Young Aussie woman hit with $86,000 tax bill from the ATO

A young Aussie woman has revealed the insane bill she has been hit with after completing her tax return this year.

A young woman has been hit with a wild tax bill after completing her tax return this year, leaving her followers gobsmacked.

Countless Aussies have been left very unimpressed this year after completing their tax returns only to be told they owe money to the ATO.

Tasha Paige is one of many people who is facing a tax debt instead of a return, with the popular Aussie OnlyFans creator revealing she owes a whopping $86,000.

“So I finally did my tax and I finally spoke to my accountant about everything and my tax bill is just shy of $90,000. I have to pay the ATO $90,000 – specifically $86,000 but I feel like it may as well be $90,000,” she said in a recent TikTok video.

“So that’s great. I am just going to go cry. Moment of silence please for my bank account.”

The massive bill left many Aussies shocked, with one commenter claiming she would have “cried myself to sleep” if she received a bill that large.

“I cried because I owed $2000,” one person wrote.

Another added: “I feel less bad about my $200.”

Tasha Paige revealed she owed $86,000 to the ATO. Picture: @anothertashapaige/TikTok

The bill left many of her followers shocked. Picture: @anothertashapaige/TikTok

Tasha assured concerned social media users that she had the money to pay for it, explaining in a follow up video that she usually pays towards her tax throughout the year but hadn’t contributed in a number of months, hence the large tax bill upon completing her return.

Aussie OnlyFans creators can make regular tax payments on their income with Pay As You Go (PAYG) instalments if they don’t want to end up with a big tax bill at the end of the financial year.

If creators don’t want to pay throughout the year, the ATO suggests they put money aside to cover their tax bill when it arrives.

Any income above the $18,200 tax-free threshold is subject to income tax.

Tasha isn’t the only OnlyFans creator that has been slugged with a big tax bill, with Adelaide woman, Kaila Smith, owing $15,000 to the ATO.

“It is tax time and tax time has done me so f**king dirty. Like, when you are broke you almost have to get a tax return every single time and that used to be me. Last year I got like $500 return,” the 21-year-old explained on TikTok.

“But this year I have to pay pretty much $15,000 in tax and I’ve never paid that much money for anything in my whole life, apart from my car.”

The OnlyFans creator was hit with a massive bill after completing her tax return. Picture: @kailatalks/TikTok

She said it was a “scary thing” to get a bill that large, but was trying to remind herself that she is earning more money than she was in the previous financial year so she “shouldn’t feel bad”.

“I just wish I knew more about tax time and finances. But yeah, that’s my rant of the day,” she said.

However, some commenters were less than sympathetic to the 21-year-old’s rant, telling her this is what happens if you don’t pay tax throughout the year.

“Wants all the income and not the bad that comes with it,” one person said.

“Tell me you have never worked a full time job without telling me you have never worked a full time job in your life,” another wrote.

Kaila hit back at these commenters, explaining she has the money to pay the tax bill in full but this is the first time she has had a job where taxes weren’t automatically taken from her income throughout the year.

“I understand I have to pay taxes LMAO this is literally just a TikTok … chill,” she said.

The OnlyFans creator also said that she had an accountant and submitted $27,000 in deductions when completing her tax return this year, but noted she would be looking to pay her tax in instalments throughout the year so she wasn’t slugged with a massive bill next tax period.

She said this was the first time she was making an income where the tax wasn’t automatically taken from her pay throughout the year. Picture: @sugarblonde02/Instagram

There are a lot of Aussies feeling the pressure this tax time, with the end of the low-and-middle income tax offset (LMITO) meaning plenty of people are facing unexpected debts.

Introduced as a temporary measure in the 2018/19 federal budget, the offset meant those earning between $37,000 and $126,000 were eligible for a tax cut of up $1500.

Now that it has expired, many Aussies are realising just how much they relied on that extra boost come tax time – and they aren’t happy.

Alison Banney, money expert at Finder, said the current economic situation meant the reliance on tax returns had never been higher.

“Whether it’s to pay back debt, boost their savings, or help with everyday expenses, millions of Australians are relying on a refund,” she told news.com.au.

“However, with the removal of the Low and Middle-Income Tax Offset (LMITO) this year, lots of Australians will likely get less money back in their tax return this year compared to the last two years.”

However, Ms Banney also revealed it wasn’t a completely bad thing not to get money back at tax time.

“If you get no money back it just means that you’ve paid the correct amount of tax throughout the year,” she explained.

“Getting money back means that you’ve actually paid more tax than you needed to throughout the year. When you think about it, you’ve essentially lent your money to the ATO, and now they’re giving it back to you without paying any interest on the loan.

“Instead, that money could have been put to better use by, for example, keeping it in a high interest savings account and earning interest on it all year.”