Tips for your 2024 Tax Return

Before you jump online and start shopping, take a moment and consider how your tax refund could be used in a positive way to assist your life and financial position.

Here are a few things to consider using it for that you might not have thought of before:

1. Super contribution top-up – Making after-tax contributions is a simple way to add to your super, and with compounded interest, can really boost your superannuation savings over the long term.
2. Pay off debt – Bringing down debt reduces interest you’re paying to the bank. Less money in someone else’s pocket means more money in yours.
3. Pop it in your offset account. You’ll end up paying less interest on your mortgage, leaving more money in your pocket. And in an offset account you can usually access it easily if needed.
4. Start an emergency fund if you don’t have one. You never know what can happen. Preparing for the unexpected means you can cope financially if and when it happens.