My return wasnt anything huge and just went to bills, what are you spending yours on? Let me live vicariously through you!
What Are You Spending Your Tax Return on?
cassidy02 on 15/07/2018 - 12:10
Comments
Why no choco banana chupa chup?
Haircut, savings, credit card bills and annual car expenses
a slab of piss and a pack of Winnie blues
the rest gets invested in pokies
I'm in need of a financial adviser. You'll do.
I'm getting nothing yet again.
what is this thing called a tax return?
I don't see why people glorify tax returns like this. The government took your money, and they are now returning (some of) it. You should be angry if you get a lump sum tax return, while being happy if you are close to neutral or even have to pay additional tax liability.
If you do get a decent lump sum, that should be treated as normal earned money, not splurging.
that's because if you make 'wise enough' investments throughout the year, you are able to deduct your accessible income to much less than what you actually made, net, and effectively earned yourself some additional liquidity. And for those that don't spend a whole lot paying attention to their PAYG tax liabilities every year, any form of monetary refund will always be a yay moment.
Yep, kinda like when I put my jacket on for the first time in months and find $10 in my pocket. Yay!
paying the other partners tax bill……
Having other partner means you have 2 partners. Who's the side-dude/chick?
Let me correct you there.
It means they have more than 1 partner, which could mean more than 2.
Edit: just reread it. I'm wrong.
Your partner but don't tell calmago I told you so
Plastic bags and bin liners
I grabbed a shittone for free courtesy of being in retail and the bag ban, could have got more…
Don't understand the negs. You got bags for free and this is a site for tight arses.
I was wondering the same… Maybe People getting jealous?
More games on steam that i'll never play
top of the line commercial grade coffee grinder. An ek43s for those in the know. Also reason why i completed and submitted my tax return on 1 Jul.
Yup, tax in on Jul 1st, cheque back in time for ebay sale.
Dumping it into shares. The sooner I reach FI the better.
Forced Induction? What motor?
EJ25
Shame it’s not a 2JZ, no ****, those things decimate all.
Let me live vicariously through you!
Not sure you could keep up, how strong is your dominant hand?
I stashed my return into savings… Next day, my cat had other ideas. A two day 'holiday' in kitty hospital (weekend rates) , plus a bunch of tests. He's worth it though
Yeah. I thought I hit the jackpot earlier this year when I managed to get $2000 worth of VISA pay cards at HN using the Amex deal. Two weeks later my 16.5 yo cat had a UTI or some sort with some complications due to age and kidneys and so sayonara to the VISA pay cards. It was almost $400 each time I took her in!
Worth it though.
WTF, people actually get money back from tax returns?!! What is this sorcery?
House deposit! Going for pre-approval in under a month!
Congrats!
No refund, have to pay them more instead. :(
Doesn't look like there is any way to reduce my taxable income.That sucks! But look harder….there is always a way.
Investment property, that's how millions are doing it apparently
Bills, (profanity). Not fun!
Who does their taxes so early???
People expecting a tax return!
We'll be spending ours on solar panels. The joys of being old.
Self employed! No tax return, just a tax bill..
Sadly I need to attend an interstate wedding where flights are… difficult. All up it's going to cost $1300 to attend which is just under what the return will be.
Booze and strippers
Newsflash…. you're not supposed to live comfortably on Newstart Allowance.
It's there to get you by until you can find another job.
You'd probably get light headed if you actually look up the welfare budget each year….
Cannot tell if serious.
Had to pay back $52, I rarely get a return.
A visit to New Zealand, going to get tickets and rental for 2 weeks about 830$ will only be 80 out of pocket plus the gasoline…
Another invest property to increase next years tax return ;-)
Ahah! Buy 3 and triple the returns! Then get on a real estate institute sponsored news article about how you bought 20 properties and don't think there is a pricing/policy problem, anyone can do what you did and blame everyone for being dumb and lazy. Also provide some sort of generic advice like "the key is to buy in growth corridors" and "buy low to build equity quickly to allow you to invest more".
Honestly (in the short term at least), the property market is a zero-sum game. It's absolutely possible to be as successful as your sarcastic hypothetical, but it also needs an equal amount of chumps to lose out by the same amount.
So it's entirely possible for both the people saying "invest, you can make money" and also those saying "Omg I lost all my money" to be correct.
i pay more tax during the year than needed, compulsory savings, will spend on house renos
I am buying parts for my Mountain Bike. New Wheels, some nice accessories. The rest I am going to put into the new kitchen we are currently putting in
I have an $80,000 return coming my way, can anyone suggest any high-yield investments for me?
In all seriousness, we knew what sort of return was coming, so it was treated as forced savings for a holiday we already had planned.
I assume you do not have an off-set account that you could put the cash into? If not yours then maybe your partners?
I'm going to be in the mortgage free zone this month and I intend to lend some of this out to a family member who has some bad CC debts where the interest is just shocking. I will though say that they need to pay my back in the interest I have to pay my bank loan though so net sum zero for me but about 16% better for the family member.
Right now there are not that many safe high yield investments to get into. Even the banks have reduced their savings interest rates to a miserly amount. I might suggest you look to ways for cost mitigation as opposed to cash return in the short term.
From a longer term POV, maybe consider maxing out your and your wife's superannuation payments this new FY to hit 25k each. You can also back pay up until (I think 4 years) of under paid super to max out the previous years to 25k each. This is something that came into legislation starting 1 July 2018.
I really do not know your personal financial situation so please consider that before taking my advice.
Good luck, mate. Lending money to family members is a very risky thing. I did this for my brother two years ago and never again!
Yeah. It is a tough decision right now and the amount is not insignificant. Maybe I'll put a lien on his car or something. Not sure what sort of financial protections I can do though. I must say though that he has heaps of those collectable Hot Toys and things like the original masterpiece Millennium Falcon and so I could grab those as collateral.
Come to think of it, maybe he should just sell all that anyway, whatever the case I'm waiting for him to admit he needs the help first before I take the next step.
Haven't seen how much I am getting (or if I am getting anything), but if I get at least $500, It's towards the pre-ordered Omega Speedmaster Ultraman.
I owed $1k, pretty annoyed at payroll as they must have done something wrong.
Have you confirmed they haven't done something wrong with your summary?
Hmmm, $1k seems to be more a payroll error as opposed to you having $50k in a bank account earning 2% interest all year but you forgot to declare it. Surprised that a company's payroll division made a mistake though.
Did you get any lump sums throughout the year? Bonus? Backpay? Annual leave paid out?
Accounting systems don't tend to calculate those properly and some payroll staff are too lazy to do it manually. In those scenarios, it normally involves paying more tax rather than less, so I'd definitely look into how your payroll is set up. Is this for the same company (and same accounting system) as last year's?
Yeah, annual leave paid out. So they may have paid tax wrong on it?
I changed jobs halfway through the financial year.This would be my guess. I've seen a few people make that mistake on payroll.
Not sure about the timing of the change (ie did you earn 80$ of your income in Job 1 before going to Job 2 etc), but I assume job 2 did not double dip into the tax free threshold (unless the split was more like 95%:5% which might justify the bill).
I think that it may be a result of your Job 2 correctly not double dipping into the tax free threshold but you did take advantage of a lower tax rate margin in job 2 such that at the end of the day you ended up owing some tax.
Without knowing your financial situation it is hard to work out.
@danielh:
Popping my numbers into paycaculator.com.au, ignoring the whole 2 job situation, and the annual leave paid out, I paid $982 less tax than I should have somehow.
I had issues with the new job not taking out my HECS at the start, but that was only like $100 or so difference.
Worked it out. I'm stupid.
previous company was taking out $50 a fortnight less tax than it should have been.
Should have double checked it all.Glad you worked it all out. At the end of the day, I prefer to OWE the tax man some cash in this situation rather than let them have it.
A new car.
Friday morning ours was parked on the street and someone crashed into it, causing enough damage to make it an economic right-off
Ouch. Also don't know why you're being negged. If you need a car… well you need a car.
Yeah. Already gave him a +1 but still not enough.
Return? no, no, no, no…. I traded crypto last year. Looks like i'll be losing a little more money to the government.
An investment loss would increase your return.
I thought capital gains losses can only be balanced with capital gains profits. If you make a capital gains loss and no other asset that makes the capital gains profit you get no benefits at all?
Capital losses are offset against capital gains.
@johnno07:
Silly me thinking back to property all the time.So basically, a loss in crypto (ie cap loss) can't be geared / deducted against your regular income. Only against capital gains?
Losing? You mean contributing.
Hodl for 12 months and enjoy a 50% discount on the tax
Donating to The Human Fund.
OZB deals, what else could be more worthy?
Paying new GST
$6k i think… actually i don't know, i've never filed tax return before
BORA BORA
Pokies or Bitcoin (crypto currency)?…
Hedge your bets, both.
I prefer pokies though, no tax
Paying my accountant. Nah but rear tyres i have been delaying for a while
Buying a new coffee machine
i bought a high yield retirement nest egg by the name of an amg mercedes
A drone - hopefully mavic II will come out soon
to my ing account
My last tax return was around $530 and the cost for tax return was $183. Time to find a good tax agent
Don't forget to claim the $183 on next years tax return. My one was $184 at HR Block. You beat me by $1. :-)
Gonna spend mine on clothes and skins in PUBG Mobile.
Finally a decent answer.
Got a fairly larger than usual tax return since I finished postgraduate study last year and started a graduate job soon after. So first 5 months of the financial year I was working in retail and getting Austudy, and the last 7 months of the financial year I was earning a graduate wage and getting taxed as if that was my annual income.
I just got my refund today (my husband got his on Friday), so I used my refund to pay back two-thirds of what I owe my parents, paid off some of the car loan, and put some on the credit card I used to buy a new iPhone X off the eBay plus deal yesterday. My husband just put all of his on the car loan.Bought a switch, may buy more amd stock if it falls again.
Yeah, I saw that the switch was $315 yesterday through that Amazon Prime deal. Was snapped up pretty fast though.
I was quite fortunate, randomly refreshed about 10 minutes after the deal started and got one.
What's the government spending my tax bill on more like.
My bank interest gives me a tax bill. After selling my house I no longer have a mortgage to reduce interest on and I don't feel like investing in things I'm not knowledgeable about.
That's one very long and weird sounding chupa chup flavour