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  1. #1
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    Default myTax mystery

    So, I am a bit of a myTax noob, and yes, my tax return is late. My bad. Extra points for getting to it now though, right?

    I'm a bit stuck in a myTax loop of confusion, and wondering if anyone (particularly accountants) can help.

    In the early stages of the myTax return, it asks for spouse taxable income.

    As I understand it, taxable income is income, less deductions. So - how can I enter this? My DP will be asked a similar question at an early stage I imagine - and I can't give DP my taxable income (income less deductions) for DP's return until I have got further into *my* tax return - so DP will have the same stuck problem that I'm having.

    What am I missing? I will probs try to call the ATO tomorrow, but just wondering if anyone smarter than me had figured this out.

    Is it something where you can just put a guesstimate, and fix it later when you know what it actually is?? Are the questions at the beginning all just a bit of guesstimate before you get in to the actual form? Or am I meant to do the deductions on a bit of paper or something so I can put in the actual figure?

    Gah!

    Thanks

  2. #2
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    I did mytax but I honestly can't remember. It did say I was going to get a big bill!!! I submitted it but have heard nothing back?

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    JustJaq  (11-11-2016)

  4. #3
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    Do you guys have PAYG summaries - that will show your income for the tax year.

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    JustJaq  (11-11-2016)

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    You need your DP's PAYG/other tax info. It is not a guesstimate.

    Mostly the PAYG's have been uploaded manually. You/your DP would have received a hard copy/electronic copy of PAYG from work. I am assuming you are not self employed. If there has been further income then there would be paperwork. Does that make sense?

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    JustJaq  (11-11-2016)

  8. #5
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    You can go back in MyTax. I would suggest adding in deductions, getting the taxable income figure at the end, then going back to the question on spousal income.

    Oh, and FWIW I found the deductions questions difficult to find the first time I went through the menu options. There is a check box that needs to be checked on page 3 I think. I got confused because the wording made it seem like it was about prior years info, but if you read it carefully it says prior years losses or deductions (this years deductions). After ticking it, mytax then opens up the deductions section.

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    JustJaq  (11-11-2016)

  10. #6
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    Yeah, DP and i have payment summaries and that's our only income, so that's straightforward.

    My question though is that i understand from previous years that 'taxable income' has a special meaning, in that deductions and losses (we don't have any losses) are taken out of your payment summary income to get 'taxable income'. Maybe it doesn't have that meaning anymore??

  11. #7
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    Quote Originally Posted by SSecret Squirrel View Post
    You can go back in MyTax. I would suggest adding in deductions, getting the taxable income figure at the end, then going back to the question on spousal income.

    Oh, and FWIW I found the deductions questions difficult to find the first time I went through the menu options. There is a check box that needs to be checked on page 3 I think. I got confused because the wording made it seem like it was about prior years info, but if you read it carefully it says prior years losses or deductions (this years deductions). After ticking it, mytax then opens up the deductions section.
    Spouse taxable income is a required field so i can't move past it without putting something in there. But maybe i can go back at the end... Or maybe i havent ticked the 'i have deductions' box. I thought i had... but maybe not. I'd just got the hang of ETax!

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    You're right about taxable income being income less deductions.
    It makes no difference if you provide a guesstimate or the actual amount as long as the guesstimate doesn't take your combined income over the Medicare levy surcharge threshold (if you don't have private hospital insurance) and if you do have insurance, your combined income may affect your rebate entitlements. But let's say for example, your combined income is less than $180,000, the guesstimate amount will not affect your return in the slightest. It should be as accurate as possible though.

    Just want to add that in addition to taxable income, you also have to declare your spouses non-taxable income items like reportable super or fringe benefits .. This is used to calculate Adjusted taxable income which is actually what they use for Medicare etc.

    The joys of the Australian tax system! :!

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    What I usually do is put a guesstimate down for both of us based on our PAYG summaries, fill out the rest and get to the end, look at the estimate to get our taxable income and then go back and fill it in for each other's.

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    JustJaq  (11-11-2016)

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    Quote Originally Posted by smallpotatoes View Post
    What I usually do is put a guesstimate down for both of us based on our PAYG summaries, fill out the rest and get to the end, look at the estimate to get our taxable income and then go back and fill it in for each other's.
    This is what I did as well. As a pp mentioned, if you are pretty close at the beginning it won't have a big impact. If it puts you over certain thresholds it will.

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