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The taxable income of a superannuation fund is taxed at a flat rate of 15%; however, concessional contributions of those members whose taxable income exceeds $300,000 are subject to a rate of 30%. In the 2016 federal budget, the government proposed to reduce, effective 1 July 2017, the threshold when the tax rate of 30% comes in to members ...
Why you should file back taxes Filing back tax returns you haven't completed could help you do one of the following: 1. Claim a refund One practical reason to file a back tax return is to see if ...
Paper filers will need to submit Form 4868 to get a six-month extension on their tax deadline. This strategy helps you avoid being penalized for filing your taxes late, but note that the form ...
Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their earned income sent to a superannuation account is less than the income tax on earned income sent to their bank account. Australians can contribute additional superannuation beyond the 11.5% ...
If income tax has been withheld under backup withholding, individuals should claim credit for it on their tax return for the year in which the income was received. For more comprehensive information on backup withholding, refer to Publication 1281, "Backup Withholding for Missing and Incorrect Name/ TIN (s)", which outlines procedures for ...
Here's how to file your back tax returns in five simple steps. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways ...
Here’s how to make sure you get your tax refund as quickly as possible. E-file and use direct deposit to avoid delays If you’re relying on your refund, file early and electronically, and use ...
In India, there is a provision of refund of excess tax along with interest. For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15]