Money hack: How to find extra money this tax time
This is the easiest way to uncover more money when completing your tax return this EOFY.
We all want to maximise our tax refunds. So we hold onto receipts for work-related items that might cost just $20 for an entire 12 months, just so we can claim the expense at tax time. And we try to sneakily claim car or laundry expenses in the hope of getting an extra $100 or so back.
But there's another way to get more money this tax time, and it's one that won't land you in hot water with the Australian Taxation Office (ATO). If fact, it's actually the ATO's idea.
When completing your tax return online through myGov this EOFY, the ATO wants you to make an extra two clicks to find any lost super you might have while you're at it. It may sound boring, and you may not think you have any lost super to find, but it's likely that you do.
The ATO estimates that Australians have more than $18 billion in lost super. That's $18 billion that's sitting in forgotten accounts, multiple funds or being held by the ATO waiting for its owner to claim it. Even if you had just $200 in lost super, if you calculate how much that could compound to over your working life, the loss is far greater.
If you answer yes to any of these questions, you could have lost super:
- You've changed your name (eg, after getting married)
- You've changed jobs
- You've changed address
- You've moved overseas or worked overseas
To find your lost super, just log in to your myGov account and click on the Super tab (located next to the Tax tab). You have nothing to lose from clicking the button and potentially a few thousand dollars (or more) to gain.
finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.