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Making the most of tax time
Get a jumpstart on your new financial year.
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- Making the most of tax time
Beyond the paperwork and number crunching, tax time could help you step into the new financial year on the right foot. Here are some tips to make the most of it!
Shop smart with EOFY sales
As the end of financial year (EOFY) approaches, many retailers offer significant deals and discounts. Whether you need new homewares or office essentials, EOFY sales can help you save on the items you may need in the coming months.
Put your tax return to good use
If you’re expecting a tax refund this year, here are some smart strategies to get the most out of it.
Pay off your loans
While it might not be the most glamorous option, using your tax refund to make extra repayments on your loans could set you up for long-term success. Whether it’s a mortgage or personal loan, reducing the principal could mean you pay less interest overall and become debt-free sooner.
Add value to your home
Investing your tax refund in home improvements can enhance your living space and increase your property’s value. From minor repairs to small renovations, this is an opportunity to give your home the attention it deserves.
Boost your savings
Adding your tax refund to your savings could be another smart move as some deposit accounts offer bonus interest. This means you could earn income on your investment while maintaining a safety net of emergency funds. Increased savings may also provide the flexibility you need to take new opportunities for travel or starting a hobby.
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Spring clean your finances
Since you’ve already dusted off your documents for tax time, why not take this opportunity to refresh your finances too? From cutting unnecessary costs in your budget to exploring refinancing options for your home loan, the improvements you make today could have a positive impact down the line.
Seek expert support
Shopping smart during EOFY sales, making the most of your tax refund, and reviewing your finances are all great ways to take advantage of tax season. For help achieving your lending goals in the new financial year, chat with a Liberty Adviser today.
Note: It is important to consider your taxation options with an accountant.
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