Halloween and taxes – strangely linked?
Let’s assume the ATO has a sense of humour, which is why the deadline for entering your tax return is Halloween. Boo, true horror story, tonight is the last night for most Australians to submit your tax return.
If you are one of the many people who left it to the last minute, because really 4 months is just not enough time, stop reading, go online, do your taxes, and read my awesome blog later.
The rest of us will take one for the Halloween team and put up with the annoying kids trick or treating , I find wine helps. Let me clarify, wine helps the adults, don’t be giving our precious wine to the trick or treaters, it’s a treat they don’t deserve.
Tax Refund – to shop or not to shop?
Firstly to those who received a tax bill, congratulations you were successful and earnt so much more money that you get to contribute to society by paying a little more tax. That’s pretty cool in my mind.
If you received a refund what was your first reaction, woo hoo, come on Barbie let’s go party? I get you, in years gone by that was my first reaction, and action, because I am a doer so I’d follow through on the thought, and blow the money on clothes, shoes, dinner, drinks, dancing.
I’ll admit it was fun, but can we get more out of our tax refund and still party with Barbie?
My top 3 tips for making the most of your tax refund
1. This one is important, and I’ll admit, boring. Pay off your high interest debt, like credit cards, store cards, personal loans and overdrafts. Then be a wealthy chick and avoid getting in this type of debt ever again. If you have no willpower when it comes to a credit card, get rid of it and get a Visa or MasterCard debit card instead.
2. The fun starts now, set aside a percentage of the refund for you, for fun stuff. I usually make mine 20%, but the bigger the refund the smaller the percentage. How you use this is up to you, I put my fun money towards the bigger stuff like holidays, furniture, a new TV….which was internet enabled and now a fun night = Netflix’s.
3. Hopefully you now have 80% or more of your tax return left, it doesn’t matter the amount, to wisely invest in income generating assets. This might be shares, managed funds, property, education to invest in yourself, remember you are your most important asset, hands down.
Top tip#3 was boring
Thanks, I hear you, so let me explain and I think you’ll come around to seeing tip #3 as fun
Wealthy Chicks invest wisely in income generating assets so we can retire wealthy, maybe retire early, and absolutely retire with the aim of having worry free fun.
I want you to be dancing and singing “come on Barbie let’s go party” now, next year and when we retire. Ken can dance too, oops he lost his shirt, and pants. Who censors this blog?
Someone ate all my Milky Way’s
The trick or treating has already started, and me without a glass of wine! I know, and it’s already gone 6, diabolical! Plus I am down to my last 2 milky ways, out of 18, and these were my treats for the next fortnight! Now who wishes they had their tax to do!
Happy Halloween, and if thinking about your finances gives you the creeps contact me on firstname.lastname@example.org. Your first 30 minute session is free.
Bonus – I couldn’t do a Halloween tax blog without this little gem. You can thank me later, cheers wealthy Chicks, and yes the wine situation has been rectified!