3 things to do with your $3,000 tax return
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What should you consider when planning how to use your tax return?
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives, so don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes. Kate, welcome to this episode of the Australian Finance Podcast. How are you?
It is good to be back for a wonderful episode on what to do with your tax return.
Yes, we've got three things you can do with your tax return. Is it finance or finance podcast?
finance for me, but we do like ants.
We do indeed. So today we're talking three things you can do with your tax return.
If you get one.
If you get one.
Fingers crossed for you.
I'm going to be paying tax this year. I know that for sure.
Yeah. How about you? Definitely paying tax this year. I don't think it's a bad thing if you don't get a tax return because it means you paid the right amount of tax. Like it's never going to be perfect. I don't think anyone, does anyone, if you have ever got a $0 tax return, and you haven't had to pay any money and you haven't had any money given back to you, let us know because I've never heard of that happening. There's always a few dollars at minimum.
Well, you're going to claim at least something, right? Yeah. Unless you have like zero dollars income and you paid zero tax. Yeah. If you're in that camp... Don't let us know about that.
But if you've done deductions, you've had a job, you've had various things going on and you've submitted your tax return, it's come out perfectly. Let us know.
You are the lucky winner of a free course on RASC education. I don't know, we're giving away something right now.
No, but it just means you have paid the right amount of tax throughout the year. So it's not a bad thing that you didn't get a tax refund. But if you have sold some shares throughout the year, like both of us have, you might have to pay capital gains tax.
Or losses if you're down this year.
Yeah, yeah. But I'm just talking about how we've ended up with tax bills.
Okay. So, yeah, if you do sell your shares at a gain, you don't typically withhold your own tax, right? So, a lot of people will have capital gains tax bill. If you sell your ETFs at a profit, you might also have capital gains tax to report.
Yeah, if you've received some dividends or distributions from your shares and ETFs.
Yeah. Conversely though, if you've sold shares at a loss, you may carry forward some losses. Or if you're employers with held tax and you've got heaps of deductions, like you're a business owner or a contractor or anything like that, you may actually come out with a tax refund.
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Chapters
4 chapters
1
What should you consider when planning how to use your tax return?
0:00–14:51
2
What is the average tax return amount people receive?
14:51–16:55
3
How can paying off debt benefit your financial situation?
16:55–18:17
4
What financial goals should you set after receiving your tax return?
18:17–20:24
Speakers
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Sounds like good money advice... But is it?