Tax For Australians For Dummies 2nd Edition pdf download

Tax For Australians For Dummies 2nd Edition

Tax For Australians For Dummies 2nd Edition Published by Wiley Publishing Australia Pty Ltd 42 McDougall Street Milton, Qld 4064 www.dummies.com Copyright © 2011 Wiley Publishing Australia Pty Ltd The moral rights of the author have been asserted. National Library of Australia Cataloguing-in-Publication data: Author: Prince, Jimmy B. Title: Tax For Australians For Dummies / Jimmy B. Prince Edition: 2nd Australian ed. ISBN: 978 1 74246 848 8 (pbk.) Notes: Includes index. Subjects: Taxation — Australia. Income tax — Australia. Dewey Number: 336.200994 All rights reserved. No part of this book, including interior design, cover design and icons, may be reproduced or transmitted in any form, by any means (electronic, photocopying, recording or otherwise) without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Contracts & Licensing section of John Wiley & Sons Australia, Ltd, 42 McDougall Street, Milton, Qld 4064, or email auspermissions@wiley.com. Cover image: © Daisy Daisy, 2010, Used under license from Shutterstock.com Typeset by diacriTech, Chennai, India Printed in China by Printplus Limited 10╇ 9╇ 8╇ 7╇ 6╇ 5╇ 4╇ 3╇ 2╇ 1 Limit of Liability/Disclaimer of Warranty: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANISATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANISATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ. Trademarks: Wiley, the Wiley logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Making Everything Easier, dummies.com and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. Wiley Publishing Australia Pty Ltd is not associated with any product or vendor mentioned in this book.

Contents at a Glance Tax For Australians For Dummies 2nd Edition

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....................................................................................41 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...........................85 Chapter 8: Interesting Stuff: Bank Deposits and Tax............................87 Chapter 9: Owning Part of the Company: Investing in Shares................................................................................91 Chapter 10: Building Your Dreams: Investing in Bricks and Mortar...............................................................................103 Chapter 11: Catching Up on Capital Gains Tax....................................117 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!...........................................................................................153 Chapter 14: Reducing Your Small Business Tax Bill............................167 Chapter 15: Collecting Tax for the Government: Goods and Services Tax.....................................................................179 Chapter 16: Living on the Fringe: Fringe Benefits Tax........................189 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............................................229 Chapter 20: Death and Taxes: Wills and Business Succession Planning...........................................................................241 Part VI: The Part of Tens....................................... 251 Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy...........................................................................253 Chapter 22: Ten of the Top Retirement Tax Tips................................261 Part VII: Appendixes............................................. 269 Appendix A: Income Tax Rates and Tables..........................................271 Appendix B: Taxing the Visitors: Non-Residents.................................293 Glossary.............................................................. 299 Index................................................................... 311

Introduction Tax For Australians For Dummies 2nd Edition

Australian income tax law can be very complex and difficult to understand. You have to thumb through two income tax assessment Acts equivalent in size to four telephone books, thousands of income tax rulings and a library full of legal books to find the right answer. The dominant purpose of the income tax legislation is to raise revenue by levying a tax on taxable income. The tax Acts point out that assessable income minus deductions equals taxable income, and then tells you the rules you need to follow to calculate your assessable income and allowable deductions. The Acts also tell you who must pay income tax and how to work out how much income tax you must pay. Generally, you have a choice of two ways to solve your tax liability problems. You can either pay a registered tax agent or solicitor who specialises in income tax law, or you can try to find out the answer yourself. If you pay someone, you quickly find that the meter starts ticking the moment you walk through the door. Although seeking professional advice is highly recommended and encouraged, you need never underestimate your own abilities. If you use basic research skills that you acquired during your student days plus the skills you use to do your job, you may be pleasantly surprised at how adept you are at taking on responsibility for your own tax journey. So, if you have a winning edge€— the skills to do basic research€— why not have a go? If you can't solve your problem or you lack confidence, at least you tried. And if you do seek professional advice, you're in a position to have a meaningful conversation (especially if the fee is substantial!). As a student once said to me: 'I'll at least be in a position to verify and check the facts out myself and not feel like a fool!' Tax For Australians For Dummies 2nd Edition
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