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
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