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Every year for like the last 5 at least I end up owing. I have student debt, but it's all declared and taken out accordingly. I have a single employer and no other income aside from a pittance in interest on bank accounts. It's not massive amounts I owe, usually less than $1k, but it still chaps my grits.

In the past It's been softened by my wife getting a decent return, but this year she owes too.

While I loath admitting I like anything about the US, when I lived there you could set your level of withholding, they had 4 levels, and I'd always max it out and get a decent return, kinda like forced savings. I'd be fine with missing a bit extra off every paycheck just to not end up owing them another $800 on top of the tens of thousands I've already paid.

I'm just pissed and tired of getting worse off every year instead of better.

End rant, I guess.

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[-] zero_gravitas@aussie.zone 2 points 4 days ago

I think you should try to look on the bright side! As @tau mentioned, if the money remains in your accounts all year, it can be earning you interest in a HISA, or reducing your mortgage interest if you keep it in an offset account. It might not be much interest, but the idea of getting one up on the ATO makes it feel more fun, anyway!

Obviously being surprised with a tax bill isn't ideal, though, so you might want to set up a separate, untouchable HISA (assuming you don't have a mortgage offset account) and have a regular automated transfer (scheduled as close after payday as will be reliable). That way you effectively have 'forced savings', with the bonus that you get interest instead of the ATO. A lot of banks have crappy HISA rates, or require you to remember to meet some account activity requirement to get a 'bonus rate', so it's worth considering finding the best one that you can set and forget.

It might sound like more hassle than it's worth to set up an account with a new bank, but I found it pretty easy to do online when it was just a savings account (i.e. not credit), and for the purpose of 'forced savings' having the account with a different bank to your usual one helps keep the account out of sight and out of mind.

Finder has a sortable list of high interest savings accounts in Australia (link is sorted by base interest rate, not the maximum/bonus rate): https://www.finder.com.au/savings-accounts/high-interest-savings-accounts?sort=AUFSA.RECORD.VARIANT.DATAPOINT_STANDARD_VARIABLE_RATE_COMPV2_L+DESCENDING

this post was submitted on 03 Aug 2026
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