Taxes

I finally received my tax return statement from the ATO (Australian Taxation Office). After nearly lodging a claim for everything I could possibly claim for (without being audited by the ATO). I managed to claim some of my tax back. It isn’t a lot. But it is better than nothing.

During one of the previous year tax returns, I actually had to pay the ATO money due to my HECS debt.

I have a cookie tin where I keep every single receipt that might be able to be used in my tax return claim. And when it is time to submit my tax return, I just take my cookie tin and give my Tax Accountant a visit.

Australia has some of the highest income tax rates in the world. With the highest marginal tax rate at about 47%.

As I slowly read through my statement, I realised I would probably be in HECS debt until the end of my working life. Depressing.

I also realised I had paid a 5 digit dollar figure in tax for this financial year to the ATO.

I wanted to cry.

The ATO just took away the steering wheel, front leather seats, a set of 17” alloy wheels and possibly the 10 stack CD changer to my future new car.