How to spend your tax return wisely

There are more ways to spend your money now than ever before in the history of retail trading. When it comes to tax returns, our minds begin to wander to home décor and those special treats we’ve been waiting for the opportunity to fulfil – a new car, technology upgrade or an indulgent holiday. But, before you jump into that resort pool, take a moment to consider where else you could spend your hard-earned dollars and still get buyer satisfaction.

Hello mortgage

Yes, it’s been said a hundred times before but for good reason. Pay down your debt before beginning to cross the luxuries off. Your future self thanks you.

Education costs

If you are just married or have young children, you can’t put your head in the sand about this. One of the best things we can do for our kids is to give them the advantages of a good education. It’s never too early to start a saving fund for the big events either – 21st birthdays, weddings etc.

Put it to good use

There is nothing quite like the warm glow of philanthropy to provide balance in your life. At Elston we’ve invested a lot of time into making sure we offer a wide choice of philanthropic options. Explore them here

Better your investment

Renovating an investment property can increase its value while providing an avenue to valuable deductions or depreciation amounts over time, depending on what you choose to do.

Get rid of the dead weight

Australians are big fans of credit card debt, but when a surplus lands in your bank account, it’s a good idea to use all or some of it to pay off the credit cards, personal loans, outstanding bills or fines and start the new Financial Year with a clean slate.

In case of emergency

We insure ourselves against loss of income, but in reality if the money stopped coming in, what would you do between then and when you had access to an insurance payout? Plan ahead by establishing an emergency fund.

Think long term

You can never have too much Super. Think long term and not just from one financial year to the next. A personal contribution to your Super is an investment in your future.

Oh go on then, spend it!

Provided you’re already taking care of the major items above, it won’t hurt to splurge a little (or a lot). With so many EOFY sales around, now would seem like the perfect time to trade in the car or book that holiday.

Life is about the experiences you have, after all.

If you’re unsure of how best to use your tax return or you’d just like some more information on how Elston can help call us on 1300 ELSTON, contact us or email info@elston.com.au and an adviser will be in touch.

WARNINGS AND DISCLOSURES: This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.

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