Dollhairs & Sense #11
Money back lodging your tax return and end of financial year!
Salut! 🕖 7:00am (or whenever you’re reading this!)
It’s always a big week, so let’s get right into it. Dollhairs & Sense (dollars & cents!) is going to look like this:
📍Brief summary of what’s happened this week
📚Point of interest for the week (if applicable)
🙋Student questions for the week (probably a question you’ve wanted to ask yourself)
1️⃣One money thing you/we/me/I can do this week
Are you ready? 👇🏻
📍Since last time, in summary
We’ve had a short week (hopefully you enjoyed the 3-day weekend!), finished a 2-part program with Year 11 & 12 at one of our schools and also organised travel to Melbourne, Perth and Brisbane for early Term 3 ✈️
The holidays are fast approaching 🎉
Our next Dollhairs & Sense #12 will be the first of the new 📅 financial year (FY25) which means there are a few things to do between now and the 30th June!
📚POI (Point of Interest)
In 10 days time (Sunday week), the current financial year ends and the new financial year begins on Monday 1st July 2024
If you have a job or have been employed anytime from 1st July 2023-30 June 2024 you will have a tax return to lodge
This weeks money checklist will be all about making sure you’re prepared for the end of financial year (ps. have you heard the EOFYS sales ads on the TV and radio?!)
🙋Questions Unlocked
🔐Q: “How can I find my super details? I think I have an account but I can’t remember”
- Year 12 Student
🔓A: If you’re still employed at your job, ask your manager if they can tell you which superfund the company uses and what your member number is (these details might be on your payslip). If not, you can login to your MyGov account > navigate to the ATO portal and at the very bottom of the ATO portal you will be able to find out:
Superfund name
Member number
With the details above, you can then make a login with your superfund on their app or website (not on MyGov) to see how much money you have and how your super money is invested.
1️⃣One money thing we can all do
If you haven’t already ➡️ check out previous Money Tasks which are all here with easy to access links!
For this week, Money Task #10: Making sure you’re EOFY (end of financial year) ready:
🔑 Ensure you have your MyGov login and the ATO is linked to your MyGov. For many of you, to link your MyGov to the ATO using your TFN (see Money Tasks) you will need to call the ATO. (Note: your phone call time will explode 💥after the 1st July because everyone tries to call 📞the ATO. Ring them before next Friday (28th June) to get it done before the new financial year rush)
👨💼Ask your boss for pay slips (if you don’t get one) to see how much you have earnt this financial year and if you have paid any tax
📆 With the ATO linked to MyGov, in the second week of July you will be able to lodge your tax return and get any money back that you are owed (how exciting!)
💲If you have earnt more than $18,200 for the financial year, ensure you include any applicable tax deductions when lodging your tax return to maximise any tax refund you are eligible for
📬Lodge any outstanding tax returns from previous financial years now so your tax is up to date and you don’t have anything outstanding!
Have a question about getting your tax return done? Or not understanding what you need to do? Let us know because if you’re asking it 🤔 there are heaps of other people thinking the same thing!