6 ways to use your tax cut

Jan 10, 2011

When a new round of tax cuts come into force here are 6 tips for employees when they get their next pay packet.

  • Super co-contribution - if you are under $58,980 income then you can put away $20 per week into super & it becomes $1,000 by the end of the year & you can get up to an additional $1,500 from the Government
  • Extra loan repayments - try & make a dent in the home loan, so that you don't struggle with a home loan or credit card debt again;
  • Savings plan - whether it is for a holiday, your child's education or that Prada handbag then have a reason to save;
  • Salary sacrifice into super - it is still your money, but you are putting away so that you can't touch it & you are only paying 15% tax;
  • Extra tax - if you are hopeless at saving, get the payroll office to keep the same amount of tax deducted from your pay & get a bigger refund at year end ... it is forced savings
  • Treat yourself - it is been tough on you and the family financially so buy some new shoes, go to the movies or have some takeaway to relieve some of that stress

 

Tags: EmployeesSuper

Author: Mr Taxman

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  • "Yes you show the km allowance as taxable income and then you can also make a claim for your car travel. Under the cents per kilometre method you are limited to the first 5000km. So if you get..."

    By: Mr Taxman at Jun 04, 2025 11:57PM

    Post: Claiming car expenses

  • "No would not be able to claim the Uber home nor to the station the next day. The trip to the off-sit meeting would be claimable."

    By: Mr Taxman at Jun 04, 2025 11:55PM

    Post: Claiming car expenses

  • "Depends on your finance type ... if you takeout a lease then the lease payment forms part of your costs (but no depreciation can be claimed) ... if you takeout a Hire Purchase or a Loan then only the..."

    By: Mr Taxman at Jun 04, 2025 11:54PM

    Post: Claiming car expenses

  • "The cost of the trailer itself could be depreciated - usually over 8 years. Assuming no personal usage with it then 100% of that depreciation plus annual rego could be claimed."

    By: Mr Taxman at Jun 04, 2025 11:50PM

    Post: Claiming car expenses

  • "That would be a non-deductible trip unfortunately Erin"

    By: Mr Taxman at Jun 04, 2025 11:48PM

    Post: Claiming car expenses