I'll never forget, years ago in my 20s, asking a friend where she bought her awesome jeans.
"These are my tax return jeans!" was her response.
A tax refund can seem like free money. But it's not - it is your own hard-earned cash. It's money you weren't relying on to live
day-to-day. Now is your chance to turn those tables and make that money work hard for you!
A few key points to remember:
Here's a few ideas on how to make the most of tax time.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
