Average tax refund revealed, and why you may receive ‘surprise’ bill
Bank depositors have had much to celebrate as rates have stayed higher for longer. But with more interest income comes more tax. Here are some strategies to ease the pain.
If you’ve been surprised by a smaller tax refund this year, your high-interest savings account may be to blame.
Thirteen cash rate increases since May 2022 mean people who have lots of money in the bank – first home buyers saving for a deposit and retirees who like a cash buffer, for example – are generating more taxable income.
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Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
