Tomorrow we find out how much we were over-taxed

The accounts for the last financial year (to 30 June) get released tomorrow.  The surplus is looking to be so embarrasingly large, that there is a lockup so that journalists can be educated as to why it isn’t really that large.

Remember this is the Government which cancelled the chewing gum tax cuts.

Treasury forecasts, once again, look to be incredibly conservative.  Plus of course Dr Cullen sticks in billions of contingencies.

Iy might not be practical, but wouldn’t it be great if at the end of the financial year, the Government just automatically refunded any surplus (above that needed for Cullen fund etc) to taxpayers.

Dear Taxpayer,

In the last financial year the Government received $4 billion more than it needed.  Rather than keep this money, we are returning it to those who were accidentally over-taxed.  

Hence please find attached a refund cheque for $1,800 as your share of the over-taxation.

Yours faithfully

 

David Farrar
Minister of Finance

Except the actual figure looks to be far more than $4 billion.  We will find out tomorrow.