Most Aussies miss at least 1 of these tax-time checks: will you?
Tax time means one thing: the chance of a highly-anticipated refund.
But only 38% of us expect a tax refund this financial year, ccording to Finder research.
To help to squeeze the most juice out of your tax return, there are a few simple things you can do:
- Claim every single thing you're entitled to
That work-related uber to an offsite meeting? The $20 donation you pledged when your friend held that charity fundraiser? Claim every deduction you're allowed – every bit adds up. (Just make sure you have the records to back it up.) - Double-check your private health insurance
Having extras cover alone doesn't exempt you from the Medicare Levy Surcharge, meaning you might have to pay up to 1.5% of your taxable income in extra tax. - Work an office job and/or wear a uniform?
There may be specific work-related claims you haven't thought to claim, like the ATO fixed rate method of 70 cents per hour for WFH costs, or up to $150 for uniform laundry without receipts. - Don't rush!
Employers, banks and health funds often send information directly to the ATO, but it can take them a week or two to get their affairs in order. Wait until mid-month to save yourself the hassle of compiling info that could be pre-filled.
Ouch! $1,600 later...
Your whole family – including your baby – needs to have private health insurance for you to avoid paying extra tax via the MLS. I have a friend who found this out in the most expensive way… get the full scoop.
Lucky enough to get a tax refund?
No one can blame you if you have plans to treat yourself or pay some bills.
But if you have nothing urgent to attend to, consider the options you have to make your tax return work as hard for you as possible.
That might mean putting some (or all) of it towards:
- paying down high-interest debt (you could consolidate debts at the same time, too)
- topping up your emergency fund
- investing for your future
- making an extra super contribution
On that last point, you may even be eligible for some bonus super contributions from the government – see if you're eligible for up to $500 here.
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