Tax time – I love it

In Australia our financial year runs from July 1 to June 30, so this is the time we start pulling all our paperwork out to submit our returns. I love tax time, probably because my tax is uncomplicated and I have almost always received a return.  By the way, we don’t pay state taxes _ well, only in a `user pays’ kind of way (eg speeding tickets and nature park levies) _ so there’s only the one set of federal taxes to worry about filing here.

Guess what? This will be the first year my return will go on actual savings! I have absolutely no consumer item in mind for the cash I’m due to get back. To give you some back story on this, ALL of my returns that I can ever remember receiving have gone on part-payments to a credit card or towards buying a consumer item. Yup, all of them. Often it would be both in one, ie a consumer item I’d charged to a credit card in readiness for my tax refund (to pay back when it arrived). Talk about stupid …

Anyway, I just did my taxes and lodged the return online, and the estimate for my return was a total of $1358.65! Hallelujah! (*I’m happy dancing right now …*)

Since our first goal as a debt-free family is to get our emergency fund up to $5000 by the end of the year, it looks like we are well on our way to meeting the challenge!

I should get the funds from the tax return in my account within 14 days. Added to that, we have about $350-$400 STILL owed by the university for the tutoring I did AND I should be able to put at least $300 away from our salary within 14 days (I did take the night off last Friday so I’m not getting as much in my pay packet as usual).

All of this means we could have a $2000 emergency fund on the go within weeks!

It feels like everything is starting to work out …

I am a happy woman!

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1 Comment »

  1. I love tax time too

    But this year I don’t think I’ll get much back

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