If you were expecting a tax refund, but find yourself with having to pay extra tax on your tax return, there could be several reasons why.
 
Chantelle Turner, Tax Manager at the Bongiorno Group, and Financial Consultant Matt Homewood, address the common misconceptions and challenges surrounding tax returns.
 
Even if you have a similar job to your colleagues, your tax situation can be very different due to factors like work hours, penalty rates, HECS/HELP debts, salary packaging, and overtime.
 
Salary packaging, in particular, often leads to unexpected tax payables due to the difference between taxable income and adjusted taxable income.
 
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.