Tax Return Relief! $$$

Alex P Keaton

Alex P Keaton

I'll be getting a $4,200 tax return very soon! I feel a huge weight has been lifted off my shoulders! I was struggling for a few months there but now with this return I am not sinking anymore. I feel this is my 2nd chance to start over as I lost my weigh (spelt incorrectly on purpose) for a while there but now I am back on track! I have learnt a lot this past year. Some hard lessons! So glad things are working out now! I guess this is how you learn isn't it!? By making mistakes! For so long I was concentrating on losing weight thats all I focused on and forgot other important parts of my life!

How much tax return are you getting? Will it be a big relief for you? Would love to hear your stories and/or past experiences!

This is not a time for me to become complacent. I am managing my money now, living below my means again and cutting costs right down in lots of areas! I have applied for a 2nd job too which will help immensly!

I found out that my IP cost me $158 per fortnight to hold last financial year. This is something that is affordable for me however I was living above my means and thus struggled. Now that I'm back on track with my spending habits I'll easily be able to manage this amount per fortnight. It should be a little less expensive come January too because of a rental increase.

Life is good! :)
 
Well done!!

But you have managed to keep afloat without this money, so pop it in an offset account and DO NOT TOUCH IT!!!

Keep it as an absolute emergency fund only so that you won't have to go through the stresses of the last few months again.
Marg
 
marg4000 said:
Well done!!

But you have managed to keep afloat without this money, so pop it in an offset account and DO NOT TOUCH IT!!!

Keep it as an absolute emergency fund only so that you won't have to go through the stresses of the last few months again.
Marg
Click to expand...

Thanks. :)

Yep! I hear ya! :) It will be going straight into my offset. I'll be working very hard to preserve this money so that I have that safety buffer. I'll be paying for things with my salary and only touch the offset when/if I have expenses that I cant meet with my salary like for instance my $680 RCD bill.
 
same position with you Alex. just keeping head above water. will get a similar amount back ~4k. will help pay for the holiday to europe and after returning back will get stuck into some serious budget cuts and saving plans.
 
my tax man laughed at me last week when I asked one of those Doh!! questions. It was my first full year with my IP and he said a refund of $6K and I questioned the amount and said is that all. He quickly reminded me I only paid the same amount in tax from my PAYG income with all the salary sacraficing I do so I can't get back more than I pay. Made sense :>)
 
Well done Alex, how is the weight loss journey going?
How much to lose to your next milestone?

I am selling one car this month and will chuck that straight into the mortgage. Now we are both back to full time work plus we are running a company this year. Other than one trip back home with the boys to see my family I think that's the only luxury we are having this year and i'm feeling really good.
 
I have absolutely no idea what I'll get back, I never do as I have an ex, and my tax return hinges 100% on his tax return. To top it off, he's one of those forgetful disorganised people and he can do his tax VERY late some years, so tax time is not that guaranteed lodge-e-tax-wait-2-weeks thing for me like it was for all those years before he got a job. If I'm entitled to any silly rebates that aren't means tested (like that educational rebate) I get those back in 2 weeks and then wait a few months for anything else.

I haven't even sat down and worked out what the IP earnt me last financial year, let alone what it cost me. I only had it 5 months of the financial year but if last year was anything to go by, the way the ATO works out travel expenses means that the vast majority of the yield on that place gets eaten away because of what you are allowed to claim per km, whether your car actually costs that much to drive the distance or not. We have the same issue with our business as we occasionally drive to Adelaide to buy parts.

Current spare house has new or near new everything so this time next year I can see I'll be saying the same thing about depreciation, but not travel unless they let me claim wear and tear on my fuzzy slippers wandering next door.

I don't earn enough taxable income to pay tax (the tax free threshold is low but they have low income offsets to raise the effective threshold much higher) so whenever I do have a liability from being positively geared it tends to just come out of the end of year FTA reconciliation.

4 days till we get a new house, the baby is over 1 now, I really need to get a 'proper' job again but I've been putting off even looking until after we move, and tbh also waiting until I have the uncertainty of the spare house off my back. Paying two mortgages is really stretching it for us, but with the other house rented and paying its way it is a non-issue.
 
Enjoy your returns. I owe the taxman some seriously dollars from 09-10. Hurts like a *******, but I am glad I put the money aside for this day.

I had some ridiculously good, but unpredictable capital gains from the US stock market. Sold a bunch out in 2010 to reallocate assets into property and protect from a double-dip in the stock market. Turns out I took the wrong side of that bet and the tax man gets half.

Making money, but getting very,very jaded about our nanny state, high-income-tax system that unfairly punishes those that are succeeding financially. I must be honest, the high tax does temper my enthusiasm for hard work a little. HALF!

On the upside, I am making good money and it strongly motivates me to make the most of every last rule there is available in the tax system. I used to dislike people like Kerry Packer, now I understand them.
 
eggnog said:
same position with you Alex. just keeping head above water. will get a similar amount back ~4k. will help pay for the holiday to europe and after returning back will get stuck into some serious budget cuts and saving plans.
Click to expand...

You're in the same position as alex and barely getting by but going to europe for a holiday?
 
Especially if you know half your money is going to be wasted in things like:

- dole bludgers on Centrelink who are probably capable to work in mine sites which will curb some of the worker shortages there;

- $900 handouts to people;

- disastrous solar panel schemes;

- $2000 car rebates or whatever the amount was
 
evand said:
or earn less. ;)



If you are paying a lot of tax you are making good money. I never had a problem paying a lot of tax.
Click to expand...

It's not the amount I disagree with. It is the proportion and then how that proportion is spent by the people I give it to.

The resource super profits tax was a missed opportunity. Muppets that oppose it just don't get it. The money had to come from somewhere. The choices were:
1) Miners
2) Individuals

Well, the miners scared everyone with BS stories. So guess where the money ended up coming from?

Paying proportionally more tax this year than I did last year. I mean, WTF?
 
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