Getting the most out of tax time
Take the stress and confusion out of tax time with our tips and tools for tax season. We’ve also got some exciting news about Beforepay inside – keep reading to find out!
In this edition of The Beforepay Beat:
- Tax Refund Advance: Unlock early access to your tax refund ✅
- Beforepay wins Ethical Lender of the Year Award! 🎉
- A beard tax? Some of the strangest items to be taxed in history! 🤔
- 7 tips to get the most out of your tax return 🔍
Get a portion of your tax refund early!
Did you know your tax return could take as long as 10 weeks (50 business days) to process, according to the ATO? For most people it’s within 2 weeks (14 days) of filing.
While you might wait for the ATO, your bills and unexpected expenses won’t wait for your tax refund. That’s why we’ve partnered with H&R Block to offer the Tax Refund Advance - a quick and easy way to access your tax refund in minutes, not weeks!
Tax Refund Advance lets you Cash Out up to 50% of your estimated tax refund, up to a maximum of $1000 (subject to eligibility), for a 5% fixed fee.
Find out how you could unlock your Tax Refund Advance!
We're proud to share that Beforepay has been named 2023 Ethical Lender of the Year in the Pan Finance Awards!
With these awards, we join global industry leaders across various financial categories who’ve been recognised for their innovation and best practices.
We’re excited to share this news because an achievement as big as this wouldn’t be possible without you. As a part of our Beforepay community, you’re helping us drive our mission to support working Australians with ethical financial products that are safe and affordable.
Thank you for being on this journey with us. We can’t wait to see what’s next!
Find out more about the awards and award winners.
Men with beards had to pay tax for having beards!
The beard tax was first introduced in 1535 by King Henry VIII of England and later rolled out by Peter the Great in 1698 Russia in an effort to incentivise shaving and bring Russia in line with Western European standards.
The amount someone paid for the beard tax was dependent on their status – the wealthier you were, the more you paid – and those who chose to don their beards had to carry a “beard token”. Some other interesting items that have been taxed throughout history include windows in the UK, belt buckles in Texas, and salt in France!
Tips from the Tax Experts, H&R Block
To help you prepare for tax time, we asked H&R Block for tips about lodging your tax return. Check out their tips below!
1. Be organised.
Have the key documents you need now to make lodging your tax return a smooth and seamless process. Check out this article for a checklist to get you started.
2. Claim the deductions you’re entitled to.
If you plan to claim more than $300 in work-related expenses you're also going to need records, such as copies of invoices or receipts, credit card statements or travel or home office logbooks.
3. Get support from a tax agent.
Having your tax return completed by an expert could help to ensure your return is completed quickly, accurately and in a way that maximises your return.
Tax Refund Advance or Pay On Demand™?
If you’re eligible for a Tax Refund Advance with Beforepay you’ll see the option available in your account, alongside Pay On Demand™.
What’s the difference?
Tax Refund Advance is offered in partnership with H&R Block and is tied to your tax refund. Pay On Demand™ is offered through Beforepay directly. In both instances you’ll pay a 5% fixed fee to get early access to funds.
You can only Cash Out one at a time
If you Cash Out your Pay On Demand™, or currently have a Cash Out with Beforepay, you'll need to repay this fully before you can access your Tax Refund Advance. The same applies if you Cash Out your Tax Refund Advance first.
Cashing Out less than your limit
You can choose how much you Cash Out with both your Tax Refund Advance and Pay On Demand™ – your entire amount or only what you need, subject to eligibility.
If you Cash Out less than the limit you’re approved for, you won’t be able to access the remaining balance separately.
7 ways you could maximise your tax return this year
Knowing about the different ways you could maximise tax time could help you get more out of your tax return and, potentially, unlock some extra cash for you.
Here are 7 things you could do to get the most out of your tax return this year!
- Buy a new computer for work.
- Sign up for a course.
- Update your professional memberships.
- Ask about a Tax Refund Advance.
- Donate to charity.
- Do your stationery shop.
- Top up your super fund.
Whether it’s taking advantage of EOFY sales or sorting through your work-related expenses, now is a good time to start exploring the different things you could try and buy to get the most of your tax return.
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