Got a $3k tax return? 5 things we'd do with our money in 2021
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What should you consider before spending your tax return?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information. And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
G'day, Kate Campbell. How are you doing?
Good, Owen. We've made it to a brand new financial year. We just limped over the line. It seems that way.
And we are recording on a Friday afternoon, which is blasphemy.
Yeah, it's probably not a great idea.
So we're going to bring you five ideas, five ways to spend your money, spend it wisely when you get your tax return.
Yeah, and hopefully you do get a tax refund. I mean, I haven't even thought that far ahead. I've got probably a lot of paperwork to sort out before I get to the stage I can get my tax return in. So, yeah, this is probably preemptive for me. I haven't even... I don't even know if I'll get a tax refund, but hopefully some of our lovely listeners will get a tax refund.
I'm sure they will. Let's imagine that you're the average Aussie, which would say you get about three grand back. That's a good slab of cash to do something with. It takes about two weeks to get your refund, let's say. So once you've filed your tax returns, you can generally expect that in about two weeks to hit your bank account.
They were very quick last year.
Yeah, they're getting quicker. We say two weeks, this is kind of like a general rule, but oftentimes it's a lot quicker. I guess we're just using averages here. You might get more, you might get less. You might have to actually end up paying some tax if you've got things like if you have been given options for shares that you need to pay tax on or if you run a business where you haven't kept enough tax. But you might also get a lot more if you're very savvy and you follow some of the tips that we laid out in the recent podcast with Jacob.
Yeah, you might have made a lot of personal super contributions. You might have made a lot of charitable donations.
Yeah, got those franking credits.
Yeah, you might have only been working half of the year so you might get tax refunds.
Negatively geared.
Yeah.
Yeah. Okay, so we're assuming 3K in your pocket in say the next two to three months. So I love this time of year because you want to race off to the tax agent.
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Sounds like good money advice... But is it?