Tax For Australians For Dummies

Tax for Australians For Dummies
	Dedication
	About the Author
	Author’s Acknowledgements
	Contents at a Glance
	Table of Contents
	Introduction
		About This Book
		Conventions Used in This Book
		What You’re Not to Read
		Foolish Assumptions
		How This Book is Organised
		Icons Used in This Book
		Where to Go from Here
	Part I: How You’re Taxed in Australia
		Chapter 1: Understanding the Australian Tax System
			Explaining the Australian Tax System
			Understanding Your Income Tax Rates
			Taxing Major Income Streams
			Taxing a Company
		Chapter 2: Taxing Australians: The Formula You Had to Have
			Doing Your Sums
			Declaring What You Earn: Assessable Income
			Keeping What You Receive: Exempt Income
			Reducing Your Tax Bill: General Deductions
			Looking for Tax Offsets
		Chapter 3: Lodging Your Tax Return: This One Is for the Nation
			Preparing Your Individual Tax Return
			Receiving a Thank-You Note: Notice of Assessment
		Chapter 4: Receiving a Visit: When the Tax Office Comes Knocking
			Being Honest with Yourself: Self-Assessment
			Getting a Reality Check: Tax Audit
			Mending Your Ways: Amendments and Objections
	Part II: Income from Personal Exertion
		Chapter 5: Taxing Employees: Working Class Man
			Earning a Living: Salaryand Wages
			Working Out Your Income Tax Rate
			Claiming a Tax Deduction: What’s On the Menu
		Chapter 6: Living in Your Castle: Main Residence
			Addressing the Issue: This is Where I Live
			Buying Your Main Residence: Taxation Concessions
			Keeping What’s Yours: Exempt from Tax
			Sharing What’s Yours: When You Have to Pay Tax
			Maintaining a Home Office
		Chapter 7: Taxing Issues That Affect Your Children
			Raiding the Piggy Bank: Taxation of Under 18s
			Getting a Distribution from a Trust
			Checking Out Special Disability Trusts
			Getting Something Back: Family Tax Offsets
	Part III: Tax-Effective Investments
		Chapter 8: Interesting Stuff: Bank Deposits and Tax
			Banking the Return: Interest
			Interesting Claims
		Chapter 9: Owning Part of the Company:I nvesting in Shares
			Sharing the Profits: Dividends
			Taxing Your Gains and Losses
		Chapter 10: Building Your Dreams: Investing in Bricks and Mortar
			Collecting the Rent
			Reducing the Costs: What You Can Claim
			Apportioning Expenditure: The Bits You Can’t Claim
			Claiming Specific Deductions: What’s on the List
		Chapter 11: Catching Up on Capital Gains Tax
			Looking at the Rules: CGT Assets
			Calculating a Capital Gain
	Part IV: Running a Business
		Chapter 12: Structuring Your Business for Maximum Gain
			Choosing a Business Entity
			Becoming a Sole Trader: Going It Alone
			Forming a Partnership: Sharing the Workload
			Creating a Company: The More the Merrier
			Trusting in Trusts
		Chapter 13: Starting a Business: On Your Mark! Get Set! Go!
			Getting the Show on the Road
			Getting to Grips with Record Keeping
			Taking on Employees
			Examining Tax Concessions for Small Business
			Choosing How You Recognise Your Income
			Taking Stock of Things
			Planning Ahead: Business Succession Planning
		Chapter 14: Reducing Your Small Business Tax Bill
			Understanding the Rules: What Can I Claim?
			Getting Specific with Problematic Deductions
		Chapter 15: Collecting Tax for the Government: Goods and Services Tax
			Collecting 10 Per Cent
			Registering for GST
			Paying the GST
		Chapter 16: Living on the Fringe: Fringe Benefits Tax
			Coming to Terms with FBT
			Calculating the FBT
			Determining a Car’s FBT
			Packaging Your Salary
		Chapter 17: Getting Wealthy: CGT and Small Business
			Keeping What You Sow: Tasting the Tax Incentive Goodies
			CGT Concessions for Small Business
	Part V: Thinking Long Term
		Chapter 18: Preparing for Retirement Using Superannuation
			Complying and Non-Complying Super Funds
			Choosing a Goose to Lay the Golden Egg
			Taxing Your Nest Egg
			Making a Contribution: Understanding the Rules
			Getting the Money: Conditions of Release
		Chapter 19: Reaping What You Sow: Receiving a Pension and Government Concessions
			Paddling the Superannuation Stream: Types of Super Pension
			Getting Help: Government Pensions and Allowances
		Chapter 20: Death and Taxes: Wills and Asset Distribution
			Preparing a Will
			Taxing Your Income
			Sharing Your Pension
			Taxing All Your Treasures
	Part VI: The Part of Tens
		Chapter 21: Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy
			Keep Good Records
			Take Advantage of New Developments
			Get a Helping Hand from the Tax Office
			Lose Money the Right Way
			Contribute to a Super Fund
			Claim a Super Tax Deduction
			Take Advantage of the Low Income Threshold
			Package Your Salary
			Tap In to Negative Gearing
			Account for Income and Deductions
		Chapter 22: Ten of the Top Retirement Tax T ips
			Plan Ahead
			Live Within Your Means
			Do a Budget
			Get Proper Advice
			Work for the Pension: Transition to Retirement
			Earn Some Tax-Free Pocket Money
			Update Your Pension Entitlement
			Take Advantage of the Main Residence CGT Provisions
			Downsize: Too Big for Comfort
			Exploit Your Winning Edge
		Appendix A: Taxing the Visitors: Non-Residents
	Glossary
	Index