Archive for August, 2010


Wednesday, August 18th, 2010

One thing people who have logged on to this website would’ve quickly noticed is how heavy an emphasis there is on eliminating your debts. If you are in debt it may take anything from a couple of weeks to a number of years before you can pay it off (but I reckon if you follow the information in the website you will have any debt paid off faster than what you could ever have thought possible).

No matter how long it takes – one day or five years, and no matter how large or small the debt is, celebrate it. You don’t have to go to Disneyland once your $500 Myer card is gone, but you do need to acknowledge it and reward yourself, even if only by buying yourself an ice-cream and a movie ticket. And when the big debts are paid off, celebrate them big time.

Otherwise you risk becoming boring – too focused on the goal rather than on the achievement.

Tough but fair

Sunday, August 8th, 2010

It’s getting harder to rip off the taxman. In days gone past it wouldn’t have been too hard to ‘forget’ about a bank account or the money received as cash payments when filling in your tax return. These days the tax office has some pretty sophisticated software for matching your income and deductions with records they have on file. This is because every time you give an institution your tax file number (TFN), they pass on your details to the tax office. If you don’t give your TFN when requested you will have lots of tax withheld automatically.

So this year, when you go to do your tax, remember that big brother is watching (and I don’t mean the really crap Channel 10 program, I’m talking the fair dinkum scary George Orwell type of BB). If you want to submit your return via etax (over the internet) you will find that most things asking for your income (like your salary/wage, interest and managed funds income) will already be filled in with the details that are sitting on the pieces of paper you have in front of you.

If you try to fudge, you will receive a polite but firm ‘Please explain’. If you can’t explain, or make amends, you risk being audited. In the end, this system helps all of us. If people can’t rip the tax system off, the government receives more money, which in turn leads to lower taxes.