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: Employees, Super

Author: Mr Taxman

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