If you’re expecting a tax refund this year, you’ve probably already given some thought to how you plan to spend it.
Before you begin planning out how to spend your tax back money, you’ll first want to have an idea of how much you’ll be receiving from the ATO. With the E-Lodge tax return calculator, you can do just that.
Don’t have a minute to waste and want your refund ASAP? You can skip using our tax calculator and complete your 2014 tax return within 10 minutes with E-Lodge.
After doing so, you’ll not only know exactly how much your refund will be, you’ll also have peace at mind knowing your refund money will be in your account within two weeks (to use towards something fun and exciting)!
5 Fun Ways to Spend Your Tax Refund (as if you needed our help)
Once you know the total of your tax refund, you can start to plan your spending. Although you probably don’t need any help in this area, here’s a list of five common and fun ways to spend your tax refund money on;
1. Travel: “Travel is the only thing you buy that makes you richer”. There’s a whole world out there, why not explore it?
Whether it be a trip to Fiji resort, a visit to a Bali beach, or a looooong flight to the USA, using your tax back money towards a vacation translates to memories made and a chance to finally unwind.
2. Your (future) Home: Finding a new house to buy or improving your current home can be very exciting (not to mention, very expense). Using your tax back towards purchasing a new house or finally painting the walls to your bedrooms is a good way to take advantage of your tax refund money!
If you’re considering to use your tax back bucks towards a home, you’re not alone. In fact, realestate.com.au reported that 21% of Australian are planning to use their tax refund money towards their home mortgage while 10% will use it towards home renovations.
3. A New Vehicle: Always wanted a motor bike? Maybe now is finally the time to start thinking about what type, size and color bike you always imagined yourself riding on. Or maybe since your last refund your family has grown and it’s time to buy that family car.
4. An Updated Phone (or Tablet): It may not come to a shock to you that 24,400,000 Australians are active mobile users. Chances are, you’re one of them. Phones and tablets aren’t going anywhere anytime soon and we’re becoming more and more dependent on them, so why not have the best out there?
5. A Shopping-Spree!: Getting your tax refund each year may translate to indulging in a little retail therapy. Everyone looks great in trendy new clothing, and let’s be honest- you can never have enough pairs of shoes (right ladies?)!
Although the idea of treating yourself to a day of shopping can be tempting, you’ll want to keep in mind that your tax refund is not free money, it’s tax you have overpaid.
How to make the most out of your refund spend
Believe it or not, when it’s time to lodge your tax return next year (for the 2014-2015 financial year), you may be able to deduct some purchases mentioned above. That’s right, your exciting purchase could possibly translate to (even more) tax back next year! Here’s how;
- Doing work while on a trip? If you’re making plans for using your refund money on travel, keep in mind that expenses directly related to your job that were incurred on a trip can be included as a tax deduction. For example, if you attend a seminar while on holiday, you can claim the additional expenses incurred to attend the seminar.
- Expanding your house to include a office? If you’re like a large percentage of Australians who plan to use their refund towards your home, keep in mind that you’ll be able to claim certain home expenses as a tax deduction next year!
For example, if you plan to build an extension onto your house, adding a home office may allow you to deduct certain office expenses including running costs and occupancy expenses.
- Using your new wheels for work? If so, you’ll also be happy to hear that you’ll be able to claim a deduction for a car that you owned (leased or hired) and used for for work purposes.
Now that you’ve discovered what beach you’ll be sipping Pina Coladas on, bookmarked the website you’ll be purchasing your future iPhone from, or decided on the next paint color of your bedroom walls, you’ll want to receive your refund as soon as possible.
To receive your tax back sooner rather than later, complete your 2014 tax return today.
Don’t waste hours and hours doing your taxes on a confusing online tax site. Instead, complete your tax online in as little as 10 minutes with E-Lodge. In no time, your hair will be blowing in the wind while riding that new motor bike or while relaxing beach-side in Bali!
29/7/2014 Photo via Leo Hidalgo on FlickrTags: tax back, tax calculator