Money in the pocket.
Money in the pocket.

Everything you need to know about tax time

With the Federal Government's much-celebrated tax cuts, it's no wonder Aussies have rushed to lodge their tax returns.

But even among all the excitement, tax time can still be daunting. So we've rounded up all the best information to help you navigate the process.

From calculating how much extra cash you'll get back, to how to invest your refund, here's everything you need to know about tax time:

 

CALCULATE HOW MUCH EXTRA CASH YOU'LL GET BACK

Earlier this month, the Federal Government passed its three-stage tax plan, with stage one giving immediate tax relief to Aussie workers.

It meant low and middle-income workers could expect up to $1080 extra in their wallets.

Australians will receive the tax offsets in their next three tax returns they file for the 2018/19, 2019/20 and 2020/21 financial years, and further benefit will be felt through income tax cuts during the year.

You can find out more and calculate how much the cuts will benefit you here.

 

WHY YOU SHOULD WAIT A FEW WEEKS BEFORE LODGING

Just over one million Aussies had lodged their returns by July 14.

But the Australian Taxation Office warned that workers should hold up on racing to their accountant.

It said in previous years early birds who lodge in the first weeks of July are "far more likely to make mistakes or submit incomplete data."

In turn, this could affect the amount of cash they get back.

Find out why holding off doing your tax return could benefit your hip-pocket here.

 

HOW TO MAKE FAST CASH AND SAVE YOUR TAX REFUND

How does turning your tax refund into $70,000 sound?

It's easier than you think.

While many may be tempted to just splurge on the luxury item they haven't previously been able to afford, here's how saving either $20, $50 or $100 a week from your forthcoming tax refund can prove lucrative.

Take a look at how you can grow your nest egg here.

 

DIY TAX RETURNS ARE EASIER THAN EVER BEFORE

You don't need to fork out hundreds of dollars to see a tax agent to lodge your return.

In fact, thanks to a wealth of changes, it's easier than ever before to get your tax cash back on you own.

News Corp finance reporter Sophie Elsworth reveals why she ditched her accountant and decided to go it alone, and how you can too.

 

HOW TO MULTIPLY YOUR TAX RETURN

A tax refund boost of up to $1080 this year has the potential to multiply the wealth of millions of Australians.

Whether it's through shares, property or other assets, maximising tax time is one of the keys to getting richer, according to investment advisers.

The average tax refund of around $2500 will be boosted by hundreds more dollars in government tax cuts going to more than 10 million individuals after they file their tax returns.

Finance experts reveal how a smart investment strategy could turn $2000-$5000 into $20,000 in just a few years.

They also reveal what investors must do during tax time, and the deductions they shouldn't forget.

Find out more here.

 

AUSSIE FAMILIES FACE TAX SHOCK

Hundreds of thousands of Australian families could be hit with a surprise tax bill as the government begins reviewing their income.

The Department of Human Services is set to check families' actual incomes against the estimated income they entered into the myGov website in July 2018.

Childcare providers believe that about a third of the 1.1 million families receiving the childcare subsidy will be hit with tax charges from July 29.

Read on and see if you could be affected.

 

AND DON'T FORGET ...

Tax returns for individuals need to be filed by 31 October. You can lodge your return via MyTax, which can be accessed at ato.gov.au.


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