Ever questioned why you didn’t get a bigger tax refund?

Top reasons why your refund may not be as high this year (or going forward!):
  • You didn’t work this year so no tax was actually paid on your behalf
  • New employer actually withheld the right amount of tax as opposed to your former one which just withheld willy nilly OR vice versa.
  • You changed employers throughout the financial year and got paid out a significant amount of leave etc which was not taxed properly, leaving you a lump sum liability in your tax return
  • You now have a HELP (formerly HECS) bill you need to contribute to because you’re earning above $47,196 (in 2011/12 financial year)
  • You made a trading loss from your side activities or business and it isn’t eligible to be offset against other income
  • Your expenses have dramatically decreased ie you no longer have a mountain of eligible tax claims to offset your income
These are just some but not all reasons contributing to not getting as a big of a refund Do you know of others? Feel free to share below