this post was submitted on 30 Jun 2024
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Getting a lot back means you have overpaid during the year for some reason, if you only get a small return it means that you have had the use of that money earlier instead of giving the govt. an interest free loan.
I should be getting a decent return this year because I paid a fair bit extra into Super, plus a bit for the rebate on health insurance premiums. Unfortunately I have some money invested in EFTs and it always takes a few months for them to put together the final statements so I can't put in my return and get the money back until that is done. I'm looking forward to the time after I retire and I can have all my investments in a nice simple tax free super fund and not have to worry about all this tax return nonsense.
Used to get a decent chunk back when they had the LMITO... last year's tax return had me deadset depressed :(
This year I am claiming about 2k off my taxable income, that alongside not earning for about 3 months means hopefully I will get a reasonable amount of tax back.