TAX TIME
SMART IDEAS FOR YOUR TAX REFUND BY REI SUPER
HOW TO GET THE MOST OUT OF YOUR TAX REFUND THIS YEAR AND BEYOND It is officially tax season. Will you be receiving a tax refund this year? Here are some smart ideas to consider before spending your tax return on non-essential items. You have been working hard, and anything you get back in tax is a bonus, so why not put that bonus to work? Reduce debt stress Paying down debt is a great strategy
you contribute now to super the
non-essential expenses. Consider
as it reduces an ongoing cost,
more you’ll have for retirement.
locking it away in a separate savings
freeing up your monthly budget. Start with higher rate bad debt first, like credit cards. While a home loan has one of the lowest rates of any type of debt, it’s also a long-term affair and any lump sum you tip in today can knock years off the term and save you a
Even small extra contributions to your account can make a big difference to the size of your super
account or term deposit to help you achieve your savings goals.
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balance at retirement. Save it A tax refund is a great opportunity to establish or bolster your emergency savings. Ideally you’d
DISCLAIMER
Add to your super
six months of expenses. But even
Future investment performance can vary from past performance, and you should not base your decision to invest in REI Super simply on past performance. Past earning rates are not an indicator of future earning rates. The investment returns of REI Super are not guaranteed, and the value of the investment may rise or fall.
Using a tax refund to grow your
having a small stash of cash can
This article was brought to you by Industry Super Australia.
retirement savings is also a smart
help you weather life’s unexpected
move. Many households worry how
events or outlays.
bundle in interest along the way.
they’ll maintain their standard of living in retirement. Given the power of compounding interest, the more
have reserves to cover at least
If you just leave your tax refund in a transaction account, it's too easy to dip in, even unintentionally, for C21 MARKET PULSE
09
CENTURY 21
The information contained in this article does not constitute financial product advice. REI Super does not give any warranty to the accuracy, completeness or currency of the information provided. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569, RSE L0000314 Trustee of REI Super (ABN 76 641 658 449), SPIN REI0001AU, RSE R1000412. MySuper unique identifier 76641658449129. May 2022.
