Axing your tax bill
April 17, 2015
Hit with a tax bill this year? Did you know you can pay a little extra tax each month to ensure you break even or get a refund instead?
Increase the amount of tax we're deducting from your pension with these five quick steps:
- Sign into your secure Teachers' account
- Click the "My Pension" tab
- Select "Pension Statement"
- Click "Increase Tax"
- Enter the additional amount of tax you would like deducted
Approximately 23,000 pensioners deduct an extra $200 on average from their pension.
You'll see a note that the additional tax is pending, and it will be applied to your next pension payment.
You may have second thoughts and want to decrease the amount of extra tax, or go back to the basic amount. No sweat. Sign into your Teachers' secure account and navigate to the Pension Statement page. From here it's just two clicks:
- Click the "change tax" button
- Change the amount back to zero, or choose a lower amount