It’s the time of year we scratch our heads, 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 peeps!
Well, it turns out there’s a quick way - that loads of us have no clue 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 easy as.
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.”
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 actually 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?!
