Chapter Select
Sub category: Superannuation
24 June 2019

Get the Best Return on Your Tax Return

There’s nothing quite like the joy of getting cash back on your tax return. It might feel like free money, but you earned every cent, so make sure you use it wisely. Here are our top tips on how to get the best return on your tax return.

The early bird catches the first return.

Do you tend to leave things until the last minute? We feel you. This blog post was due half an hour ago. But when it comes to submitting your tax return, it’s best to get in early. Because getting in early means you’ll reap the benefits of an early refund. And it’s a great help when you’re paying off credit card debt, personal loans, mortgages or outstanding bills.

Be a super saver.

According to the retirement standard of the Association of Superannuation Funds of Australia (ASFA for those of you playing along at home), to have a comfortable retirement, single people needs $545,000 in retirement savings, and couples need $640,000. Contributing to your super early means more time for your super savings to grow so you could enjoy a more comfortable retirement. Check the contribution limits and contact your super fund for information about how to transfer your tax refund into your super. Your future self may appreciate it. Tell them to send us a postcard from the Croatian coastline.

Get debt-free.

Use your tax refund to pay off those niggling debts that seem to hang around forever. And once you’re debt-free, you can feel great knowing that your money is going to you, rather than the financier. Make sure you check if there is an early termination or break cost associated with your debt before paying it off. It’s important to have the full picture so you can work out what is right for you.

Spend big.

No, we’re not kidding. The beginning of the financial year is the perfect time to splash out on big-ticket work-related items that cost over $300, like computers, tools and equipment. These items can be claimed the relevant portion used for work purposes as a depreciation deduction in your tax return.

Pay off your mortgage faster.

Pay less interest on your mortgage and pay off your home loan faster by putting your tax refund in a mortgage offset account.

Think of the children.

Kids are expensive. Violin lessons and rainbow-coloured cereal don’t come cheap. If you have them or think you might one day, it’s a good idea to start saving now. Put your tax refunds into a savings account every year and you can use it later for your kids’ education or first car. And if you don’t have kids, you can spend those savings on your dream holiday. Either way you’re winning.

Need a break from finances? Book a holiday.

Again, not joking. Around 2.1 million Australians plan to shop for holidays during the EOFY sales in June. The best way to score a deal is by being flexible with your travel dates and destination.

Invest in a new set of wheels.

If you’re thinking about buying a car, the EOFY sales is a great time to save money as dealers are battling to attract more customers before the close of the year.  If you need finance for your new car make sure you take time to compare car loans from different lenders, so you get one that suits your finances.

Learn about how you can benefit from putting more into your super
with ING Living Super.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

Related articles

Future Proof
Loading...
Share
Loading...
XS
SM
MD
LG