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Why You Might Owe the ATO This Year! And How to Avoid It in the Future
Start Here: Why You Might Owe the ATO This Year & How to Avoid It in the Future
If you were expecting a juicy tax refund this year but instead got hit with a bill from the ATO you’re not alone. Thousands of Aussies, particularly younger generations like Gen Z, are finding themselves owing money at tax time. And for some, it’s not just a few hundred dollars, but thousands.
In this episode of SugarMamma’s Fireplay, I break down exactly why this is happening, how to manage a tax debt if you’ve been caught out, and most importantly, the practical steps you can take to make sure this doesn’t happen again.
We’ll cover:
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The most common reasons you might suddenly owe the ATO, from HECS/HELP debt indexation to multiple jobs, side hustles, or even forgetting to update your tax-free threshold.
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Why talking openly about tax bills is important for building financial literacy and resilience.
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What to do if you have a tax bill from calling the ATO and arranging a payment plan, to finding missed deductions.
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How to stop this from happening again including setting up a separate tax account, opting into PAYG instalments, and knowing what income is taxable.
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Why being proactive with tax planning is one of the easiest ways to protect your financial future.
✨ The big takeaway? You haven’t failed, you’re not alone, and there’s always a way forward. A tax bill can actually be a turning point, helping you understand your cashflow, improve your systems, and build confidence in managing money.
HOW YOU CAN WORK WITH ME (& I CAN HELP YOU): (includes one-on-one appointment with me...)
If you need help with your budget or are sick of living paycheque to paycheque, you can enrol into The SugarMamma Budget & Cashflow Academy course, which includes a one on one appointment with me so that I can help you. Enrol here: https://courses.sugarmamma.tv/Signup
Also, if you want me as your Money Mindset & Manifestation coach, which includes ongoing access to my general help through motivation, clarity and support you can join below and put some game changing changes in your life!:
https://courses.sugarmamma.tv/join
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ADDITIONAL GENERAL ADVICE WARNING:
Whilst we discuss various financial topics, this podcast is not advice in anyway, but purely for educational purposes only. Nothing in this podcast is personal advice, investment advice or product advice. With any major financial decision, you must always do your own research, consider all the pros and cons, fees, caps, limits, costs, taxes etc. Always proactively educate yourself before making any major financial decision, consider your own financial goals, deadlines and risk profile. So please bear all of this in mind when listening to this p
Published on 3 months, 3 weeks ago