Any Tax Gurus, Please Explain :/

[BANGN]

Ive been using E-tax for a while in doing my tax return, and its that time of year again to rub my hands together for some money back.

This year I have 5K worth of tools to claim, which with my income/tax payed and deductions I am due to get 2200 back basically according to the Tax Estimate page, now I hadnt worked out the depreciation on the tools when I worked that out, Now even If I claimed another couple of grand for example for depreciation, I am still only due about 2200.. OR, if I added another couple of grand just to see what it did in my receipts list, it made no difference to my tax return, it only reduced the "taxable income" amount on my Tax Estimate page. So it seems almost like there is maximum dollar amount I can claim perhaps. Even if take 1K worth of tools off my list to claim, the amount on my estimate is still 2200.. bit weird.

Hoping someone might be able to clear up what the hell is going on here..

[Nick033]

im no tax guru at all, but are your tools listed individually or in lump sums, from my understanding if a tool is worth over something like 300 bucks from memory, you have to claim to full amount over a couple of years. If you havent itemised them try that, might bump it up a bit

[Badcredit33]

dont try to shortcut ANYTHING, i tried doin that sort of shit, and they work it out and know what your up to. i got a bill for 8grand that i had to pay back, trust me it hurt bad, just my opinion anyway

[usmair]

its probably because the employer withheld a maximum of $2,200 in tax from your wages.

you cant get any more back because you didnt 'pay' any more tax

[blah_blah]

im no tax guru at all, but are your tools listed individually or in lump sums, from my understanding if a tool is worth over something like 300 bucks from memory, you have to claim to full amount over a couple of years. If you havent itemised them try that, might bump it up a bit

This shouldn't be the problem. Either way depreciating assets will reduce your taxable income

dont try to shortcut ANYTHING, i tried doin that sort of shit, and they work it out and know what your up to. i got a bill for 8grand that i had to pay back, trust me it hurt bad, just my opinion anyway

Shortcuts or tax evasion?

its probably because the employer withheld a maximum of $2,200 in tax from your wages.

you cant get any more back because you didnt 'pay' any more tax

This man sounds like his on the money.

Likely your maximum tax withheld was $2,200 hence why your refund isn't increasing.

Though this sounds unusual if your tax recipts from tools total $5k.....

[masTers]

How much PAYG tax did you actually pay? If your an apprentice then its possible you only paid $2200. Remember you can't get back more than what you've actually paid in PAYG.

From what I remember (I work in audit not tax) you can only claim tools in lump sums of up to $1000, other wise you have to claim the depreciation over a few years (which can work in your favor)

Go see a Tax Accountant (NOT a chain of accountants who seem to Have an office on eveRy block, not mentioning any names). Most it will cost you is $100, and you can claim that as a deduction next year.