It's that time of the year again when we're all sitting 'round wondering if we'll get a bit of coin back or end up coughing up more from our already struggling bank accounts.
It’s tax season, mate.
Well, it turns out there’s a quick way - that many of us are clueless about - to figure out if you’re getting a sweet refund or if you owe money this year.
By logging into your myIR account and looking at your income summary from the last tax year, you can figure out your total income and total deductions - this is the key to your calculations.
TikToker @bingosandco dives through how to access this info bloody easy.
Once you’ve got those numbers, he explains you want to go to your ‘Summary by type’ and click ‘View breakdown’.
“We wanna get the amount of the total ACC earners’ levy,” he says. “The reason we want to grab that is because those payments don’t go towards income tax, so we need to take that off the total deductions.”
Sounds pretty simple so far, eh?
The trick here is having to download, the free tax calculator via Bingo's & Co’s account - don’t worry I’ve done it and it's all legit.
Chuck in your total income, total deductions and, of course, the ACC earners’ levy and bam, you’re either away laughing or staring down debts you didn't even know existed.
Just like me, staring at a $9.15 bill...
