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Rant - So Flipping Sick of Owing Tax (aussie.zone)
submitted 1 month ago by to c/ausfinance@aussie.zone
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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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[–] 1 point 4 weeks ago* (last edited 4 weeks ago)

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

wtf, why ? save an extra $50 a week as "forced savings", earn the tiny extra income from the IR and have some there to pay any tax bill, or roll over for next year. Next year do the same but you'll have a buffer and use that extra to buy 50/50 VAS.AX and VAG.AX after you get your tax bill so you know how much you have left, then repeat.

you can also get your employer to take extra tax out (say $50 a week) but why you'd want that makes little sense

owing tax is a win, you getting to keep and use it before paying it to the ATO.

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