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Using Your Tax Return For a First Home Deposit

Published: June 30th, 2014

Ok, so most people hate having to do their taxes.

However, if done right, many of us will be lucky enough to receive a decent amount back from the tax man.

Investing in a good tax accountant or really taking the time to get the best possible tax return by understanding the various deductions available, will be a worthwhile investment.

Once you gave established that you will indeed receive some form of return, now is the time to consider putting it toward a deposit for your first home. This is probably going to be the biggest windfall of cash you’re going to get into your bank account all year, so it’s really important to make it count.

If you were thinking about a holiday or a new car, think again. It’s important to use this money wisely and not blow it on things that simply won’t ever see any long term benefit for you or your partner.

Even the smallest of tax returns could be used toward your first home deposit, as a great kick starter for your savings regime for the rest of the year.

Go online to ATO.gov and set up and account (if you are yet to do so) and direct the Australian Taxation Office to put any returns straight into your savings account, perhaps a high-interest account you may set up with your bank.

Put your returns to work for you, not somebody else. Investing in a new home with your savings account plus the first home owners grant can be the kick start you need to get into your own new home for the first time.

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