Tax warning as Aussies hit with $7,000 ATO bills | Yahoo Australia

Social media has been filled with Aussies sharing their hefty tax bills, with one woman staring down the barrel of a $7,000 bill and another sharing she was hit with a nearly $3,000 bill.

Tax Invest Accounting director and registered tax agent Belinda Raso told Yahoo Finance more tax problems were “coming to the surface” since the $1,500 Low and Middle Income Tax Offset (LMITO) came to an end.

On top of this, she noted more Aussies are now working multiple jobs to get by, and this could also see them stuck with a tax bill.

Raso warned, “People need to work out what’s caused the tax debt this year and then fix it. If they don’t fix it, it will happen again because the stage three tax cuts aren’t going to make a difference with that at all.”

Claiming the tax-free threshold on more than one job and not declaring your HECS-HELP debt to your employer are two of the major reasons why people often have a tax debt.

Other common reasons Aussies may owe money to the ATO include receiving bank interest and having to pay the Medicare levy surcharge.

If you do get a tax bill, you’ll need to pay it by the due date on your Notice of Assessment. If you lodged your tax return yourself, this will be November 21. If you don’t pay your bill on time, the ATO will start charging you interest on your debt.

You may be able to set up a payment plan with the ATO, so you don’t have to pay it off in one big lump sum.

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[unrealarsepeel]

Well that was much bullshido. One aussie received a $7000 tax bill, and another got a $3000, and that's your title. You get a thumbs down for being a clickbaiting wally.