Tax Resources

Canstar has a income tax calculator that can assist you to calculate your approximate income tax. The income tax calculator calculates the tax payable on gross wages paid in equal weekly amounts. The rates are obtained from the Australian Tax Office. No allowance is made for tax deductions, Medicare or other levies and/or payments.

Generally not – standard practice is to only claim the tax-free threshold on one job at a time. The ATO says in the case of people with two or more sources paying you an income in the same financial year, “you only claim the tax-free threshold from one payer”. Usually, from whoever pays you the highest salary or wage.

When you sell certain types of property, including real estate, the difference between how much you paid for it and how much you sold it for is known as capital gains (or potentially capital loss) and this may have tax implications for you.

For example, according to the ATO, if you profit from the sale of an investment property, that profit is considered a capital gain and must be declared on your income tax return.

The tax you have to pay on a capital gain is commonly known as capital gains tax or CGT, although it is technically part of your income tax, rather than a separate tax.

– Read the full story by Tuan Duong, Duo Tax

According to the capital gains tax six-year rule, you can use your home as an investment property for up to six years, and the ATO may still treat it as if it were your principal place of residence (PPOR) for capital gains tax purposes. So, a property investor can often also sell their property and not have to pay CGT.

An ETF takes the form of a trust and the return paid by an ETF is treated like a distribution from the trust.

But that return will incorporate many different components, such as dividends, franking credits, interest, foreign income and capital gains. Each of those individual elements then needs to be split out by you and entered into the correct boxes on your tax return.

Fortunately, most ETF providers give investors a year-end tax statement. Make sure you look out for and keep your annual tax statement.

An asset can be a financial item such as money, bonds, shares or a bank account, or a physical item like a house, land or a car that you own, according to the Australian Government’s Moneysmart website.

The ATO has information about owning and protecting assets that you own, and how you can manage them for tax purposes.

With self-managed super funds (SMSFs), for example, the ATO says assets need to be recorded in a particular way to ensure they are protected in case of creditor disputes.