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Guest post by: Rob Bourne Become an Author

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So...You're getting a tax refund this year? Avoid the temptation of wasting your refund. If you have accumulated your tax refund over the last 12 months treat it like a savings program and here's 6 things you should be doing with it..............

• 1. The first thing you need to do is understand why you've received a tax refund in the first place. Is it because you have regular deductions which you claim each year? Why give the ATO use of your money for a whole year, interest free! That's right, its YOUR money, and the ATO gives you NOTHING for it. If you're paying more tax throughout the year than you need to and you're an employee, consider lodging a PAYG Witholding Variation Application. The ATO will allow you to reduce the tax that is deducted from your pay each period throughout the year and then you can do something useful with it, like some of the following tips.

• 2. Maxxed out on your credit card? - The first thing you should do with your tax refund is pay down the most expensive loans that you have which are not tax deductible. That's credit cards for most people and with interest rates somewhere around 17-19% its going to save you a heap in interest.

• 3. Still got a mortgage? - Then the next best thing is to reduce your home mortgage with any refund you receive. Interest on a home mortgage is non-deductible and by getting that loan down as quickly as possible you're going to save heaps again in interest.

• 4. Did you borrow to Invest? - This is the next step after you have paid off your non-deductible debt. Don't pay this before any non-deductible debts though because the taxman is giving you some of your tax back for having this debt in place.

• 5. Invest it before you spend it! - Once you have paid off all your debts then the next best thing is to invest it. Anything paying a return above zero is going to be good! Off course, if you don't know where you should invest it, then get advice. Perhaps look at starting anonline business.

• 6. Take a holiday - You deserve it! If you've repaid all your debts and you've got some investments in place then you're doing well. Take some time out for yourself and send your Accountant a thankyou card. I'm sure he'll appreciate it.

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Referred by: http://jaykubassek.com

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