Mortgage Choice reveals its top tips for Australians receiving a refund.
According to the Australian Tax Office, the average Australian taxpayer received a return of around $2,000 following the 2012/2013 financial year.
To help Australians use their tax refund wisely this year, Mortgage Choice provides the following top tips:
- Take it to the bank: simply transferring to a high interest savings account.
- Pay off and cancel your credit card: interest rates are notoriously high, break the cycle.
- Make a voluntary HECS-HELP contribution: you can make a voluntary lum sum payment towards your debt andytime, bonuses can apply too.
- Top up on your mortgage: use your tax refund as an opportunity to make a voluntary repayment on your mortgage, inaddition to your usual payments, pay off earlier and save on the total interest payable.
- Inject it into super: tax refunds are a great opportunity to gro your superannuation.