Tax Return expectations

Going to see a habib in hopes of having a good tax return this year and not pay extra in taxes.
With July being the common month to lodge your income tax returns, what are everyone's expectations on how much you will expect to get back or pay back? But most importantly what are you going to spend it on?
For me;
- I have high expectations this year in getting something back from my taxes so I can use it for some guilty pleasures.
- After receiving a short video from the brother at five star of Fay and Kim and for those who have not seen, these girls are stunners. Would not mind spending money on these guilty pleasures for a double trouble.
But reality it might just be either Fay or Kim and not both as it might be a better financial options.

Anyways so what's everyone's expectations of their tax returns and how would you use it? Or for those brothers who have their tax returns what are you going to spend it on / what and who have you spent it on already?

Mine's already "spent" on upcoming household bills. Nothing will be left over for fun.

Im planning on buying back my old car at a massive loss :( so most of it will go there.

Is this punting forum or tax forum?? lol
You can dodge your tax return as much as you can with habib. When ATO come back with the audit, you're going to return that money back plus interest. So good luck 😎.

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Originally Posted by inmydream

Is this punting forum or tax forum?? lol
You can dodge your tax return as much as you can with habib. When ATO come back with the audit, you're going to return that money back plus interest. So good luck 😎.

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Mr Positivity right here.

Not necessarily dodging taxes as we all know there is a price to pay for tax avoidance. What I'm suggesting is visiting a qualified tax professional who also tends to be a habib to make the right claims that I might have missed if I was do my taxes.
All I'm suggesting on this thread is that we all work hard for financial year and what would you do with the tax returns if there is any to reward yourself.
Just keeping it simple, short and sweet.

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Originally Posted by inmydream

Is this punting forum or tax forum?? lol
You can dodge your tax return as much as you can with habib. When ATO come back with the audit, you're going to return that money back plus interest. So good luck 😎.

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Originally Posted by apepork

Not necessarily dodging taxes as we all know there is a price to pay for tax avoidance. What I'm suggesting is visiting a qualified tax professional who also tends to be a habib to make the right claims that I might have missed if I was do my taxes.
All I'm suggesting on this thread is that we all work hard for financial year and what would you do with the tax returns if there is any to reward yourself.
Just keeping it simple, short and sweet.

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Very rarely would someone have a big tax refund these days I mean like over $1,000!

Unless you didn't work the whole of last financial year so you could be benefited from the tax free threadhold or you have purchased a home computer and claiming business usage or you donated a lot of money to registered charity or you are self employed and have a lot of worked related deductions - but then again, unless you are already paying tax in PAYG, there would be no refund .

I think for an average wages earner, you would be lucky to get enough money back to take your family out for a nice dinner. If you choose to have a punt instead well then, have fun.

Cheers

I understand everyones financial circumstances are different to others.
Each to their own. We all know punting ain't cheap.
Taking the family out is a given. But you also got to give yourself that extra bonus like the icing on the cake.
Might need to adjust my moral compass in what I should spend it on, but then I realised this is a punting forum.
Anyways I'm glad there are real people giving real advices here.
From what you are saying ahlungor, Perhaps I'm being overly optimistic here.

Do WLs and MLs lodge tax returns? I bet the majority don't :shout:

I wish I got a tax refund. I haven't got a tax refund since I just started work. Now it's always a big tax bill :cry:

The medicare levy fucks everyone over for getting a big return back nowdays.

Still got about 3k back though. But it's money I would have put in a savings account anyway..

Most Leveraged share portfolios deliver great tax returns. Deductible interest plus 30% tax prepaid on many dividends and 50% tax off-set for older capital gains and negative capital gain offsets - all combine so that I typically receive around $ 10-15k each year at tax time.

Obviously you are the tax man birch. I think they talk about the normal tax return without investment property, franking dividend benefits etc. Of course that will potentially bump up your tax return up to 10k depending your tax bracket.

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Originally Posted by birch

Most Leveraged share portfolios deliver great tax returns. Deductible interest plus 30% tax prepaid on many dividends and 50% tax off-set for older capital gains and negative capital gain offsets - all combine so that I typically receive around $ 10-15k each year at tax time.

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Wow, just think about the amount of cum shots that would bought you !!

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Originally Posted by GT101

I wish I got a tax refund. I haven't got a tax refund since I just started work. Now it's always a big tax bill :cry:

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If you just started work (before July) you should get all your tax back because you wouldn't have reached the threshold, unless your paying off previous tax bills.

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Originally Posted by Soccerfan

If you just started work (before July) you should get all your tax back because you wouldn't have reached the threshold, unless your paying off previous tax bills.

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I've been working for a number of years now. What I meant was I have not received a tax refund for many years. The only refund Ive ever received was when I just started working.

Best answer I have heard. Obviously knows his financial situation and how taxes work.
Not about being dodgy but about knowing what you can claim and how to minimise your taxes. So for those who are only salary income it would be straight foward and minimal return. ..
Those who have shares, investment peoperties or self employed that's where it gets interesting.
Just gotta love the benefits of negative gearing especially when depreciation expenses is involved. And also having to prepay you taxes every quarterly means there is no nasty surprise for eofy and might get something back.
If only someone had taught me this when I first started I would of saved myself thousands imagine the amount of happy endings that would be.
Anyways got a good amount back but reality beats expectations and some of the brothers here have put some senses into me so I'll just low key and put money in the savings.

Quote:

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Originally Posted by birch

Most Leveraged share portfolios deliver great tax returns. Deductible interest plus 30% tax prepaid on many dividends and 50% tax off-set for older capital gains and negative capital gain offsets - all combine so that I typically receive around $ 10-15k each year at tax time.

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Originally Posted by apepork

Best answer I have heard. Obviously knows his financial situation and how taxes work.
Not about being dodgy but about knowing what you can claim and how to minimise your taxes. So for those who are only salary income it would be straight foward and minimal return. ..
Those who have shares, investment peoperties or self employed that's where it gets interesting.
Just gotta love the benefits of negative gearing especially when depreciation expenses is involved. And also having to prepay you taxes every quarterly means there is no nasty surprise for eofy and might get something back.
If only someone had taught me this when I first started I would of saved myself thousands imagine the amount of happy endings that would be.
Anyways got a good amount back but reality beats expectations and some of the brothers here have put some senses into me so I'll just low key and put money in the savings.

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Cheers,

I should add that anything above around $10k in savings can be enough to generate a steady tax- efficient income stream via shares. This isn't rocket science. The tax rules are all very publicly presented and many journos have written simple explanations. The only trick is choosing which shares and unless you demand a profit every year, this actually isn't as difficult as it first seems.