I retired in July 2010 and a couple of week ago we went to see the accountants with all the usual paperwork to do my last tax return. Arrived home today after tending to the horses and a bit of shopping and the first thing is to check the mail box. These days we don’t like to see anything in there but today was a pleasant surprise, a nice healthy cheque from the ATO!
So that’s it, for me personally no more tax returns – hooray.
But wait…tax returns have not disappeared completely, we have our own SMSF that requires an annual tax return around Feb of each year. Never mind next time around the tax return will be very straight forward, no contributions or any other stuff just a pension paid out from monthly interest earned on a term deposit with a regional bank. I don’t think we will need an actuary report will will reduce costs even further.
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