It's that time of year when most Australians are receiving their tax refund over the coming weeks and months. One of the biggest questions we get asked is;
What should we do with this money?
Our answer is always different.
Many variables go in to determine what we think you should do with your tax refund. Including; how much the refund is, your overall financial position and your overall wellbeing.
The way you spend, save or invest your refund is a very individual decision. Many families have been struggling recently with the rising cost of living, these families will most likely use their refund to pay some bills and top up emergency savings.
Other families are financially OK, however haven't had quality time with loved ones. These families may use their refunds for family holidays or small surprises.
What ever you do with this money, needs to work for you and your family. If you are unsure, ask your accountant and they will be able to help you find the best place for your refund.
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