5 Smart Ways to Use Your Tax Refund This Year

You have dealt with your tax return and are waiting for your refund but what next? For some, the money they get when they get their refunds usually gets wasted and sometimes that isn’t the best. When you waste money you later wish you still had it and that you done something very different with it too. However, there are lots of simple and smart ways for you to use your tax refund this year.

Help Put Towards Growing Debt

Had a credit card? If you had a credit card in the past and still have to pay the balance off, why not use some of the money to put towards that? Paying off past or old debts can be really smart simply because it can help to stop your credit from getting into a worse position than it is in now. What is more, if you have current debts like a balance on a credit card or store credit, you could use the money to pay it off. It’s the same with a loan; some of the money can be used. It’s a smart way to help keep your debts down and prevent them from ruining your credit.

Repair the Home

If you own property and have some minor repairs that need done, you could put some of the refund money towards that. Improving your property can be such an important thing to do and really it helps to ensure your home is a safe environment to be in as well. Here, we’re talking about improvements such as fixing a leaky roof or a blocked drain, rather than just blowing the money on paint and wallpaper unless that’s a necessity. A tax refund can be used wisely to help enhance the home.

Invest In Something for the Future

When you get money back from a tax return, you probably don’t think about investing it but why not? If you want to invest in your future, why not use some of the money you get back in your refund to invest? You could buy silver or gold if you wanted to or even put the money towards a deposit on a home or property. When you buy property it can of course become an investment so you should really think about that when you want to spend the refund money. Sometimes, investing in the future can be far better than throwing it on something you don’t really need.

Put It Away For a Rainy Day

You never know what’s around the corner. You don’t know if one day you’ll lose your job, what will you do until you find another? What happens if there is an unexpected death or a large medical bill, how will you afford to pay those? Sometimes you can’t know what’s going to happen and if you aren’t prepared it can leave you at a loss. However, by using the tax refund money to put aside for a rainy day, it can actually be smart. You have a small safety net if you ever need financial help.

A Treat for the Children

Sometimes you could actually put the money towards something for the children such as a little holiday. This not only benefits you but the children and let’s be honest; they grow up very fast so having a special time with them can be a treasured memory forever. However, you could always use the money to put towards college education funds or even to help them buy a vehicle if they are of legal age. To find out more, check out taxreturn247.com.au.

Be Smart With Your Refund

Anyone can go out, cash a cheque and then waste the entire balance by buying things they really don’t need or want. It happens more often than you think and when it comes down to it, it’s regrettable. However, you don’t have to regret how you use your refund and the above are just a few smart ways to utilize the money this year. Be smart with your tax refund and hopefully it will be put to something of good use.

How to get a refund for personal income tax when buying a home?

Taxpayers who have the right to tax refund when buying residential real estate can receive a relying asset deduction in two alternative ways:

Purpose of corresponding statement in enterprise accounting.

The employer, having addressed with the corresponding statement in enterprise accounting. Such a statement employees have the right to submit immediately after registration of the transaction of purchase and sale of residential real estate. In addition to the statement, an employee wishing to receive a property deduction is required to provide the accountant with a notice to the employer received by the payer of personal income tax in the tax inspection. After the submission of the relevant notice, the employing enterprise will cease to withhold the 13% income tax from the employee’s salary, and the employee will receive an “increased” salary in the accounting department until he receives all the property deduction due. If this amount is not received for the year at the enterprise, the taxpayer will have to submit a new notification from the tax authorities in the new year.

Tax services

In the tax service (in the territorial unit), applying there at the end of the year, when the taxpayer made the appropriate purchase of housing. If the employees of the Tax Service in Australia, having checked the declaration and the attached documents, consider the information provided as sufficient grounds for the return of personal income tax when buying housing, the money is transferred to the taxpayer on the settlement account. Taxpayers who bought housing can claim a tax refund for several years (from one to three years). For example, a taxpayer who has issued a home purchase in 2015 can apply for a return of annual personal income tax in 2016 or wait until 2018 and receive a refund for 2015, 2016, 2017. Required Documentation In each specific situation it is desirable to clarify the list of documentation necessary for the return of the personal income tax paid by the taxpayer to the inspection of the place of residence.

Aussie Federal Tax Service require

As a rule, the territorial divisions of the Tax Service in Australia require the following documents: Taxpayer Tax Identification Number; certificate of income received (form 2-NDFL) from the employer’s accounting department, which is drawn up for all previous months of the reporting calendar year; entitlement documentation for purchased (built) housing. This could be a residential property purchase or sale agreement; payment documentation certifying the fact of payment for housing (a receipt for receipt of money by the seller, checks, receipts from the developer, payment orders and other confirmations of the fact of payment); registration certificate for purchased residential property;

Conclusion

The taxpayer’s application for the tax return of personal income tax; data of the employer if the taxpayer wishes to receive a notification (TIN, CCP, legal, actual address); a declaration of the income of the payer of personal income tax for the relevant periods when he wishes to receive a refund (up to three years).

Read more here: https://www.forbes.com/sites/kellyphillipserb/2014/05/25/12-tax-tips-to-consider-when-buying-a-shore-or-vacation-property-this-summer/

What’s in a Name when your’re Killing the Game

If you were to come across this alpha-numeric symbol – FM1040, you might think it was a tax form, or a radio station, depending on your frame of reference. We recently had friends over and as we sat eating and talking about the latest news, weather and sports, a message popped up on the big screen television from FM1040 letting the gamers of the world know he or she was available to play.  My guests, who have no children, and have never played a video game, were startled by the message, and by the one from SkullKrusher that followed.

“How do they know we’re here?” they asked. “Can they see what we’re doing?”  We had a good laugh as I explained it was actually a gamertag, the alter ego used in the parallel universe inhabited by Xbox gamers.  It was a teachable moment, and I explained to the best of my ability, that my grandsons were avid gamers, and their parents had just as much fun gaming as they did.

I knew nothing about this strange world until I moved in with them so my daughter could go back to school. From then on, if I asked my grandsons what they wanted for a gift or birthday present, it was always a new game or something game related.  That’s how I became acquainted with Origin, a leading supplier of games and gear for those who love to play.  I explained that there is a world- wide community of billions of players who connect anonymously and play thousands of different games for hours.  Some never meet, some attend the huge conventions that are held around the world throughout the year and finally meet after playing against each other for years.  When I showed them the calendar of upcoming conventions, their mouths fell open.  Gaming generates huge revenue, and families like mine have lots of expenses for entertainment at tax time each year.

But there was one tip Grandma could give them, and that was to use a Groupon to purchase their games online, for less.  Now they save as much as 76% off Origin deals by using special promo codes, save 33% on selected games and other merchandise, and even down load special releases ahead of the crowd. By the time the evening ended, we had made up our own gamertags.  Mine was not as good as SkullKrusher – she’s the 13-year old who lives around the block.

Making Your Tax Refund Bigger And Better

Receiving a fat tax refund adds the cherry on top of the cake! This is something which thousands anxiously await each and every year and it’s not hard to see why. Refunds are great because they can go towards paying off old debts as well as help treat your family and they really come at the right time. However, is there a way to increase the amount of refund you get back?

Go Over Your Business Expenses

Are you adding all deductions or expenses to your returns? This is very important to be sure of simply because you could be missing out. Expenses and deductions are very basic items on most returns and if you don’t add them, you could end up getting a smaller refund than due. Getting a bigger refund isn’t impossible but you have to do the work. The Australian government isn’t really going to go out of their way to ensure you’re getting more money than necessary so you have to do it for them. You need to ensure any deductions or expenses you have listed are corrected and included with the necessary proof. To find out more, check out www.taxreturn247.com.au.

Look Carefully At the Finances

One of the top ways to help ensure you get all money coming to you would be to ensure the financial information you provide is accurate. Now, a lot of people forget they’ve had a second string of income for part of the year and can actually miss this out on their tax returns. However, by doing this, you could lose out on more money due to you in a refund. That is why it’s necessary to look over all of your finances for the last year and ensure any deductions or expenses were marked down correctly also. If not, you may miss out.

Ensure you’re Accurate

Everyone wants a bigger and better tax refund but sometimes it just isn’t possible. That is why you have to be very cautious as to what information you are supplying. Yes, it’s nice to get a more hefty refund but at the same time, you must ensure you don’t lie in order to get it. You need to look at the information you’re supplying as well as ensuring the financial info is correct and updated. It is so easy to get carried away when filling out a return but it really could come back to bite you. Don’t indulge.

Don’t Delay On Tax Returns                          

While this doesn’t have anything really to do with increasing your refund, it may very well help speed up when you receive it. A lot of people file very close to the deadline and end up missing it entirely at times too which spells trouble. If you fail to submit the necessary returns on time your tax refund might be delayed in getting to you. That is certainly something you want to think about when it comes to submitting the return so submit on time and avoid a delay.

Use the Money Wisely

For those lucky enough to receive a refund, it’s time to splash the cash and enjoy! You can use the money for a variety of things such as buy a new car, pay off an old or current debt. There is even the option to go away for a weekend with the money if it’s large enough. That is the beauty of refunds the money can be used for lots of things. Enjoy your tax refund today.