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Tips to speed up tax refunds

Many problems can occur when processing activity statements and tax returns which can lead to a delay in issuing refunds. However often these problems are often caused by small issues and can be easily avoided.

Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund:

-Keep personal details, such as postal address, bank details and authorised contacts, updated

-Lodge all outstanding activity statements, the ATO are unable to process the refund until they know the extent of the credit

-Keep the statement clean. This involves not writing notes outside the space provided, do not use symbols and do not double up by lodging both online and in person

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Transition to retirement

November 25, 2020

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.