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

comments-rhsLatest Comments

  • "Definitely can claim the trips to customers and should be able to claim the trips to the observatory when you have the bulky equipment for the repairs. I would be curious to know how much you are at..."

    By: Mr Taxman at Dec 20, 2020 11:08PM

    Post: Claiming car expenses

  • "Hi mrtaxman, I am employed at my home office, I am usually required daily to attend our remote mountain top observatory. I need to check overnight correspondence, see if I will need supplies from..."

    By: Carl at Dec 18, 2020 1:40AM

    Post: Claiming car expenses

  • "If you operate under the logbook method then the fuel wil form part of your total fuel bill for the year which you then apply the business-related percentage. Doesn't matter if didn't get paid from..."

    By: Mr Taxman at Dec 01, 2020 6:44AM

    Post: Claiming car expenses

  • "I am running a small business as a sole trader. I attended some work related training the other day but forgot to pay for the fuel required to travel to and from this training with my business..."

    By: Liz Evans at Nov 30, 2020 4:22AM

    Post: Claiming car expenses

  • "I separate everything mate, when it comes to the taxman, so the numbers you see on the RHS of your Statement are not inclusive of your Swaps or Commissions. I have a P/L and then I have P/L of..."

    By: Greg Croot at Nov 23, 2020 11:26AM

    Post: Foreign currency trading