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    Default Tax Return

    This is my first year on PPS and I opt to pay $x in tax each fortnight, so does that mean I have to actually process a tax return each year? Or do I just let centrelink know that I haven't earnt anything else all year and they do what they have to do for the supplements etc?

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    It is my understanding that you will have to submit a tax return to get that money back from the ATO.

    If you have no other income and dont pay any tax out of your PPS, you will not need to submit a tax return at all.

    As far as I understand it (but please correct me if I am wrong), if you do have any other taxable income, they you PPS is included in your taxable income and thus you need to pay tax on it. Therefore if you dont have a job your PPS is taxfree but as soon as you get a job, your PPS will use up your taxfree threshold and there will be PPS leftover that you have to pay tax on as well.

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    Aha!!! Ok so I don't HAVE to pay tax on my PPS if I don't work at all?

    I worked July-dec last year so will have to do a return this year, do I get a 'group certificate' or similar for the tax I've paid on my PPS?

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    Quote Originally Posted by Bunnyhugs View Post
    Aha!!! Ok so I don't HAVE to pay tax on my PPS if I don't work at all?

    I worked July-dec last year so will have to do a return this year, do I get a 'group certificate' or similar for the tax I've paid on my PPS?
    If you worked July-Dec 2011, then you will have to pay tax on the PPS received in the 2011-2012 financial year.

    However, if you do not work in the 2012-2013 financial year, then you wont need to pay any tax on your PPS, so I suggest you put a stop on them deducting the tax from your PPS prior to July, so that you don't need to worry about submitting a tax return next financial year.

    I do not have any tax deducted from my PPS and I am sure I get a group certificate (or similar statement) every year stating the amount of PPS received and the amount of tax deducted (zero in my case). I pretty much ignore it because I don't need to submit a tax return.

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    Yep everyone on PPS gets a group certificate whether they need to do a tax return or not.

    Might be time to let Centrelink know you don't need tax taken out anymore. You'll get your FTB lump sum after you do your tax return.

    Looking forward to a great return this year in our house- will clear some bills with a little spending money left over!

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    I know not all single parents can do this but each fortnight I get centerlink to take $50 "tax" out of my PPS. I don't really notice it but each tax time I get it all back. Its like a savings account. I am a full time Uni student and don't work. The money I get back is so useful for me and I can afford to buy things that my son needs that I can't usually buy throughout the year.


 

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