I had to request to cancel my superannuation this year as I got sick and have to leave work. I rewarded $4,400 in tariff because I was not of retiring age. I own not worked since that time. Does anyone know how much, if any, of this I could get hindmost on my tax this year? I am surrounded by Australia. Thanking you in anticipation.
Answers: I am curious - I am guessing this be done under financial misfortune? How much did you withdraw? $20,000+? I thought financial danger has a impede of $10,000 for the lump sum amount? And the withholding is 21.5%? Or the Superannuation Provider did not have your TFN?
Anyway, that amount (which ever it is) will form your assessable income within your tax return. Your export tax will then be calculated on this (and any other income that you enjoy, for example interest in your dune accounts, dividends etc - not just take-home pay wages).
The $4400 will be the "credit". The difference will be the refund.
This is the 2008 table (for Tax only)
$1 – $6,000 Tax Nil
$6,001 – $30,000 Tax 15c for respectively $1 over $6,000
$30,001 – $75,000 Tax $3,600 plus 30c for each $1 over $30,000
$75,001 – $150,000 Tax $17,100 plus 40c for respectively $1 over $75,000
$150,001 and over Tax $47,100 plus 45c for each $1 over $150,000
Add:-
My arithmetic maybe not accurate.. the due and Medicare Levy will be $4459.50. Your refund should be the difference between what you hold paid (the $4400 and the $1000) and this calculated charge and levy.
By the way - sorry to utter this, but you really don't need an accountant to do an individual charge return. H & R Block people are not accountants - they are cheap (and I expect cheap!!), they are quick, their service is not fruitless and they can help ethnic group who have questions/troubles/difficulties beside their individual tax returns. Go see H & R Block or ITP general public instead.
Not trying to be a pain towards other accountants who pretend that they are better than H & R Block or ITP ( I am not a self-hating accountant) - but seriously, you don't dance to Uni for 3 years plus another year or two doing a Post Graduate degree to do an Individual Tax Return (and overcharging the public by doing so). Stay away from accountants approaching that man! Unless you are running a business, unless the accountants helping you cracking the tax work - no point going to a CA or CPA firm just to do an individual toll return.
Too little information still. We will need to know the gross amount of the deduction and how much you earned contained by your job (gross and tax) from 1 July 2007 until the bill. Even still this wouldnt be enough to catch a 100% coreect calculation short getting too personal on this forum. Best see a good accountant, economically worth the money given your circumstances.
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Answers: I am curious - I am guessing this be done under financial misfortune? How much did you withdraw? $20,000+? I thought financial danger has a impede of $10,000 for the lump sum amount? And the withholding is 21.5%? Or the Superannuation Provider did not have your TFN?
Anyway, that amount (which ever it is) will form your assessable income within your tax return. Your export tax will then be calculated on this (and any other income that you enjoy, for example interest in your dune accounts, dividends etc - not just take-home pay wages).
The $4400 will be the "credit". The difference will be the refund.
This is the 2008 table (for Tax only)
$1 – $6,000 Tax Nil
$6,001 – $30,000 Tax 15c for respectively $1 over $6,000
$30,001 – $75,000 Tax $3,600 plus 30c for each $1 over $30,000
$75,001 – $150,000 Tax $17,100 plus 40c for respectively $1 over $75,000
$150,001 and over Tax $47,100 plus 45c for each $1 over $150,000
Add:-
My arithmetic maybe not accurate.. the due and Medicare Levy will be $4459.50. Your refund should be the difference between what you hold paid (the $4400 and the $1000) and this calculated charge and levy.
By the way - sorry to utter this, but you really don't need an accountant to do an individual charge return. H & R Block people are not accountants - they are cheap (and I expect cheap!!), they are quick, their service is not fruitless and they can help ethnic group who have questions/troubles/difficulties beside their individual tax returns. Go see H & R Block or ITP general public instead.
Not trying to be a pain towards other accountants who pretend that they are better than H & R Block or ITP ( I am not a self-hating accountant) - but seriously, you don't dance to Uni for 3 years plus another year or two doing a Post Graduate degree to do an Individual Tax Return (and overcharging the public by doing so). Stay away from accountants approaching that man! Unless you are running a business, unless the accountants helping you cracking the tax work - no point going to a CA or CPA firm just to do an individual toll return.
What should I database as on my W-2?
Too little information still. We will need to know the gross amount of the deduction and how much you earned contained by your job (gross and tax) from 1 July 2007 until the bill. Even still this wouldnt be enough to catch a 100% coreect calculation short getting too personal on this forum. Best see a good accountant, economically worth the money given your circumstances.
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