With the FY19 terminated, people are getting their tax data excited faster so they can get reimbursement repayments faster.
The pessimist would say that people's budgets are tight and they may need to get tax refunds faster so they can use the money. But I am more convinced that people want to access the $ 1,080 tax compensation that the government has recently implemented.
According to ATO, the lower middle and lower income tax has been increased from a maximum amount of $ 530 to $ 1,080 a year and taxpayers with a taxable income that does not exceed $ 37,000 will receive compensation for income taxes average low up to $ 255.
This means that families with two adult workers will receive a tax increase of up to $ 2,160. Great, right?
So what are you going to do with it?
Some people could go directly to their place JB Hi-Fi Limited (ASX: JBH) o Harvey Norman Holdings Limited (ASX: HVN) to spend it on some technology. I'm sure this is what some in the government are hoping for.
These days the media version of a baby boomer or stereotypical millennium could spend it on a vacation from Webjet Limited (ASX: WEB), Flight Center Travel Group Ltd (ASX: FLT) o Helloworld Travel Ltd (ASX: HLO).
But there are many financially responsible things you can do with money. For example, you could use it to pay off a debt of higher interest like a credit card. I'm not sure it's worth paying the HECS-HELP debt or, in effect, the mortgage with low interest rates these days would not be a bad choice.
Another good choice would be to set up an emergency fund. I think every adult in Australia should have an emergency fund of at least $ 1,000 if not three months of living expenses – up to six months would be very good.
The best what you could do for your future wealth is investing it in long-term growth actions like IShares S & P 500 ETF (ASX: IVV), Altium Limited (ASX: ALU), MFF Capital Investments Ltd (ASX: MFF), Magellan Global Trust (ASX: MGG) e Rural funds group (ASX: RFF).
They could also be better choices for your money and your wealth these best actions. Whatever you choose, simply do it.
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Tristan Harrison owns shares in Altium, Magellan Flagship Fund Ltd, MAGLOBTRST UNITS and RURALFUNDS STAPLED. Motley Fool Holdings Inc., a parent company in Australia, owns shares in Helloworld Limited. Motley Fool Australia owns shares of and has recommended Flight Center Travel Group Limited and RURALFUNDS STAPLED. Motley Fool Australia owns shares of Altium. Motley Fool Australia has recommended Helloworld Limited and Webjet Ltd. We Fools may not all have the same opinions, but we are all convinced that, considering a wide range of insights, we are the best investors. The Motley Fool has a disclosure policy. This article contains only general investment recommendations (with AFSL 400691). Authorized by Scott Phillips.
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