Castle Dreamer,
Yes that is correct. Late lodgement result in penalities, for those WHO DO THEIR RETURNS THEMSELVES, but ONLY if you employ the services of a registered tax agent (accountant, whatever) you are granted exemption, hence an extension to 30TH APRIL…..!!!!
So yes, go girl…..party party party…LOL [xmas][xmas][xmas][thumbsupanim][thumbsupanim]
Jo
If you owe tax, I think they still want you to do it earlier. The payment due date is in November (from memory, might need to research), so even if you did your return on July 1, you wouldn’t have to pay until then.
If you will get a refund, they don’t really fine you at the moment (I’ve only just seen my accountant for last year’s return), but they’ll start thinking about it. If you are later than 14 May this year, you are more likely to be audited (no thanks, been there, done that, lost!).
Monopoly, if you really want to save on your tax, you could buy a property (or two) in Canberra, and prepay all the interest for the next 12 months. Buying in Canberra specifically recommended as stamp duty is also tax deductible.
Only recommended if you wanted to purchase more, and were happy with all dd etc. [
]Cheers
MelThanx Melbear,
The cut off date for tax returns done through agent is 30 April, however (as you have correctly outlined) you can extend this to absolutely max. 14 May, which after that you run into the likelihood of being audited.
But why would I want to repay any tax in November (if I did it early say 1st July) when I can leave it till May/June the following year??? Once you get the return done in say April, you get a further 6 weeks to pay up; taking it to around mid June.
If you are happy to pay in November, that’s cool, but me….I will sit on my money a little longer thanks! (If I have to pay that is!!!)
As for buying in Canberra, enough of my money goes there (i.e. tax dollars) as it is now, I don’t plan to send anymore over even if it is in the way of property investment. Besides I had interstate properties once, and got burnt by bad PMs. I have no problem with other states, just prefer to have my IPs local that’s all.
Jo
Jo,
Could you reduce your cap gains for the year by paying me as an investment advisor the equivalent $1000’s that your cap gains were. I give great advice(ie; houses need a roof and other pearls of wisdom).
You could then claim such as a legitamite (spelt?) expense against your cap gains.he he he[dead2]
[daisy]
lifexperience
Originally posted by lifeX:Jo,
Could you reduce your cap gains for the year by paying me as an investment advisor the equivalent $1000 that your cap gains were. I give great advice(ie; houses need a roof and other pearls of wisdom).
You could then claim such as a legitamite (spelt?) expense against your cap gains.he he he[dead2]
[daisy]
lifexperience
Why LifeX what a fantastic idea [thumbsupanim][thumbsupanim][thumbsupanim], send me your business card and I’ll add it to my rollex-file, and put it under “B” for BLOODY BRILLIANT!!! [specool][lmao][tongue]
Jo,
Great to hear you have made some cap. gains at all.Just out of interest. Having realised you are going to have to fork over such moolah over to taxy man, What are your thoughts on strategies to avoid this ?(ie: hold equity to buy/finance IP’s)
Or was the cash in option for personal/lifestyle reasons.
[hat]cheers
lifexperience
]
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