Make your Tax Return Count

It may surprise you to learn that eight out of ten Australians will receive a tax refund and usually that refund is quite healthy (in excess of $2000 on average).

While it makes good sense to engage with a Truganina accountant to make sure that you get every cent due to you, you should spend some time on making that tax refund work for you. Here are some suggestions for you to make the most of your tax refund, so that it just doesn’t disappear amongst your usual day to day expenses.

Pay Off Debt

Retail debt can be quite debilitating financially. If your cash flow is being adversely affected by the demands of consumer debts like personal loans and credit cards, you can reduce the monthly stress that these bring to you – you may not be able to pay them off entirely – but you can put a sizeable hole in them and reduce your monthly commitments.

Invest

The options for investment are plenty – it could be in superannuation, shares, a high yield investment or something more exotic, whatever the choice may be, you can put your refund to work to help you build wealth. Naturally, before making your final choice, it may be worth seeking advice from your accountant to make sure that the investment is going to be tax effective for you.

Invest In Yourself

There may be no better use of your tax refund than to actually invest into your own self development. This needn’t necessarily be an investment in a course that could further your career (although such a course may carry the added benefit of being tax deductible). It could simply be investing in a new experience – something new that will get your blood pumping and brain cells functioning. It could be a cheap overseas holiday, skydiving or subscription to a club. The chance to expand your horizons is there.
Alternatively, you could simply elect to make life easier for yourself by outsourcing some of your day to day chores.

Prune Your Monthly Expenses

If you’re paying insurance via regular monthly instalments, there’s a fair chance that you can save a little money by electing to use your tax refund to pay the annual premium.

Donating to Charity

The intangible good feeling generated by giving to a noble cause cannot be underestimated and there’s every chance that if you choose the right charity your donation will be tax deductible and added to next your year’s tax refund.

A One Accountants are Truganina based accountants who are seasoned tax return professionals. We can help you to claim all the allowable deductions and get you the best possible tax return. Our team is ready to assist you with many other tax and accounting related tasks and consultations as well as assisting with your tax return.