Is three grand coming your way?

This week I spoke to the ATO.

Rarely is that an interesting conversation … however, this time, I asked them the one thing that people really care about: how much does the average Aussie get back at tax time?

“We don’t have that figure”, said the ATO.

“Well you better get it, then!”

Two hours later, they sent the response:

“As at the end of 17 June 2021, the ATO has issued more than 10.83 million individual 2019-20 refunds, totalling more than $30.53 billion with an average refund of $2,820.”

Fair enough. Of course, yours will be different.

The ATO also added who they were shaking down (my words) this year: anyone claiming work-related expenses, rental deductions and income, or capital gains from cryptocurrency (or losses, depending on when you bought Dogecoin).

Oh, and YOU. They’re targeting you.

You see, the ATO’s supercomputer collects 650 million separate transactions — cross-referencing bank accounts, share certificates, Centrelink payments and more.

Yet in certain circumstances they also employ a strategy used by jealous exes the world over: they get on Facebook and Instagram and see what you’ve been spending your money on. (They won’t confirm it … but they don’t deny it.)

Maybe that’s why 74% of Aussies use a tax agent or accountant — which typically costs $400, according to the ATO.

Now if you’re a business owner, an accountant can be invaluable. Same if you have complicated tax structures like family trusts. Yet if you’re an average wage earner, it might be time to kick H&R down the block.

Seriously, if you’re a wage earner with a simple set of affairs (i.e. most people), you should get a new accountant. In fact, I have the perfect guy. He’s reliable. He won’t get you in trouble. He’ll come to you. And best of all, he’s free.

It’s called ‘myTax’ — the ATOs supercomputer’s brother from another mother. With myTax you can do your return on your phone in around five minutes, because the system pre-fills your information. So all you need to do is double-check the info, enter any deductions, and hit ‘submit’.

Ah yes, but what about those deductions?

Well, the ATO now has an app for that too … it’s called, well, the ATO app. And it’s actually pretty good.

(And if you’re one of the millions of Aussies who’s worked at home this year, here’s a shortcut for claiming work-related deductions: You can skip all the complex calculations … and just multiply the hours you worked at home by 80 cents per hour. The ATO app can walk you through it.)

Best of all, you’ll get your refund … whatever it is … pretty quick too, within 14 days after you lodge.

Tread Your Own Path!