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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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  • "A really interesting question Mel. Whilst negative gearing of a rental property is great for the higher earning spouse as there is a nice tax deduction which comes back to them, it comes to bite..."

    By: Mr Taxman at Mar 04, 2020 9:36PM

    Post: Marriage

  • "Your refund is your asset. It would be up to the courts to determine if you have to share your assets when you settle your split."

    By: Mr Taxman at Mar 04, 2020 9:28PM

    Post: Marriage

  • "Sorry to hear Emma. Generally speaking when it comes to completing your income tax return and including spouse details, a spouse includes another person who: * you were in a relationship with that..."

    By: Mr Taxman at Mar 04, 2020 9:22PM

    Post: Marriage

  • "Admittedly not too much depreciation with a 2011 car but there will still be a few $$$ there still. My motto is that you would pick up $20 if it was on the ground so why not claim it in your tax..."

    By: Mr Taxman at Mar 04, 2020 8:59PM

    Post: Claiming car expenses

  • "Geez 15 hours is a long shift. I certainly hope you get some breaks during the week. Generally, meals are considered a private expense. You can only claim a deduction for meals when you receive..."

    By: Mr Taxman at Mar 04, 2020 8:48PM

    Post: Claiming car expenses