Any Australian mefites out there with tax accounting knowledge for film/tv workers? I am so confused about this "income averaging" thing everyone's talking about. I get the theory of why and how income averaging works, but I'm a bit confused about who is eligible, as I've been hearing conflicting stories... [more inside]
posted by mooza
on Feb 26, 2008 -
I have exercised stock options and taken possession of a small number of shares. I have not sold anything, but am wondering how screwed I am, tax-wise. First, do I have to declare the value of the stock as "income" for the year that I acquired it? Second, if I should sell it, do I add the money I receive from that sale to my regular taxable income? Do I deduct the amount I paid in? Is the net difference subject to other taxes? Is this handle-able by an average person or do I need an accountant?
posted by scarabic
on Jan 13, 2005 -