27 April 2009
$900 ideas with surprises
The first round of the Government’s Tax bonus for working Australians has been sent out. Over 7.6 million Australians will receive their $900 payment by May 16, with an estimated one million eligible tax payers yet to lodge their tax returns.
Good on you
A recent Vision Super survey found that most of our members will use their tax bonuses to pay down their mortgage or credit card. A close second indicated that they would use the money towards a holiday or help boost the Australian economy by buying locally made goods.
POLL: How will you spend your Government Tax Bonus?
Still undecided about where to stash your cash? Here are a few ideas —
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Buy something tax deductible — such as work clothing or something necessary for your work or income. This way you’ll get part of the money back to spend on something else.
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Putting your $900 payout into super can earn you an additional $1350 in government co-contributions, taking the total to $2250. You must earn less than $30,342 to be eligible for the full co-contribution. If you earn up to $60,000 you can also receive the co-contribution, but on a reduced scale depending on your income.
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Invest in energy saving devices or water tanks, to cut your household bills and you may be eligible to earn a rebate from the government.
To be eligible for the bonus, you must have lodged your 2007/08 tax return by 30th June 2009. You must also have incurred a net tax liability in order to receive the benefit.
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