It’s Frivolous Friday!

A number of years ago I came across a “funny” in an accounting magazine (I think that’s the definition of an oxymoron…but I digress!!)…

Intaxication: The euphoria at getting a tax refund, which lasts until you realise it was your money to start with.

I’ve met with a few people recently who are suffering from “intaxication”…at this point I notice that my spell check wants to change “intaxication” to “intoxication”…I know a few people who’ve suffered from that recently too (again…I digress!)!

A reminder to everyone that the tax system in Australia, from an employee’s perspective, is designed so that the correct amount of tax is withheld from your wages and no amount should be payable (or refundable) upon lodgement of your income tax return (of course this depends on your personal circumstances).

Those of us who have expenses related to our employment which are allowable deductions, will save an amount equivalent to our marginal tax rate for every dollar we spend – for most people this is likely to result in a refund at tax time and the onset of the above mentioned “Intaxication”…

Enjoy it while it lasts!

Regards