We’ve got a short and sweet Australian Finance Podcast episode for you today, to round off our tax episodes for another financial year. Remember your tax return is your money!
In this episode, Kate & Owen share five different things could you do with your tax return this year. From paying off debt to investing in yourself, we’ve got you covered!
At the end of the day, it’s important to make a decision & action it!
Keep records of where you spend your tax return, otherwise, it will disappear into the giant black hole of “general revenue”, never to be seen again. The ATO has a great (and free!) app. And Xero and Quickbooks offer great tools for small businesses.
Note: From 1 July 2021, the concessional superannuation contributions cap has been raised to $27,500.
What the concessional cap means is the allowable amount of money your employer puts into your Super fund — BEFORE tax — has increased from $25,000 for the full financial year. This is money that goes into your Super before it reaches your bank account.
In addition to what your employer pays directly through the Super Guarantee (10%) (and any Salary Sacrifice you set up with them), you may also be able to put extra money into Super (via Bpay or direct deposit) and claim a tax deduction — up to the new $27,500 limit (for all contributions).
See our tutorial: Salary Sacrifice into Super explained
Disclosure: Owen owns units in VDHG. Owen, Kate, and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.
