I’m sure we all know that the income tax we pay is collected by the Australian Taxation Office (ATO), and is subsequently forwarded to the Australian Government to be spent!

But exactly what do they spend it on?

From 1st July, 2014 all individual taxpayers will receive a Tax Receipt issued by the Australian Government.

This Tax Receipt will be received by the taxpayer with their Notice Of Assessment, and provides details on how an individual taxpayer’s income tax is contributing towards the expenditure of the Government.

The Tax Receipt also includes details of the debt levels of the Government and interest payments on this debt.

I lodged my own personal tax return recently and received my Tax Receipt in the mail this week – I was quite impressed (just confirming that I am a nerd…)

The detail included in the Tax Receipt, right down to the dollar allocations, is a great way for taxpayers to really take ownership of their contribution toward the running of this country.

Have you received your Tax Receipt?  Any thoughts?

Regards