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Nine smart ways to use your tax refund

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01.09.2019

Tax refunds are rolling in for many Australians, with new tax offsets for low- and middle-income earners, boosting refunds to new highs.

Many will rush to spend their refund on a holiday or enjoy a more relaxed budget for a few months but there are many other smart ways to spend your refund that will either boost your wealth or even help create a nice refund for the following year.

Replay

With a bit of planning there are even ways to achieve a return of up to 50 per cent by using your tax refund strategically.

What better way to spend some money than by taking away any nasty surprises that might come your way.

Whether it is building up an emergency fund or prepaying some expenses, this will lighten the load later in the year. Prepaying health insurance, rates or power bills are all great ways to spend your tax refund.

Whether it’s a credit card, a personal loan or a personal mortgage, pay it down. Adding a lump-sum payment reduces the interest you are paying on the loan and has the added benefit of helping your credit score by getting on top of your repayments.

There are many options to spend your tax refund so consider what is........

© Brisbane Times