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WHAT TO DO WITH YOUR TAX REFUND?

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24
May

Are you thinking what to do with your tax refund? Here are some of the things that we have come up with that effectively utilises your tax refund-

Pay off debt
Paying off debts means a taxpayer will pay less interest and save money. The taxpayer could use the money to pay off the credit card bill or pay down mortgage or personal loan. In addition to, when a taxpayer takes emergency fund from any bank or financial institution at a higher interest rate then the taxpayer can apply for a tax refund on paid higher interest rate

Super contribution top-up
The rate of 9.5% extra contributions to your super can really boost the amount of money you will get when you retire at the age of 65. You will not be able to spend the money until you retire.

Use the money as a booster to start your own business
If you want to boost up your business to the next level, then you have a great opportunity to use your tax refund.

Financial advice
A financial adviser should be able to help you to find out the best strategy to make money. They also prepare the legal arrangements and setting up a business system for the structure.
 

Put your tax refund into a mortgage offset account
A mortgage offset is essentially a savings account where your account balance will be subtracted from your outstanding mortgage loan balance. It means that, the taxpayer will end up paying less interest on mortgage, leaving more money in pocket and helping pay of the taxpayer’s home loan off more quickly.


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