Australian individual taxpayers can file their return online with the ATO’s myTax software, by ordering a printed copy of the tax return form, or with the assistance of a registered tax agent.
How can you wisely invest your Tax Refund?
If you are living in Australia and you want to invest into something that you find useful than why invest from your earning when you can do it from your tax refund. Let’s focus on many options available for you in which you can invest your tax refund.
1. The most important thing in your life is healthy and you can invest your tax refund in an emergency fund. Why? Because it is a bitter reality that sometimes unexpected things happens in your life and then you don’t have money to deal with it, so it the best option to invest it into your emergency fund.
2. Worrying about your credit card debt, well then invest your tax refunds on it because it will stabilize your monthly budgets and you don’t have to worry about it anymore. For instance, if you have $1000 credit card debt then it will take you more than 5 years to clear that off, its small amount but significant impact on your financial budgets.
3. You can invest it into a savings account that will give you good returns after 20-30 years.
4. Well, what about you? You can invest it in yourself because you know the best about your weakness and strengths. The best source is to invest in your self-development/education or even some technology that will benefit you in becoming more productive and increase your skills to make a better career or earn more revenue.
5. Invest in shares – you can minimise your risk by building a diverse portfolio of shares from different companies, so you’re not putting all your eggs in one basket. You can use an online broker that will assist you with your investments. CommSec is one of the online brokers that you can use and it’s a subsidiary of the Commonwealth Bank of Australia.
6. You can also use your tax refund to pay your mortgages or putting the money in offset account to save on interest.
You can find more about tax returns by clicking the link below: