The home dashboard of Moorr already estimates the tax paid for your entire household position, inclusive of listed deductions that you may have. This ensures that you’re not relying on a tax refund to form your budget or allocate your MoneySMARTs account figures. A tax refund/payable typically occurs whereby the balance actually withheld by the employer mismatches against the amount calculated (i.e. the amount shown within the ‘estimated tax paid’ on the home dashboard). Normally, after inputting your deductions at the end of the year, you have a refund where the amount withheld is more than the annual tax calculation, or a tax payable, whereby the amount withheld is less than the annual tax calculation.
As we already include and display the total annual calculations including the estimated tax position that you should receive inclusive of all of your deductions, the surplus on your home dashboard and your MoneySMARTS already accounts for this. In summary, this is also so you’re not relying on a tax refund as ‘additional income’ and have an accurate read of your expected annual cashflows.
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