Tuesday, October 31, 2006

Taxing times

As if having a dodgy heart wasn't enough, it's tax time. And my tax return is due today! Having said that, it's not so bad since in Australia we can submit our tax return electronically.

My tax return is looking nice and easy this year. No added complications - kids, dependent in-laws, Swiss bank accounts... Until i get to capital gains tax. There are four methods for calculating capital gains tax, obviously some of which give a better outcome than others. These are discounted, indexation method, other method (very descriptive) and CGT concession amounts. What do these mean? How the hell am I supposed to know?? So obviously, my total capital gains for the year is calculated by adding all these together, but what is my net capital gains?? I spend ages and ages reading the tax pack guide, but to no avail. Finally I go and see our family tax accountant. He's also puzzled, so goes to look it up. Finally, after much scribbling of numbers and arrows over my notes, he has figured out that I need to divide a few things by 2, and then add them all together, and that is my net capital gains for the year. Makes sense right?

So my tax return is complete, just need to submit it electronically. But I can't get through the firewall at work, so I go home to submit it. But at home, it won't connect to the tax office website! Probably because every man and his dog is trying to submit their tax returns at the last minute! Completely frustrated, I decide to have a beer and watch Neighbours.....

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