online tax accountants?

[fat4D]

So with my current job I have a lack of time to go to an accountant so Am considering an online accountant where you enter your details then someone calls you to make sure that you maximise the return, and the small fee of $79. has anyone used one before?

My tax return is very simple with no investments etc just the basic few things to claim, so is it worth it?

[GT0132]

Originally Posted by fat4D

So with my current job I have a lack of time to go to an accountant so Am considering an online accountant where you enter your details then someone calls you to make sure that you maximise the return, and the small fee of $79. has anyone used one before?

My tax return is very simple with no investments etc just the basic few things to claim, so is it worth it?

If yours is simple with minimal deductions , why not download ETAX off the ATO website and do it yourself.

Most things in the return are auto fill from data the ATO has about you anyway (like your earnings, bank interest, etc) and it guides you through each step regarding deductions you can claim and tax offsets (rebates) , so it's very simple to use...save youself $79 and keep it in your own pocket

[fat4D]

I looked at it and it came up with that I owe almost a grand so I'm hoping I did something wrong and wanted someone to have a second look, I checked on the ato site for how much tax I should have paid and it was fairly easy as I almost earned exactly 80 thou and from what it says I should have paid I had paid about 2000 over, or should I just send it off with saying what I have to pay money and they will fix it on their end?

[GT0132]

Originally Posted by fat4D

I looked at it and it came up with that I owe almost a grand so I'm hoping I did something wrong and wanted someone to have a second look, I checked on the ato site for how much tax I should have paid and it was fairly easy as I almost earned exactly 80 thou and from what it says I should have paid I had paid about 2000 over, or should I just send it off with saying what I have to pay money and they will fix it on their end?

When you checked the ATO site, and it said that you paid $2,000 over what you should've paid, did you take into account the medicare levy of 1.5%?

On $80,000 you need to have paid $18,750 in tax (incl medicare levy) to avoid paying the ATO any more money.

For every dollar you can claim as a tax deduction, you get 30 cents back in tax.

[fat4D]

[/LIST]Ah... Does the site not include that (Medicare levy)? Is there an age that you pay that simular to how the health insurance works or is it across the board? Did you find a calculator that worked that out? I surfed the website for ages but couldn't find one that seemed to come up with the right tax return... And I know sounds stupid but there is heaps of calculators

[GT0132]

The rates for 2011/12 were as follows

income up to $6,000 - NIL
$6,001 to $37,000 - 15% = $4,649.85
$37,001 to $80,000 - 30% = $12,899.70

Medicare levy = $80,000 x 1.5% = $1,200

so $4,649.85 + $12,899.70 + $1,200 = $18,749.55

Because your income was over $77k you will also pay the medicare levy surchage of 1% ($800 on top of the $1,200 above) if you were single wiuth no dependant children and did not have private health insurance

[fat4D]

So as I don't have health insurance the total amount I have to pay is $19549.55?

[GT0132]

Originally Posted by fat4D

So as I don't have health insurance the total amount I have to pay is $19549.55?

Yep thats right , unless you have any deductions you can claim, remembering that your tax comes down by 30 cents for every $1 you can claim as a deduction.

Ideally if you could get your taxable income down to below $77k by having legitimate tax deductions, you'd avoid that additional medicare levy surcharge of $800.

[fat4D]

Originally Posted by GT0132

Yep thats right , unless you have any deductions you can claim, remembering that your tax comes down by 30 cents for every $1 you can claim as a deduction.

Ideally if you could get your taxable income down to below $77k by having legitimate tax deductions, you'd avoid that additional medicare levy surcharge of $800.

Ah that could be the key, I use my car a bit for work so I may be able to make it, between that a computer, phone and other things.

Thanks for your help and advice really appreciate it, if I every run into you at something remind you I owe ya a beer, or if it's a cruise a coffee

[fat4D]

Originally Posted by GT0132

Yep thats right , unless you have any deductions you can claim, remembering that your tax comes down by 30 cents for every $1 you can claim as a deduction.

Ideally if you could get your taxable income down to below $77k by having legitimate tax deductions, you'd avoid that additional medicare levy surcharge of $800.

Ah that could be the key, I use my car a bit for work so I may be able to make it, between that a computer, phone and other things.

Thanks for your help and advice really appreciate it, if I every run into you at something remind you I owe ya a beer, or if it's a cruise a coffee

[GT0132]

Originally Posted by fat4D

Ah that could be the key, I use my car a bit for work so I may be able to make it, between that a computer, phone and other things.

Thanks for your help and advice really appreciate it, if I every run into you at something remind you I owe ya a beer, or if it's a cruise a coffee

No worries mate/....happy to have helped you

[Polyal]

Good advice above..ive been using ETAX for years and its awesome if your situation is not overly complicated.

PREFILL is a nice features, saves heaps of time.

[nuthin' fancy]

Originally Posted by GT0132

No worries mate/....happy to have helped you

GTO, I'd just like to congratulate you on the even handed and sensible advice I see you handing out all over the forum. Well done.

[GT0132]

Originally Posted by nuthin' fancy

GTO, I'd just like to congratulate you on the even handed and sensible advice I see you handing out all over the forum. Well done.

I appreciate your kind words mate...Cheers