It’s the time of year we twiddle our thumbs, wondering whether a bit of cash is headed our way OR if we might have to fork out of our already suffering bank accounts.
It’s tax season baby!
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 super 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.”
Who knew? Are we becoming tax gurus rn?!
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 legit.
Chuck in your total income, total deductions and, of course, the ACC earners’ levy and BOOM, you’re either away laughing or crying at the debts you didn’t know you had.
Just like me, staring down a $9.15 bill... seriously?!
