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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Were you disappointed with this year’s tax return?

By Cameron Micallef

November 06 2019
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Earn

Were you disappointed with this year’s tax return?

By Cameron Micallef
November 06 2019

With the federal government publicly spruiking its $1,080 tax rebate, many Australians were understandably expectant of a larger than usual cash windfall.

Were you disappointed with this year’s tax return?

By Cameron Micallef

November 06 2019
Share

With the federal government publicly spruiking its $1,080 tax rebate, many Australians were understandably expectant of a larger than usual cash windfall.

However, according to tax agents H&R Block, the average size of refunds this year was only a $420 increase: From $2,380 to $2,800.

H&R Block’s director of tax communications, Mark Chapman, said that the low- and middle-income tax offset gives taxpayers earning between $37,001 and $126,000 an additional tax offset of between $255 and $1,080.

But returns this year have been smaller than people expect due to Australia’s complex tax rules leaving taxpayers unsure what they can and can’t claim.

The Prime Minister’s offset announcement did result in a spike of people lodging with myTax, which was up 11 per cent on last year.

As a result, low- and middle-income earners looking to secure a tax return encountered problems, with phone calls rising by 35 per cent this year compared with 25 per cent the year before.

This left many myTax lodgers missing out on valuable tax deductions for things like work-related expenses that they were entitled to, as myTax pre-fills income information but does not pre-fill deductions, which taxpayers need to complete themselves, Mr Chapman said.

He advocated for taxpayers to use tax agents, as they are guided through all the potential deductions they can claim and are less likely to miss out on benefits.

“In short, people who lodged their own tax returns appear to have claimed the tax offset but lost some of the extra refund because they didn’t claim all the deductions they were entitled to,” Mr Chapman concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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