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#1 2013-10-02 00:46:10

petey
Silver Stacker
Registered: 2010-05-18
Posts: 1,149

Do you do your own tax?

Interested to hear from members as to whether or not they pay someone to do their tax for them or do it themselves?

I've had nothing but bad luck trying to pay someone to do the job, but always dread doing the paperwork myself.

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#2 2013-10-02 01:06:16

Jislizard
Silver Stacker
From: Australia
Registered: 2011-04-07
Posts: 7,466
Trades :   57 

Re: Do you do your own tax?

We used to do it back in 2005 but it just got more and more complicated, we have a family friend who does it and gives us mates' rates, pretty thorough and he doesn't take too long to do it, we found we were putting it off for about two years.


Now stacking: World Junk Silver Coins.
Swap your older, worn, dirty fractional silver coins for fiat, .999 rounds or legal tender. 
Individual coins, mixed lots or bulk. 
Not looking for Australian, bent, holed or damaged coins, thanks!

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#3 2013-10-02 01:14:09

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,100
Trades :   118 

Re: Do you do your own tax?

I used to have a brilliant accountant, but she retired a few years ago.
The new replacement guy was so straight he was useless.
So, I decided to do my own tax, and have had much better returns that the over-priced accountants ever got me.  big_smile


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#4 2013-10-02 01:17:18

DanielM
Silver Stacker
From: Melbourne
Registered: 2012-10-23
Posts: 2,988
Trades :   31 

Re: Do you do your own tax?

^nothing says audit me better than this^


Don't be shy....Stack it high!!

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#5 2013-10-02 01:26:04

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,100
Trades :   118 

Re: Do you do your own tax?

DanielM wrote:

^nothing says audit me better than this^

Yeah, I expected auditing to be mentioned.
But IMHO the ATO has much bigger fish to fry.
Also, I don't leave myself open to being BF'd by the auditors should it ever occur.


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#6 2013-10-02 03:23:04

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,628
Trades :   29 

Re: Do you do your own tax?

I do my personal tax return myself. My wife is an accountant, and was a registered tax agent. but she's too conservative for my liking.


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#7 2013-10-02 03:51:24

finicky
Silver Stacker
From: Dreamworld
Registered: 2011-06-10
Posts: 3,457

Re: Do you do your own tax?

I'm doing our taxes now. I dread doing it and put it off as long as possible. I claim almost nothing as a deduction in the pathetic hope that the government will leave us T Fk alone. God knows what I'll do when I start selling metal, as my records are in a mess and early ones are missing altogether.

When you are dealing with capital gains on shares it is a true nightmare. I have sold share parcels for family that are well over 2 decades old. Some include accumulations from dividend reinvestment plans, some involve capital returns, some have had spin-offs that reduce cost basis. Yet the fascists say, "yeah, self assessment - you spend weeks working this sh*t out and we can visit you and if you're wrong torture you for documentation going back 30 years, and if you can't come up with an acceptable accounting we'll make you pay credit card interest on the whole sale! 

For the whole nation, how many man hours are agonisingly squandered on this Orwellian sh*t. It produces nothing except loot for the government

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#8 2013-10-02 04:31:27

AngloSaxon
Member
From: Sydney
Registered: 2012-10-26
Posts: 1,980
Trades :   

Re: Do you do your own tax?

finicky wrote:

When you are dealing with capital gains on shares it is a true nightmare. I have sold share parcels for family that are well over 2 decades old.

+1 to this, even when coming across it professionally.

I do my own tax. Wouldn't pay a colleague to do it tongue


Age Res Proprias Tuas

Now reading: Coming Apart - The State of America by Charles Murray.

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#9 2013-10-02 07:10:14

rbaggio
Silver Stacker
From: Australia
Registered: 2010-08-05
Posts: 4,484

Re: Do you do your own tax?

Do it myself.

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#10 2013-10-02 07:24:50

SilverSaviour
Member
Registered: 2011-08-02
Posts: 326
Trades :   

Re: Do you do your own tax?

finicky wrote:

I'm doing our taxes now. I dread doing it and put it off as long as possible. I claim almost nothing as a deduction in the pathetic hope that the government will leave us T Fk alone. God knows what I'll do when I start selling metal, as my records are in a mess and early ones are missing altogether.

When you are dealing with capital gains on shares it is a true nightmare. I have sold share parcels for family that are well over 2 decades old. Some include accumulations from dividend reinvestment plans, some involve capital returns, some have had spin-offs that reduce cost basis. Yet the fascists say, "yeah, self assessment - you spend weeks working this sh*t out and we can visit you and if you're wrong torture you for documentation going back 30 years, and if you can't come up with an acceptable accounting we'll make you pay credit card interest on the whole sale! 

For the whole nation, how many man hours are agonisingly squandered on this Orwellian sh*t. It produces nothing except loot for the government

So true!

What gets me is the fact that public servants do tax returns!!? WTF ?
They don't pay tax! Their income IS tax, our tax.
So why should the ATO go to all that expense to process tax returns for public servants when all they have to do is give them less to start off with.
I guess its all part of the illusion that most of them contribute to society.


Despots and democratic majorities are drunk with power. They must reluctantly admit that they are subject to the laws of nature. But they reject the very notion of economic law . . . economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics.

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#11 2013-10-02 09:27:41

trew
Silver Stacker
From: Melbern
Registered: 2011-08-24
Posts: 3,958
Trades :   

Re: Do you do your own tax?

SilverSaviour wrote:

What gets me is the fact that public servants do tax returns!!? WTF ?
They don't pay tax! Their income IS tax, our tax.
I guess its all part of the illusion that most of them contribute to society.

Too right!

All those police officers and teachers wasting tax dollars
should quit and go work in the private sector
as real estate agents or telemarketers and make a decent contribution to society.

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#12 2013-10-24 04:08:24

SliderC
Member
From: Brisbane
Registered: 2012-10-21
Posts: 234
Trades :   13 

Re: Do you do your own tax?

I paid someone to do my tax this year and got 40% less back then they gave me on my estimate.

Absolute joke.

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#13 2013-11-14 13:23:14

emy
New Member
Registered: 2013-11-14
Posts: 5
Trades :   

Re: Do you do your own tax?

I used to do my own taxes, then for a couple of years got lazy and had someone else do it.  Now I am back to doing my own.  Doesn't take that long, it is just getting your mind wrapped around the idea of having to do it!

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#14 2013-11-14 22:15:41

mistered
Member
From: Melbourne
Registered: 2010-02-17
Posts: 168
Trades :   

Re: Do you do your own tax?

finicky wrote:

I'm doing our taxes now. I dread doing it and put it off as long as possible. I claim almost nothing as a deduction in the pathetic hope that the government will leave us T Fk alone. God knows what I'll do when I start selling metal, as my records are in a mess and early ones are missing altogether.

When you are dealing with capital gains on shares it is a true nightmare. I have sold share parcels for family that are well over 2 decades old. Some include accumulations from dividend reinvestment plans, some involve capital returns, some have had spin-offs that reduce cost basis. Yet the fascists say, "yeah, self assessment - you spend weeks working this sh*t out and we can visit you and if you're wrong torture you for documentation going back 30 years, and if you can't come up with an acceptable accounting we'll make you pay credit card interest on the whole sale! 

For the whole nation, how many man hours are agonisingly squandered on this Orwellian sh*t. It produces nothing except loot for the government

I use Sharesight to handle all the CGT and income reporting on my shares. Just enter the original purchaes and it poplulates all the historical divs, DRPs, share splits etc. Highly recommended.

Not sure they have 2 decades of data, but worth a look...

http://www.sharesight.com.au/

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#15 2013-11-14 23:42:28

Mr Medved
Member
From: Australia
Registered: 2010-12-26
Posts: 432
Trades :   

Re: Do you do your own tax?

DIY. No complex calculations for me so it's just a pain to do it.

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#16 2013-12-25 16:54:22

dccpa
Member
From: USA
Registered: 2010-08-29
Posts: 3,168
Trades :   

Re: Do you do your own tax?

I do my own taxes, but since that is what I do for a living, it would be bad for business if I hired someone else. big_smile

Last edited by dccpa (2013-12-25 16:54:38)

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#17 2013-12-25 18:25:31

tozak
Silver Stacker
From: Australia
Registered: 2011-05-05
Posts: 2,036
Trades :   177 

Re: Do you do your own tax?

I take the Rich Dad, Poor Dad approach and be lazy

Get a Good Accountant, Good Solicitor, Good Tax Agent and then build a good relationship with them

Maybe I could have saved a few dollars some years but the other years they more than make up for their costs. There is always something that you would miss that they will pick up on if they are good at their job.

Plus then you can optimise the time you save into doing something else to earn/save money.


The whole world only one block apart

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#18 2015-05-12 02:00:44

zedstrange
Member
Registered: 2014-03-20
Posts: 29
Trades :   

Re: Do you do your own tax?

tozak wrote:

Maybe I could have saved a few dollars some years but the other years they more than make up for their costs. There is always something that you would miss that they will pick up on if they are good at their job

What are some examples of what the accountant picked up that you missed?

I would dearly love to know what this is because every accountant I ever used or asked can't find anything.

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#19 2015-05-12 08:37:29

Elemental
Silver Stacker
From: WA
Registered: 2011-05-21
Posts: 1,070
Trades :   66 

Re: Do you do your own tax?

What do you do zedstrange? Salary and wage? Job location? Do you have a home office?


If you want to be a Millionaire, start with a billion dollars and launch a new airline - Richard Branson

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#20 2015-05-12 09:50:22

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,527

Re: Do you do your own tax?

Depens on what you have to claim.
If you have investment property, or a lot of work related expenses then get an accountant to do it. Not because they will get you more, but because the ATO likes to clamp down on those things in personal returns.
If you have just a regular job with minimal expenses and no investments, you are wasting your time and money using an accountant.

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#21 2015-05-12 09:52:57

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,527

Re: Do you do your own tax?

zedstrange wrote:

What are some examples of what the accountant picked up that you missed?

I hear some people who use accoutants boast about how they claimed part of their home phone bill for business or *insert of trivial thing here* and the make it sound like the greatest thing since sliced break because they found a $20 deduction roll

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#22 2015-05-12 17:13:35

Chubbsng
Silver Stacker
From: Brisbane
Registered: 2015-04-27
Posts: 154
Trades :   22 

Re: Do you do your own tax?

I definitely use an accountant however I am the director of companies and have businesses so its not straight forward. Even still, tax minimisation is a vital part of investment. If you are Payg then that's still your investment. You need an accounting plan a structure and how to implement it.

Im not sure what the average price for a payg earners tax return costs however for the less than $1,000(if not $250) or whatever it costs, having a relationship with an accountant and better educating yourself each year on these things will make you better off in the long term.

Tax is a big picture thing


Party time is anytime and anytime is party time

WTB: Any ASEs & silver pandas. 1/10 gold pandas. Any interesting or well priced Pamp gear.

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#23 2015-08-24 19:07:06

GRETZKY427
Silver Stacker
From: Australia/Canada
Registered: 2014-11-21
Posts: 1,077
Trades :   65 

Re: Do you do your own tax?

If you dont have much to claim, etc just use ETAX...its free and easy to use and you get your estimate return straight away after everything is submitted :-)

Cheers, HAPPY STACKING :-)

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#24 2015-08-24 19:29:21

FortySeven
Member
From: Melbourne
Registered: 2015-07-01
Posts: 94
Trades :   

Re: Do you do your own tax?

I pay no income tax, do my own tax returns, and get a refund every year!


Buy silver - they've stopped making it. (with apologies to Mark Twain)

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#25 2015-08-24 19:34:32

raven
Silver Stacker
From: Victoria
Registered: 2014-04-27
Posts: 1,215

Re: Do you do your own tax?

What the fcuk is a tax return ?

smile

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