Tagged With tax return

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If you engaged in a little "creative licence" while lodging your tax return last year, it's time to start worrying: the Australian Taxation Office (ATO) is still sifting through everyone's work-related expenses for 2017 and it reckons a lot of them smell fishy. A whopping $7.9 billion was claimed by Australian taxpayers for "other work-related expenses" last year.

Consequently, Australians are now officially "on notice" to have their receipts ready for inspection.

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For many young Australians, their annual tax return is an opportunity for extra spending, while some prefer to use their returns to pay off their HECS-HELP debt. Given this is a popular use of tax refund, it is worth tackling the question: Is it better to pay off your university debt as quickly as possible or slowly chip away with the standard small compulsory repayments? The answer may surprise you.