March at Booktopia is For Dummies month! To celebrate, we’ve invited some of our favourite For Dummies authors to write about what they’re most passionate about; what they specialise in. This week we have Jimmy B. Prince, author of Tax for Australians: For Dummies, sharing his knowledge about tax and everything that goes with it.
To add to the excitement surrounding For Dummies month, we’re giving Booktopians the chance to win a For Dummies prize pack. Just order any title from our For Dummies showcase to enter (T&Cs apply). Don’t forget you can also save 30% our top 50 For Dummies Guides!
Jimmy B. Prince
For students who want to pass tax law!
If you’re a student planning on studying tax law in 2016 and you’re on a tight budget, I’ve got some good news. The 2015-16 Edition of Tax for Australians: For Dummies is a handy tax reference guide that closely follows the content of a standard course syllabus. The book is written in plain English and is an extremely valuable resource for those students who come from a non-English speaking background.
The book explains in very simple terms core tax concepts that you need to be aware of when dealing with technical issues such as income, deductions, superannuation, CGT, FBT and GST. Throughout the book case studies are used to reinforce core tax principles, and you also have the option of checking out key tax cases and technical information, such as income tax rulings, to help you to quickly solve tutorial exercises and tax assignment problems. And, if you’re cramming for an exam or test or you’re not sure about a particular current issue, the 2015-16 Edition of Tax for Australians: For Dummies can quickly steer you in the right direction and save you much time and heartache!
So if you want to quickly come to terms with tax law (and, cross fingers, get good marks!), then this book can help you get there.
I’m a PAYE, what can I claim?
If you’re a salary or wage earner, at the end of the financial year you have a legal obligation to lodge your individual tax return, disclosing the taxable income you derived during the previous tax year. You also have to grapple with all the latest tax issues associated with preparing your tax return.
Generally, there are two ways you can deal with this never-ending dilemma. Pay a tax professional a hefty fee (‘thank you very much!’) or try to do it yourself. Although seeking professional advice is highly recommended and encouraged, you should never underestimate your own abilities. If you employ basic research skills you use each day to do your work, you could be pleasantly surprised.
Tax for Australians: For Dummies is a handy tax guide that can quickly give you the relevant knowledge you need to lodge your tax return. It explains in non-technical terms what tax deductions you can claim, and the tests you need to satisfy to legally claim them. In the 2015-16 Edition of Tax for Australians: For Dummies you will find:
• a comprehensive list of work-related expenses you’re likely to incur (such as reference books, union dues, protective clothing, tools of trade)
• the new rules for claiming work-related car expenses and what type of travel is tax deductible (‘Gee that’s handy to know!’)
• home office expenses and the various running costs you can claim
• what you need to do to qualify for self-education expenses and what type of expenses you can claim
• the major tax offsets you can use to help reduce your tax bill
• what deductions you can claim if you derive investment income (such as interest, dividends and rent)
• how to calculate a capital gain or capital loss if you sell a CGT asset (‘I didn’t know it was that easy!’).
So why not have a go? If you can’t solve your problem or you lack confidence, at least you tried. And if you do seek professional advice, you’ll be in a position to have a meaningful conversation (especially if the fee is likely to be substantial!) and you’ll understand what you’re doing.
With the federal government constantly introducing new tax initiatives to stimulate economic activity and influence your behaviour, it’s in your best interest to be aware of these latest changes and what you must do to comply. The changes are normally associated with running a small business, superannuation and family benefits. Constantly seeking professional advice from a tax agent or accountant regarding these changes can be a very expensive exercise.
Tax for Australians: For Dummies is a handy tax reference guide that can quickly give you the latest changes you need to be aware of, and is especially useful if you’re running a small business, contemplating retirement, or have an investment portfolio such as shares and real estate.
In the 2015-16 Edition of Tax for Australians: For Dummies you will find out about the new:
• 2015-16 tax thresholds relating to income tax, CGT, FBT and superannuation
• revamped employee share scheme details
• company tax rate for small business companies
• instant $20,000 asset tax write-off if you run a small business
• 5% discount tax offset on business income you derive
• rules for claiming a childcare rebate
• rules for claiming work-related car expenses
• GST rules if you download music, movies, e-books, apps, games and software from overseas streaming suppliers / retailers
• rules for start-up businesses
• HECS repayment rules if you reside overseas for more than six months.
You will also find numerous tax tips, warnings, proposed federal government changes, and plenty of technical stuff such as fact sheets and tax rulings to help you to quickly understand complex tax issues.
Why pay a tax professional a truck load of money when you can find the answers in the 2015-16 Edition of Tax for Australians: For Dummies.
Tax for Australians For Dummies
Tax Year 2015-16
Tackle your taxes—and get the most from your next tax return!
Do you want to be sure you're getting the maximum tax refund? Of course you do! Luckily, Tax For Australians For Dummies is here to make it easy to ensure you get every cent you deserve for the 2015-16 tax year. Written by respected tax specialist and CPA fellow Jimmy B. Prince, this fun and friendly guide walks you step-by-step through the complex Australian tax system and explains in plain English what you can claim and exactly what you're owed.
Designed to help you take advantage of everything from investments to kids to ...