Aussies can see how exactly their tax dollars are spent
The ATO is revealing how your tax dollars are being spent. This is how you can find out.
Tax time can stir mixed emotions. On the one hand, you may get a nice refund but, on the other, you’re reminded about just how much money the government takes from your hard-earned pay.
But did you know the Australian Taxation Office (ATO) reveals exactly where every dollar of your taxes are spent?
Also read: ATO offering free tax help for these Aussies
Also read: Surprising reason nearly 300,000 Aussies could get lower tax refunds
Where are my taxes spent?
If you login to your myGov account you will see a message in your inbox from the ATO, titled ‘Information about your income tax return’.
When you open this message you will see a link to your ‘income tax receipt’. This will open your personalised breakdown of where your tax dollars have been spent.
The receipt breaks down where your money has been spent, including how much went to welfare payments, defence, health, education and even interest on government debt.
This year, the government had to pay $887 billion in debt, down from $895 billion last year. The payments include $19 billion in interest on the debt.
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