Australian online accounting business, E-Lodge have provided seven suggestions or ways that tax payers can use their tax refund on.
Although E-Lodge provided the suggestions or ways in the last financial year, they are applicable to any financial year. They emphasise to tax payers not to spend their refund in one place, rather that they should split the refund to serve them different purposes such as spending, investing and/or saving.
Their seven suggestions are to use the refund to pay off debt, invest the refund, use the refund to open a high interest savings account, donate the refund and using the refund to either renovate the house or go on a holiday.
E-Lodge list the benefits that come from each suggestion, including but not limited to reducing monthly payments & interest on debt, being able to claim donations in the next financial year, benefiting in the long term and having much-needed fun.
E-Lodge emphasise that taxpayers need to lodge their tax return before they can enjoy the benefits from their refunds.
Read E-Lodge’s suggestions or ways to use a tax refund in full here.