Top tips for making the most of your tax refund

Super-size this year’s tax refund with a few smart strategies.

What’s not to like about tax time? For an hour or two spent completing your tax return, not only do you get your finances in order but you could be in line to receive a juicy tax refund.

Save thousands on your home loan

Using your tax refund to help pay down your home loan could see your ongoing regular repayments reduce and leave you mortgage free that bit sooner. Discover how much you could save on your home loan with a lump sum payment.

Prevent minor costs becoming major expenses

Sometimes spending on essentials now can help you save in the longer term. Consider using your tax refund to take action on all those niggling must-dos you’ve been putting off. Whether it’s a check-up at the dentist, a service for your car or just some much needed repairs around the home, it could prevent a relatively minor cost blowing out to a far bigger bill.

Add some gold to your nest egg

We all look forward to the golden years of retirement and your super is there to help you grow a healthy nest egg. No matter how far off retirement is, using your tax refund to make a contribution to your super today could make a valuable difference to your lifestyle when you’re ready to hang up your work boots.

It may also provide immediate benefits. If you’re a low to middle income earner, using a tax refund to make a contribution to your super could see you eligible for a government co-contribution worth up to $500. Or, consider adding the money to a low income or non-working spouse’s or partner’s super fund to save up to $540. Just remember to check that you’re within the contributions caps to ensure it doesn’t end up costing you more.

So why not try one, or all, of these tips to strengthen your finances this year? Better still, make it an annual habit to get even more value from your tax refund and speak to your financial planner today.

The post Top tips for making the most of your tax refund appeared first on Elders Financial Planning Pty Ltd.

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