it's that time again – tax season's rolling in, and we're all wondering if we're gonna hit the jackpot or end up with a hefty bill draining what's left in our wallets.
Well, it turns out there's a slick little trick that most of us haven't got wind of yet, to suss out whether you're gonna be getting a sweet refund or if you owe money this year.
Jump onto your myIR account and scope out your income summary from last year. That's where the magic happens – your total income and deductions are the keys to unlocking the final numbers.
TikToker and all round GC @bingosandco lays it out easy as with his instructions.
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.”
Mind-blowing, innit? Why weren't we taught this type of stuff in school??
There's one more step. You gotta snag the free tax calculator via Bingo's & Co’s account – trust me, I've given it a spin and it's legit.
Chuck in your total income, total deductions, and don't forget that ACC earners’ levy, and BAM, you’re either away laughing or or facing up to debts you didn't even know were lurking.
Just like me, staring down a $9.15 bill... seriously?!
