Tax for Australians for Dummies

Tackle your taxes--and get the most from your next tax return!
 
Do you want to be sure you're getting the maximum tax refund? Of course you do! Luckily, Tax for Australians For Dummies is here to make it easy to get every cent you deserve for the new tax year. 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, exactly what you can claim and exactly what you're owed.
 
Designed to help you take advantage of everything from investments to kids to government concessions, Tax for Australians For Dummies has you covered from every angle. With plenty of top tips, plus warnings to help you avoid common pitfalls, you'll find filing your tax return a breeze. And your taxes will be up to date with the latest changes thanks to this new and fully revised 8th edition. Whether you prepare your own tax return online or go to an accountant, there's something inside that will take your return from 'What?' to 'Wow!' in no time.
* Includes updated tax rates and superannuation thresholds
* Explains Fringe Benefits Tax and Capital Gains Tax
* Covers tax and financial hardship and relief measures
* Unpacks what you need to know about small business deductions
 
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.

List of contents

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 17
 
Chapter 3: Lodging Your Tax Return: This One Is for the Nation 33
 
Chapter 4: Receiving a Visit: When the Tax Office Comes Knocking 47
 
Part 2: Income from Personal Exertion 55
 
Chapter 5: Taxing Employees: Working Class Folk 57
 
Chapter 6: Living in Your Castle: Main Residence 73
 
Chapter 7: Taxing Issues Affecting Students and Your Children 81
 
Part 3: Tax-Effective Investments 91
 
Chapter 8: Interesting Stuff: Bank Deposits and Tax 93
 
Chapter 9: Owning Part of the Company: Investing in Shares 99
 
Chapter 10: Building Your Dreams: Investing in Bricks and Mortar 113
 
Chapter 11: Catching Up on Capital Gains Tax 131
 
Part 4: Running a Business 147
 
Chapter 12: Structuring Your Business for Maximum Gain 149
 
Chapter 13: Starting a Business: On Your Mark! Get Set! Go! 165
 
Chapter 14: Reducing Your Small Business Tax Bill 181
 
Chapter 15: Collecting Tax for the Government: Goods and Services Tax 195
 
Chapter 16: Living on the Fringe: Fringe Benefits Tax 203
 
Chapter 17: Getting Wealthy: CGT and Small Business 213
 
Part 5: Thinking Long Term 221
 
Chapter 18: Preparing for Retirement Using Superannuation 223
 
Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions 243
 
Chapter 20: Death and Taxes: Wills and Asset Distribution 257
 
Part 6: The Part of Tens 267
 
Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy 269
 
Chapter 22: Ten Common Tax Mistakes to Avoid 277
 
Appendix A: Taxing the Visitors: Non-Residents 287
 
Appendix B: Leading Tax Cases and Tax Office Publications: Study Guide 293
 
Glossary 305
 
Index 311

About the author

Jimmy B. Prince is a fellow of CPA Australia, a tax specialist, and author of several investment, personal finance and taxation books. He is a former lecturer in income tax law at La Trobe University and has worked for the Australian Taxation Office.

Summary

Tackle your taxes--and get the most from your next tax return!

Do you want to be sure you're getting the maximum tax refund? Of course you do! Luckily, Tax for Australians For Dummies is here to make it easy to get every cent you deserve for the new tax year. 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, exactly what you can claim and exactly what you're owed.

Designed to help you take advantage of everything from investments to kids to government concessions, Tax for Australians For Dummies has you covered from every angle. With plenty of top tips, plus warnings to help you avoid common pitfalls, you'll find filing your tax return a breeze. And your taxes will be up to date with the latest changes thanks to this new and fully revised 8th edition. Whether you prepare your own tax return online or go to an accountant, there's something inside that will take your return from 'What?' to 'Wow!' in no time.
* Includes updated tax rates and superannuation thresholds
* Explains Fringe Benefits Tax and Capital Gains Tax
* Covers tax and financial hardship and relief measures
* Unpacks what you need to know about small business deductions

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.

Product details

• Authors: Jb Prince, Jimmy B Prince, Jimmy B. Prince, Jimmy B. (La Trobe University) Prince
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 30.09.2022
• EAN: 9781394155934
• ISBN: 978-1-394-15593-4
• No. of pages: 336
• Subjects: Guides > Law, job, finance > Money, bank, stock market; Social sciences, law, business > Business > Business administration