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As June rolls into July,we’ve come to the part of the year equal parts adored and detested by people around the country. Although the days are starting to get slightly longer and accountants are smiling,the carefree summer months feel eons away,and there’s a dark cloud over your head,reminding you of something you don’tquite have the energy to do yet.
That’s right,I’m talking about tax time baby! It may come as a shock to you to read that I,a Money editor,love doing my tax return. As soon as my income data hits the ATO I’m in there and filling out my tax return,and then proceeding to annoy my friends about getting theirs done (but in,like,a cool and chill way).
There are some surprising items you might be able to claim back on tax.Michael Howard
And why shouldn’t we be excited about tax time? On average last year,Australians,with the tax office dishing out over $5 billion in returns,a hefty sum and a welcome one during the current cost of living crisis.
What’s the problem?
However,last year’s refunds were down significantly from 2022,as we saw the end of the which had significantly boosted returns for those not raking in high incomes. Many workers would have suddenly found they,in fact,owed the ATO money,and may well owe again this year (keep in mind the only come into effect for the coming financial year,so you won’t see any benefits in this year’s return).
What you can do about it
One way to try to prevent a big tax bill is to ensure you’re claiming every (legitimate) deduction you can for your particular job. Here are some deductions you might not know you can make:
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.