It’s that time of year again – EOFY and tax time! From July 1, group certificates are sent out and taxes are filed by the masses. If you’re among the majority, which is estimated at 82%, then you’re likely to be receiving a tax return really soon.
There’s a multitude of worthy options when it comes to considering how to spend the bonus cash. The average Australian tax return in recent years is approximately $2,112, which won’t land you a Lamborghini, but can help achieve some other financial goals and dreams. Treating yourself and the family to a getaway, wiping out or reducing debts and bills, buying an engagement ring or household appliances are all common responses when asked where one’s tax dollars will be spent.
Another common option, one adopted by 21% of Australians last financial year, is saving. Saving your tax return opens a variety of doors, depending on what it is you are currently saving for. Perhaps you don’t want a quick getaway and would prefer an overseas adventure or you could be planning a fairy tale wedding. Maybe you’re looking to become a first home owner, renovate your existing property or invest in the property market. Tracy at Mortgage Masters says, “Property is a fantastic investment. With current prices, it takes some savings to get started, and tax returns can be an excellent source of cash to boost your savings.”
If you’re looking to buy your first home or an investment property, your tax return can go a long way to bolster your savings account and help you get closer to making the dream a reality. You can put your hard earned dollars to good use. Tracy Parish, at Mortgage Masters in Maitland, has a passion for education and coaching when it comes to navigating the mortgage maze.
Mortgage Masters are able to help their clients through the home loan process by removing the hassle and providing invaluable financial advice. With client education as her primary focus, Tracy says, “I believe in client-centred financial advice. It’s important to me that my clients develop a greater understanding of their finance options.”
To find out more about how you can use your tax dollars to strengthen your first home owners deposit, or how you can start or expand your investment portfolio, contact Tracy from Mortgage Masters today on 0439 159 843.