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.

Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.

One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.

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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.