Some Tax Return Investment Ideas

SENSIBLE OPTIONS FOR IMPROVING QUALITY OF LIFE

To start this light-hearted article, we should provide a simple disclaimer that we are not experts on how you should spend your money. We can merely provide ideas based on the plethora of cases we handle each day. Our intention is to enable our clients and readers to fully understand their rights, and what is owed by them and to them.

It is the month of July, and you are going to lodge your tax return. If all is well, you might be lucky to receive a refund in your tax return. On average, the ATO provides a refund of approximately two thousand dollars. It’s a great feeling to get back some of your own hard-earned money; and it can be quite tempting to blow it off on something inconsequential. However, with a little planning and awareness, we have found that this money can be invested for your wellbeing and long-term advantage.

Here are a few areas where you can spend your refunds:

• Retirement
  We’re all working towards that one phase of life where we can finally kick back and enjoy each day to its fullest. Retirement is the gift at the end of this long working life. Contributing your tax returns towards this will give you surprising results at the end of the working life.
• Educate
  Investing in self-education is a great way to move forward in life and widen the spectrum of our knowledge and understanding. Furthermore, it can enable you to try different things while you still have the immense energy to produce good results.
• Charity
  It’s never too little to donate a small part of your refund to your desired charity. Help a cause and also be eligible for a tax deduction for the following year.
• Relax
  Spend your refund on taking care of yourself. See a therapist for your body and mind, take a trip somewhere and allow your worries to melt away. A fresh perspective on life goes a long way!

We are always available to help you with taxation and bookkeeping, but only you can help yourself. For Tax Return bookings and enquiries, please contact our office at (03) 97 98 66 22.