How much tax does Poor Scott Morrison at holding 6 jobs together

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. Not with our trusted Scotty – Scott Morrison. Scotty, our Prime Minister during the most trying time of the century, was not only the prime minister of Australia but secretly swore himself in during 2020 to become the joint minister for trade, finance, treasury, 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. 

Factors Influencing Your Tax Refund

The amount of refund you receive primarily depends on two key factors:

  1. Tax Withheld by Your Employer: This is the amount your employer has deducted from your salary throughout the financial year.
  2. Work-Related Deductions: These are legitimate expenses you can claim, reducing your taxable income. Understanding these can help you maximize income tax refund opportunities.

Maximizing Work-Related Deductions

As the leading CPA accounting firm in Inner West Sydney, Belrose Northern Beaches, and Adelaide, South Australia, we specialize in helping individuals maximize their legally entitled work-related deductions. This, in turn, can significantly increase your tax refund. Our expertise can help you maximize income tax refund potential through strategic planning and thorough knowledge of tax laws.

Example Scenarios

  1. Single Job with Low Income
    • Income: $20,000
    • Tax Withheld: Likely none
    • Additional Jobs: Second, third, and fourth jobs increase total income to $80,000
    • Deductions: Home office expenses, accounting fees, etc., totaling $20,000
    • Taxable Income: $60,000
    • Tax Owed: $17,377
    • After-Tax Income: $60,623
  2. High Salary with Half-Year Employment
    • Salary Package: $300,000 (worked for half a year)
    • PAYG Tax Withheld: $55,000
    • End-of-Year Taxable Income: $150,000
    • Tax Owed: $43,567
    • Refund: $11,433 (excluding any deductions)

Professional Tax Assistance

If you haven’t completed your tax return, consider visiting EndureGo Tax. We are the top CPA accounting firm in Inner West Sydney, Belrose Northern Beaches, and Adelaide, South Australia. Our expertise can help you maximize your tax refund through effective tax planning and maximizing work-related deductions. By leveraging our services, you can maximize income tax refund amounts legally and efficiently.

Special Considerations for High-Income Earners

For high-income earners, it is crucial to be aware of the Division 293 Tax, which is an additional tax on super contributions for those exceeding the income threshold.

Understanding Division 293 Tax

Division 293 tax applies if your income exceeds a certain threshold and you have taxable contributions for the income year. This additional tax is specifically targeted at high-income earners to ensure a fair tax distribution.

Conclusion

By understanding how tax withheld and work-related deductions affect your refund, you can better prepare for tax time. At EndureGo Tax, we are committed to helping you maximize your legally entitled deductions and optimize your tax refund. Stay tuned for our detailed article on Division 293 Tax to learn more about how to manage your tax obligations effectively and maximize income tax refund opportunities.