Finance News

What to do with your tax refund

What to do with your tax refund?  Author: Carissa Chan According to Australian Taxation Office Annual Report of 2014–15, the average tax return for an individual is $2,112. For tax payers who do receive a tax return, it is important to use the additional funds wisely. The results of a recent MoneySmart poll show that the most common uses of a tax return are to clear outstanding bills or to add to one’s savings. While these uses are perfectly valid, there may be other ways to put these funds to good use.
  • Charity – Always wanted to donate to a good cause? This might be an excellent opportunity to use your tax refund in a way you always intended
  • Personal Development – As a full-time working adult you may have a hobby or interest you’ve been unable to pursue for lack of funds. This might be the opportunity for you to spend on yourself
  • Saving for retirement – As much as we enjoy the lump sum payment of a tax refund, it is worth considering your needs in the future. Saving or investing these funds and letting them accumulate can be a great way to support yourself in the years to come.
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