Refund or no Tax Refund, is often the question!


Thanks for completing the tax return David, I was hoping for a bigger tax refund but it’s better than having to pay.

With refunds, to a large extent the writing is on the wall by the time we get to this point but, with the various employers you have it is important to make sure they are taking out the right tax.

With pretty much every dollar you earn over $37,000 you should be paying at least 34.5% tax, (including Medicare Levy).

So for the likes of your second job where income was about $1,000 and tax only $50, means it is chewing up $1,000 X 34.5% = $345 – $50 (paid) = $295 of any refund.

If you direct them to tax the second job, with no “tax-free threshold”, they should tax you more during the year but you’ll get more refund, it’s your choice.

In summary, you can only ever get tax back as a refund if you have paid too much!!!

Cheers, and if you know of a family member or friend we can assist, please don’t hesitate to share with them.

Dave Dyson

This blog contains purely factual information and/or general advice and does not constitute personal financial product advice. The content of this email does not take into account your personal objectives, financial situation or needs and you must determine whether it is appropriate to your situation. We recommend you obtain financial, legal and taxation advice before making any financial or investment decision.

This blog and any attachments are confidential and may contain copyright material of third parties. If you are not the intended recipient of this email you should not use or disclose any attachments and should destroy all copies of them. We do not guarantee the integrity of any comments made. The views or opinions expressed are the author’s own and do not reflect the views or opinions of any other person or entity.


Leave a Reply

Your email address will not be published. Required fields are marked *