Save or Splurge: smart ways to use your tax refund

August 18, 2014
Wayne Smith

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.
 To find out more - contact us at Suite 2, 10-12 High St Wodonga or call 02 6056 4433.
Posted in: Tips

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