Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

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

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "Do you think that to dramatically improve your success rate you have to read tons of thick books, buy expensive software and spend countless hours of learning more about Forex? What I'm going to..."

    By: priyanka at Jun 18, 2018 5:37AM

    Post: Foreign currency trading

  • "Thanks to everyone out there who has given my company a good credibility record in terms of financing. our aim is to help people with money at a low interest of 3%. I want to use this medium to..."

    By: Raymond Hills at Jun 17, 2018 11:32PM

    Post: 101 Ways to Save Money on Your Tax Legally

  • " BE SMART AND BECOME RICH IN LESS THAN 3 DAYS....It all depends on how fast you can be to get the new PROGRAMMED blank ATM card that is capable of hacking into any ATM machine, anywhere in the..."

    By: Johnny Trent at Jun 17, 2018 5:16PM

    Post: The secret to getting your loan approved

  • "my name Mrs. Helan, i am from Canada i have been searching for a genuine loan company for the past 4 years and all i got was bunch of scams who made me to trust them and at the end of the day, the..."

    By: Helen at Jun 16, 2018 2:07PM

    Post: The secret to getting your loan approved

  • "Has Mr Taxman closed down? I see there are no responses for over 12 months. Perhaps the site should be shut down if that is the case."

    By: Susan at Jun 16, 2018 1:57AM

    Post: Two important dates for those with HECS/HELP debts