10 million working Australians are about to receive a cash handout into their bank accounts!
The Coalition’s $158 billion tax cuts package has passed the Senate and here is what it means for you:
Who will get the handout?
More than 10 million working Australians will receive a tax offset to some extent, while around 4.5 million workers will score the full lump sum.
How much will you receive?
Individuals will receive up to $1,080 in tax relief when they lodge their return. For dual-income households could receive up to $2,160.
What do you have to do?
For anyone that has already lodged their tax return the ATO will automatically amend their return and send them the additional refund. The clients will not need to do anything for this to happen.
Returns that are processed from now on should include the higher refund amount.
Why are we getting a refund?
The cash handout was introduced to ease the pressures involved with the rising cost of living and to boost spending at local businesses.
But is blowing your extra cash on beers and Sportsbet the best investment for you?
Below are 3 tips on smarter ways to invest your extra cash this tax time:
- High interest Savings
Bump up your savings with an extra lump sum from your tax refund and the extra cash into a higher interest savings. Keep adding to your savings throughout the year to save for that new car or save for your new business venture.
- Adding more to your Super Fund
It’s never too early to start adding more to your super fund. At the speed 2019 is passing by we will all be retired not knowing what day of the week it is in no time.
- Pay the extra lump sum off your mortgage
For anyone who is currently paying off their mortgage, you will know all too often how hard it is to keep on top of your mortgage repayments.
From Monday July 15 to Friday September 27 we will be extending our trading hours from 8:30am – 8:00pm Monday and Tuesday and 8:30am – 5:00pm Wednesday to Friday. If you have received your payment summaries and need some assistance lodging your returns click here to make an appointment with Power2 accounting. We can offer you advice on how best to invest your tax lumpsum for your individual circumstance.
Financial Planning services provided as Authorised Representatives of Power 2 Financial Services Pty Ltd ABN 51 164 747 595 Australian Financial Services Licence No. 444078