I lodged my Tax Return yesterday

[Bretrick]

Receiving a tidy sum of $9704 in about 10 days time.

 

[jimintoronto]

Receiving a tidy sum of $9704 in about 10 days time.

So what you are really saying is......You over paid during the year, and now you are getting some of it back ? Or what ?

 

[Bretrick]

So what you are really saying is......You over paid during the year, and now you are getting some of it back ? Or what ?

I paid the requisite amount but offset it with personal superannuation contributions.

 

[PeppermintPatty]

So what you are really saying is......You over paid during the year, and now you are getting some of it back ?

Yes. That’s what he’s saying.

 

[jujube]

"Intaxication"......the euphoria felt when receiving a tax refund check until you realize that it was YOUR money in the first place....

 

[Brookswood]

I over pay my estimated tax payments so I can invest an extra five thousand into Ibonds.

 

[OneEyedDiva]

When you owe the government money, they penalize you be taking interest onto the tax bill until it's paid off. But when they owe you money, they don't pay you interest on what they've held onto over that year. I'd rather owe them and pay it at tax time than have them owe me.

 

[jimintoronto]

I over pay my estimated tax payments so I can invest an extra five thousand into Ibonds.

And of course that "investment interest " is taxable, right ? JimB.

 

[Brookswood]

And of course that "investment interest " is taxable, right ? JimB.

The interest on the Ibonds is taxable when the bond is sold. Using the EFTPS system I can pay an estimated tax at the last minute so the money the money does not become a long-term interest free loan to the government.