Things to do with your Tax Return
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So you’ve collected all of your financials, headed to the accountants and filed for a massive tax return. Your accountant says that soon thousands of dollars in tax refunds will be heading your way. Now, what do you do next?
The responsible thing to do with your Tax Return this year is to (a) Pay your Bills; (b) Pay off your Credit Card; c) Pay down your Mortgage; and (d) Invest in your future. However, once you’ve done the right thing, here are some other ideas for spending your well earned tax return...
Go see a new accountant
What? I just came from the accountants??? Yes, however if your tax return is so big that you were able to do all of the 4 things above and still have some money left over, then you’re paying way too much money in tax!
So, tee up a meeting with a quality accountant and see how this year you can keep all of the money in your pocket, rather than giving the ATO a 12 month interest-free loan.
Need a new accountant? Post a job request for an accountant here.
Renovate your home
Now is the time to use that extra cash bonus to increase the value of your home. Depending on just how big your tax return is, there a number of small to medium sized renovation tasks that you can do (or have someone do for you) around your home.
Painting
Spend a few hundred dollars at the local hardware store on a few tins of paint and rejuvinate the look and feel of your home. Not a painter? Service Central can help find quality local painters for you.
Deck
How does your deck look? Can you use some of your hard earned to give it a coat of oil? Or does it need some well earned repairs? Or is it time to extend your deck all together?
Removing a wall
Instantly improve the value of your home by opening it up and giving your home that lovely spacious feeling.
Rendering your home
Give your old brick home a new lease of life with a coat of thick cement render. You can say goodbye to the ugly brick look from 1950’s to 1980’s, and say hello to a brand new look in whatever colour you choose.
Start your life of Leisure
Say goodbye to those household tasks that you simply don’t enjoy. Claim back hours in your week and hire some help.
Gardening and Lawn Mowing
Reclaim your weekends and hire a gardener to come and mow your lawns each month.
Home Cleaning
Put up your feet and let someone else rid your home of grit and grime each week or fortnight.
Handyman
Hang up your toolbelt and leave it to the experts to fix all of those niggling issues around your home.
Combat Poverty
We really do live in the lucky country here in Australia. Whilst you have a few spare dollars thanks to your tax return, please show some compassion and help combat poverty either here in Australia or around the world. Some great charities and websites that you might consider donating some of your tax return to include:
Have fun enjoying the spoils of this years tax return.
Oh, you forgot to lodge your tax return? Head to /accounting/ to find a quality local accountant.
For all other services, simply post a job request with Service Central and we will find them for you.
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Good little article there.
over a year ago by Richard
If you are an employee and have a big tax refund each year, you can lodge a PAYG variation with the tax office. The variation allows you to estimate your tax in advance, then the tax office lets your employer know they can withhold less tax from you each pay day. This way you receive a part of your refund each pay day, well before you finally lodge your tax return.
If you're in business and paying PAYG installments, you can vary your installment each month/quarter inline with your income & expenses. This will help your cashflow and ensure you are not paying out too much cash during the year to the tax office.
Richard Kohlhagen CA
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