Even if the tax return is pre-filled, it is not fully completed. Nevertheless, it is the case that ten percent do not check whether the figures in the tax return are correct. This can lead to you paying either too much or too little in tax.
– With the digitization and pre-filled tax return, it is perhaps not so strange that many people do not open the tax return, but it is far from wise. The tax return is not completed, it is just partial completed. All taxpayers have a responsibility to ensure that all the figures are correct, says head of department Rolf Lothe i The Taxpayers’ Association.
From Tuesday 14 March, the sending of the tax return for 2022 will begin. The tax returns will be sent out digitally in pools, and you will be notified when you can log in and see your tax return. The deadline for submitting the tax return is 30 April for wage earners and pensioners, and 31 May for self-employed people.
In this case, we are looking at some of the most common topics in the tax return that can affect how much you have to pay in tax for last year – they are the following:
- Debt interest and distribution of these between cohabitants and spouses
- The parental deductions
- Travel deduction
- New job and/or new salary
- Home sold
- Sold shares with profit and/or loss
Distribution of debt interest
Many are not aware that the deduction on debt interest must be distributed manually if both parties in the relationship are to receive deductions, according to consumer economist Cecilie Tvetenstrand at Storebrand.
– If you are cohabitants who have a loan together, both the loan amount and the amount paid in interest must be distributed in the tax return. You must both make this change so that the total amount is correct. The distribution is made according to the ownership fraction of the loan, says Tvetenstrand to Rogaland’s Avis.
– If you are married, or registered partners, you can share this as you wish between you, she adds.
The reason cohabitants and married couples have to do this themselves is that the banks only report the loan to the Tax Agency on the person who is the main borrower.
– Debt interest is usually the biggest deduction and can make a difference in whether you got a hangover or good tax, Tvetenstrand points out.
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The parental deductions
Parents can get a deduction for passport and child care expenses, usually until the child is 12 years old. This means that you can get a deduction for expenses for daycare, babysitter, au pair, free time arrangement corresponding to after-school care, kindergarten and the like, writes The Taxpayers’ Association.
If you do not fill in the deduction (maximum deduction for one child is NOK 25,000, and it increases by NOK 15,000 per child) you should check whether there are other expenses you have had. It could, for example, be babysitting or extra driving to the nursery, which amounts to NOK 1.65 per kilometre.
In the event of a break-up, the parental allowance is given to the person with whom the child has lived most during the year. If the parents want to change the completed value, both must change their tax returns. If your former partner does not want to change, you must change with yourself and write the reasons for this in an attachment to the tax return.
If you are a single parent, you may also be entitled to a special deduction.
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Travel deduction for several
The travel deduction is no longer entered automatically, since the corona pandemic has largely changed how many people work and their journey to work.
– This must therefore be filled in automatically. This year, the basic deduction has been reduced, which means that more people may be entitled to a travel deduction. Therefore, check your options and enter your travel route. This is well described at the Swedish Tax Agency deduction supervisorsays Tvetenstrand in Storebrand.
Job change and salary increase
If you have changed jobs, or had your salary changed in 2022, it is extra important that you ensure that your income matches the annual statements you have been sent.
You check this by comparing the sums in the annual summary of income, deductions and tax deductions you receive from your employer, with the figures in the tax return. You can see what is reported in from your employer by logging in via the Swedish Tax Agency’s website.
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New home, new tax
If you have sold a home that you have owned and lived in for more than 12 of the last 24 months, this is a tax-free gain, and you also do not get a deduction for any loss.
– If you have not lived in the property for that long, you must pay tax on the gain. You must then enter this in the housing field in the tax return. You must pay 22 percent tax on the winnings. The same applies to losses, but then you can get a 22 per cent deduction for the loss, says consumer economist Tvetenstrand.
As regards the valuation of housing, it is new this year that primary residences are valued at 25 per cent of an assumed real value. The part of the primary home’s value that exceeds NOK 10 million is valued at 50 per cent. The valuation of secondary homes increases to 95 per cent, while the asset value of holiday homes has been adjusted upwards by 25 per cent.
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The share deductions before and after 6 October
Last year was a bit special, since the share tax rates were changed on 6 October.
– You must therefore pay 35.2 per cent of gains or dividends received on shares before 6 October, and 37.8 per cent after 6 October, says Tvetenstrand, and continues:
– The same applies to the deduction if you have realized shares at a loss. Then you get a deduction of 35.2 per cent before 6 October, and 37.8 per cent after 6 October.
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