As more and more companies seem to be downsizing, or closing down altogether, as is the case with Toyota and General Motors, more people than ever are concerned about their own job security. The truth is that the unemployment rate is resting steady at around 6 percent, with many experts not expecting it to get better any time soon.
If you are a low-income earner, it is possible that you may have paid more money in taxes than you owed on your tax return. In addition, you may be eligible for certain tax offsets to reduce you overall tax burden.
Ready or not, tax season is here. Although, you have until 31 October 2014 to file your official tax return, now is the time to start gathering all your paperwork together. It is best to get a box or file folder to put all your paperwork in as you receive it.
The ATO’s long-standing advice on tax schemes, “if it’s too good to be true, it probably is”, has been given a makeover in line with its process of reinventing itself.