There are plenty of things you could do with your tax return, but what should you be doing with it? While it is tempting to blow it all on a new TV, putting your tax money toward your debts can help you pay off your loans faster and save thousands in interest. Debt Rescue talked to The Sunday Mail about Australians needing to be responsible with their tax return.

Tax return time has a tendency to create a frenzy akin to the Boxing Day sales with people splurging their refunds like they were not spending real money. But if you are among the estimated 70 per cent of Australian households affected by some form of debt stress, why not resist the urge to buy up during the "end of financial year sales" and instead put your tax return to better use?

Is-Your-Business-In-Financial-Distress

Revive Financial's Tips for Tax Time

  • Consider where the funds could provide the greatest impact: Reduce the mortgage. Boring, yes, but think of the years you will save and the tens of thousands in interest (that's a lot of plasma TV5 in the long run).
  • Eliminate expensive credit card debt. Again, not very exciting, but neither is 29 per cent interest.
  • Invest funds for the future. Kids' education is expensive; get a head start, get a bigger deposit on your first house, set up an account where you park your tax refund every year and let it just sit and compound.
  • Be responsible: Get a professional to do your return.
  • Remember. tens of thousands of returns are rejected every year (delayinq your elusive return) and just as many are audited.
  • Be prepared, you may have a tax hill coming if your employment is changing.
  • Be honest, government agencies may share your data.

Anyone experiencing problems with debt can contact Revive Financial toll free on 1800 534 534.

Topics: Education, Personal Debt

How Can We Assist You Today?

Business Debt Icon Business
Personal Debt Icon Personal
Please select an assistance option to continue.

Types Of Unsecured Debts

Credit Card Icon Credit/Store Cards
Personal Loan Icon Personal Loan
Pay Day Loan Icon Pay Day Loan
Tax Debt Icon Tax Debt
Disconnected Utilities Icon Utility Bill
Other Debts Icon Other
Please select at least one type of unsecured debt.

Your Business Structure

Sole Trader Icon Sole Trader
Partnership Icon Partnership
Company Icon Pty Ltd Company
Tax Debt Icon Trust
Please select at business structure to continue.

Unsecured Debt Amount

$8,000
$1,000
$100,000+

Business Debt Amount

$100,000
$10,000
$1,000,000+

Take Back Control Today!

First Name

Last Name

Email

Phone Number

Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678)

Post Code

Post code must be 4-digits long (e.g. 4567)

Some of your details appear incorrect.
Please update the highlighted fields and re-submit.

Congratulations

You’ve taken the first step to steer your business back to viability

Let’s keep the momentum going, take the second step by linking your Xero account now.

Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy