The 2024 tax season is approaching, the time when we await to see if we're getting a refund or facing a hit to our bank accounts.
Well, one Kiwi has made it easier to avoid any nasty surprises with a nifty trick to determine our financial fate this year.
By logging into your myIR account and looking at your income summary from the last tax year, you can figure out your total income and total deductions - this is the key to your calculations.
TikToker @bingosandco dives through how to access this info easily.
Once you’ve got those numbers, he explains you want to go to your ‘Summary by type’ and click ‘View breakdown’.
“We wanna get the amount of the total ACC earners’ levy,” he says. “The reason we want to grab that is because those payments don’t go towards income tax, so we need to take that off the total deductions.”
The trick here is having to download, the free tax calculator via Bingo's & Co’s account - don’t worry I’ve done it and it's the real deal.
Punch in your total income, total deductions and, of course, the ACC earners’ levy and you’re either away laughing or facing the debts you didn’t know you had.
Just like me, staring down a $9.15 bill.
