped from your hands

[the_chad]

Originally Posted by Trivium

I just let me accountant sort it out. Pitty he reams me with $100 an hour bills

You're complaining about $100 an hour??? That's not a lot at all.....

Originally Posted by TuLaLiT

Any idea why both of us get sent IR3 every year ?? I owed them $800 this year even though i have been using the right tax code !!
Do you have a student loan Matty ??

In simple terms it will be because you are a filing taxpayer- rule of thumb is over $200 of income that is not from salary/wages/dividend/interest (ie deducted correctly from source)

Originally Posted by Logger

A good accountant can also make it appear as though a business makes nil income over a year if done right, which is convenient when you're appplying for the student allowance and the parents have a business

Yep if he can is committing fraud... You can gear your business highly to claim interest deductions to reduce your net income, or claim depreciation (a non cash item) etc etc, but in simple terms if you make a net profit you have to pay tax somewhere along the line, whether its at the company/trust/shareholder/partner level.

Originally Posted by Trivium

My accountant gets me all my GST back, aswel as claims most my expenses back too through my business. I worked out that by paying him to do this, I still make money even though I have to pay for his services. The bugger is that hes a partner, and a family friend so I don't really want to change. Might have to look at getting an intern or someone to start doing some of the work

Are you saying the partner is only charging $100 an hour? Fark.

Once again unless you like fraud you can only claim expenses that have a sufficient connection with your business activites/income earning stream.
Its not a matter of "claiming all your GST back"- The GST you pay is worked out by calcualting how much you owe on your income (output) and netting that off the GST you can claim on your expense (input credits).

Lets hope you don't get a risk review or and audit

Originally Posted by fr3ek

I have a similar set up.... company tax is less than personal tax

But you still have to get it the money out of the company... eg via dividend and then you will have to file a tax return and pay the remaining tax.

If you have any questions fire away.... Also if you have tax to pay, pay it- not only do you get penalties but you can also get lumped with 14.24% use of money interest...

[Horny_Devil]

If you have any questions fire away.... Also if you have tax to pay, pay it- not only do you get penalties but you can also get lumped with 14.24% use of money interest...

see now thats what i dont get they can charge u interest on money that you owe them, so y cant u charge them interest on money that they owe u? seems fair doesnt it?

[the_chad]

Originally Posted by Horny_Devil

see now thats what i dont get they can charge u interest on money that you owe them, so y cant u charge them interest on money that they owe u? seems fair doesnt it?

You can.

Only you receive it at 6.66% currently.

The difference is to discourage people using the IRD as a bank, and to encourage people to pay the right amount of tax on time.

[fr3ek]

Originally Posted by the_chad

But you still have to get it the money out of the company... eg via dividend and then you will have to file a tax return and pay the remaining tax.

We pay ourselves shareholders salary up to the top of the 33% personal tax bracket, then the company keeps the rest of the years money as the net profit and we pay the 33% on that

Just means that instead of getting all the funds in to our own savings accounts, it stays as an investment in the company.

[Logger]

Originally Posted by the_chad

Yep if he can is committing fraud... You can gear your business highly to claim interest deductions to reduce your net income, or claim depreciation (a non cash item) etc etc, but in simple terms if you make a net profit you have to pay tax somewhere along the line, whether its at the company/trust/shareholder/partner level.

Oh yes a net profit is usually made but with the amount of depreciation claimed is quite high with all tyhe new gear purchased. last year I managed to get the allowance but this year I didnt, makes things a fair bit harder when going from a decent amount of free money to having to put $150 a week on the student loan.