Fun with Income Tax

Gye Greene and The Lady spent last night finishing up their (U.S.) income tax. Fun, fun, fun!

U.S. income tax is due April 15th, and the tax year is the calendar year. In contrast, the Aussie tax year runs from (IIRC) the first of July to the end of June, and taxes are due on October 31st.

Of course, in the U.S., Oct. 31st is Halloween. The Aussies don't celebrate Halloween, but knew **something** scary had to fill the void: thus, tax day.

Since they closed their U.S. joint bank account in August 2004, this is The Lady's last year of filing U.S. taxes -- no more U.S. income. However, because GG still has an interest-bearing checking account and a few minor investments in the U.S. (in his name only, for ease of filing taxes), he will be PAYING TAXES TWICE A YEAR FOR THE REST OF HIS LIFE!!! (Shudder!)

More correctly, he'll be filling out the forms twice a year for the rest of his life. He ends up paying only once.

In other words, for his U.S. taxes, GG has to fill out paperwork to report about eight bucks of interest, a few hundred in dividends and capital gains, then discover that this is **far** below his individual deduction -- and thus, he owes $0.00. All for the joy of paperwork...