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A Few Benefits of Paying Taxes

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There’s no doubt about the uneasy feeling you experience when it comes to paying taxes. Tax payers either don’t bother to learn about taxes or are not aware of the benefits they get in return. You may be shocked with the decision of paying taxes but you won’t regret when you read these benefits of paying.

  1. Goes to the Massive Infrastructure’s – The infrastructure of gas, water and electricity is massive where the government alone cannot take care of the expenses. A lot of money needs to be spent for maintenance of such infrastructures. This is why we spend money for paying gas, water and electricity as bills helping the government.
  2. Goes as Salaries – Paying taxes means it goes in the form of salaries to the brave people risking their lives in order to keep us safe. From fire fighters to police department to army officers, they deserve to get salaries via our taxes.
  3. Goes to the Government – A country runs and functions in the right manner as well as the government do their job. The government receive our taxes in terms of funds in order to avoid major problems like recession, inflation, etc.
  4. Goes to the Poor – You may have all the basic needs comprising of a house, car, food. However, not everyone is lucky and blessed to have them since poor and unfortunate people often struggle to meet with these basic needs. On paying your taxes, the poor receives help in the form of getting access to medicines, clothes, food etc.

Ensure you receive these benefits by getting your taxes solved on hiring a professional tax accountant in toongabbie region.


Instant Tax Refund Should you Take it or Avoid it?

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To start with, let’s clear out that there’s no such thing as an instant refund. But there’s a lot of hype around that topic. If you have recently seen a promotion stating instant refund and are inclined to get the same, you need to read this first.

Understanding the Refund System

When you prepare a tax return, you gather all your financial details and put them in one file. This then goes to the ATO where all the details are checked, and upon verification, the applicable refund is issued. Now, the refund will reach you through your bank account. If you consider the timelines, you can well imagine that the ATO won’t be able to verify your tax return and issue a refund immediately. Even if there’s a quick verification, the transfer process might take time.

So, What’s that Instant Refund?

It is a type of loan tax agents gives you in the name of an instant refund. Consider the case where you are eligible for a $1000 refund. Now, the tax agent will see this calculation and offer you an instant refund of $900. The $100 difference will be used either as the agent fees or the loan interest. And the tax agent will receive the full refund from the ATO directly.

How Much Does It Take to Get the Refund?

Tax refunds usually take 5-14 days to reflect into your account, starting the date of your tax return submission. But if you need instant money, you can borrow from a friend and return it after getting the refund.

And to avoid that instant trap, you should only work with a professional Toongabbie accountant.