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B's Tax End of Financial Year Results

July 27th, 2015 at 05:38 am

Our financial year in Australia finished on 30 June, and I have now finalised B's tax. I nominated to pay his tax monthly as he is registered for GST and it makes it so much easier to do it monthly, and it's done so quickly.

I wanted him to earn around $40,000 this year before tax and it has turned out he has made $39,970! Getting there, this is an improvement on last year! Last financial year he recorded $37,986 - he was working for a guy who was an awful payer for much of that year (which is around when my credit card got maxed out, because we were short a lot). This year he spent 3-4 months out of work and has still managed to improve, which is good.

While businesses always try to minimise their tax, with B's income it's a bit low - he's done well with tax minimising! We can live off it but if he ever gets to needing to borrow money he has trouble getting finance because a lot of companies have a $50,000 income minimum rule (like when he borrowed money for his motorbike last year - he was lucky the tax return he used, the previous one, was $49,880 or something like that, and not the one lodged a few months later of $37,986!).

Have estimated the tax payable as $4537. We have paid $3034 and have $1000 saved up so not far to go to meet the required balance.

Hoping he can make $45000 next year, or at least $42000 to keep up with increasing inflation. Happy with this result, that he has made progress!

3 Responses to “B's Tax End of Financial Year Results”

  1. scottish girl Says:

    Great!

  2. FrugalTexan75 Says:

    Good balancing!

  3. VS_ozgirl Says:

    Thanks guys!

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