Why my 2023 Australian TAX REFUND Was Higher than Normal!

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I can't wait until after 30 June 2023 so I can lodge my 2023 tax return and get my long-awaited tax refund from another year like no other. Why am I expecting a larger than usual refund this year?
In this video I am going to share why I think most Australians should be planning to get their tax return lodged as soon as possible.
The main reason why I think many Australians could be owed a tax refund in 2023 is because there have been so many changes again and you may not know how this impacts you. I am going to share two way I am planning on reducing how much tax I need to pay in 2023.
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💰 My Excel Template that I use to track my taxes can be found on my online store here: moneywithdan.etsy.com
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ATO LINKS
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au/general/covid-...
🔗 Carry forward unused concessional contributions www.ato.gov.au/individuals/su...
🔗 Claiming deductions for personal super contributions www.ato.gov.au/individuals/su...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
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#Taxrefund #taxtips #taxreturnaustralia

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Опубликовано:

30 май 2023

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Комментарии : 47

@TheHingshing Год назад

how many people have watched this video now then realised they didnt keep track of their time working from home

@MoneywithDan Год назад

Hopefully not many. If you do find yourself in that position, I would suggest looking back at your work calendar. In the worst case you can estimate by taking 8 hours per number of days you are required to work from home under your normal work arrangement or routine. This approach may miss some overtime or extra days working from home, but it would be easy to prove to the ATO in the event of an audit.

@southcoastdreams75 Год назад

Great summary. I can’t wait to lodge my tax return too!

@MoneywithDan Год назад

Thanks so much for watching 😁

@Sahkee2001 Год назад

Bringing expenses forward is a great way of increasing a tax rebate. It is LMITO that has been taken out. LITO still remains: incorrect acronym in the bracket.

@MoneywithDan Год назад

Thanks for watching! Yes thanks for pointing out that typo.

@rampage241 Год назад

Thank you!!

@MoneywithDan Год назад

Thanks for watching!

@AddmanArt Год назад

HI Dan, have the rules changed this for year I regards to claiming the tax paid on a financial hardship payment from my super?

@MoneywithDan Год назад

Thanks for watching. I recommend speaking with a financial councillor about the hardship payment treatment as it is can get tricky.

@JPLowe Год назад

Exciting stuff Daniel.

@MoneywithDan Год назад

thanks for watching!

@JPLowe Год назад

@@MoneywithDan Thanks for the help :)

@anwarjabar Год назад

I still don’t get the utility bit so do we calculate gas,eletric internet all at the same time? So 0.67 X 8 hours per day till we get to the whole year

@MoneywithDan Год назад

Thanks for watching. If you use fixed rate method then the 67 cents cover running costs like utilities and internet but not cost of equipment or furniture. I cover this in more detail in this video here Higher WORK FROM HOME deduction in your 2023 Australian Tax Return ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-xWtv0-9DLIE.html

@chiragkalra888 Год назад

Hey mate, I pay for a private company insurance - NIB as I’m not a permanent resident. I used the calculator and it said i’m entitled to claim 24% so can i claim? how? i pay 266 dollars every month for myself and my wife. thanks

@MoneywithDan Год назад

Thanks for watching. Just to be clear the 24% rebate is not a tax deduction and is usually treated as a reduction in your premium unless it wasn’t applied. So you may already received the benefit. If you wait to lodge your tax return on MyGov towards end of July then the ATO prefill will automatically populate your private health insurance details for you in the right sections ensuring you pay the right amount of tax and will refund you any overpayments of insurance if required.

@dfpca2007 Год назад

Nice one 😊

@MoneywithDan Год назад

Thanks a lot

@theredknight4778 Год назад

Could I claim travelling to and from work by doing cents per kilometre and not need to have a record of kms travelled. Is there a way for them to audit us on this or can we get away with an appropriate amount of km travelled without needing proof to show

@MoneywithDan Год назад

Thanks for watching. In very limited circumstance you may claim travel between home and work, such as carrying heavily or bulky tools of trade used in employment of that job, but generally no you can’t claim them. The ATO uses sophisticated electronic data match techniques for your claims and will compare to similar people like you or against your claim history and can spot most anomalies reliably and then ask for you to prove your claim. It can take a year or more to do this and your wrong there are tough penalties and fines. Approach this very cautiously.

@reincarnate3440 Год назад

It does not cover the fuel cost that private vehicle used for commute is it?

@MoneywithDan Год назад

Hi. Thanks for watching. Yes the cents per kilometre includes and average fuel and all other vehicle costs. If you spend more then the Actual method is available but it is more complex to claim and most people don’t have all the documents to claim it (e.g receipts and log book).

@AJISH20 Год назад

Why is my return status changed from processing to balancing account back to processing again any idea ??

@MoneywithDan Год назад

It could be a number of things. The ATO does a number of data matching activities and could be checking a few things. They will let you know soon if there are any issues.

@optimalfox99 Год назад

How to link my gov to ato as its my first year in Australia

@MoneywithDan Год назад

Did you watch my video on how to link to the ATO?

@kattyhernadez7892 Год назад

Did you try doing the cash hack platform yet I did cash hack just a couple of days ago and I got paid $20,000 in just a few hours

@markopolca Год назад

Hi mate. Can I donate 20000$ and if so how much could I get tax refund if 180k aud year salary and donated 20k aud this year before 30June? Cheers.

@MoneywithDan Год назад

Hi Marko. Normally there are no limits to donations for charities. There are for limits for donations political organisations that you need to check the organisation for. Also deductible donations can only be made to organisations listed as ATO Deductible Gift Recipients which you can check with the organisation if not sure… this is key or else there are no tax deduction at all. Oh and pay before 30 Jun. Best to check with your accountant with such a large amount.

@MoneywithDan Год назад

Here is a link to all the guidelines from the ATO www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/gifts-and-donations/#:~:text=You%20must%20have%20made%20the,more%20before%20making%20the%20donation.

@MoneywithDan Год назад

Tax deduction amount would be 39% of 20k which is your marginal tax rate less any other tax that you owe.

@sarcasmo57 Год назад

I hope they cut those stage 3 cuts.

@MoneywithDan Год назад

Thanks for watching!

@rjsingh5744 Год назад

Can refund income tax or not

@MoneywithDan Год назад

Sorry not sure what you mean?

@rjsingh5744 Год назад

@@MoneywithDan the tax which is deduct from our sallery can i take it back so there is any process to claim that tax

@MoneywithDan Год назад

@@rjsingh5744 you may get some of it back after you lodge a tax return. It depends how much tax was deducted, how much tax deductions you claim and how much you earned.

@arlencarroll1964 Год назад

gee that must be nice for you ..most of us are getting screwed this refund

@MoneywithDan Год назад

Thanks for watching. I’m sorry that is the case and the tips didn’t identify a refund for you. It’s not a great year for many. best wishes

@Dallas-Nyberg 9 месяцев назад

My partner just found out she now owes the tax office $3000.... We are both battlers.... I am on an invalid pension and she not only works - she is also my carer. $3000 is a bill for us.

@MoneywithDan 9 месяцев назад

That is terrible! Are you sure it is correct? Where did the taxable income come from?

@Dallas-Nyberg 9 месяцев назад

Ok... as best as I can figure out..... My partner left her job after 12 years.... She received her payout from the company... The tax threshold was in place then.. Now that the Taxation dept has dropped the threshold, they calculated that my partner now owes them, $3000.