How many jobs can an average person have on a full-time basis? Most people would be happy and contend with having one FULL-TIME job. However, not with our trusted Scotty – Scott Morrison. Scotty, our Prime Minister during the most trying time of the century, not only was the prime minister of Australia, but he secretly swore himself in during 2020 to become the joint minister for trade, finance, treasury, and health and resources. How does he maximize income tax refund?
No one knew about it until last Saturday.
Some people say it is a disgrace to challenge modern world democracy. Again, an insult to the Westminster system; however, I think the most crucial point we need to ask is how much tax Scott Morrison would need to pay if he holds multiple jobs at a full-time level like this.
Now is the FY2022 tax time, and many clients who see me would ask how much refund I can get. But, first, it is essential to note that the level of refund you will get will depend on how much tax your employer has withheld from you and how much work-related deduction you can legitimately claim during the tax return.
As the leading CPA accounting firm in Inner West Sydne, Belrose Northern Beaches and Adelaide, South Australia, we would be able to help you toHow would a regular individual maximize legally entitled work-related deduction and, along the way, maximize your tax refund.
If you work in one job and earn $20,000, there might be no tax withheld if you work in the second, third, and fourth jobs. Then your end-of-year taxable income will be $80,000. If you have work-related deductions, including home office running expenses, accounting fees, and other amounts to $20,000, then your assessable income will be $78,000. The tax on that amount would be $17,377, and your after-tax money would be $60,623.
On the other hand, if your salary package is, say, $300,000, you only work for half a year, and you got the sack. So your PAYG tax withheld might be 55,000, and at the end of the year, when you are doing the tax return, your taxable income is $150,000, and the tax on that is $43,567, hence even without including any work-related deductions, you would get back $11,433.
Hence, if you have not done your tax return, please come to EndureGo Tax, the leading CPA accounting firm in Inner West Sydney, Belrose, Northern Beaches and Adelaide, South Australia. We will be able to help you.
We are specialists in helping the high-income earner to maximize the work-related deduction and also be able to provide tax planning to assist them in saving more taxes in the future. For high-income earners like Scott Morrisson, then it is essential to remember the Division 293 Tax, which is the additional tax on the super contribution for high-income earners.
In a nutshell, you are liable to pay Division 293 tax if you exceed the income threshold and have a taxable contribution for an income year.
In the following article, we will explain the Division 293 Tax in-depth and illustrate the concept to maximize income tax refund.