BankWest provides Top Tips for tax refunds and cuts
Australians are in line for two tax breaks this year - their regular tax refunds and the tax cuts announced by the Federal Government in the May budget.
BankWest today urged Australians receiving the tax refunds and cuts to use the extra cash responsibly - for example, to save it or to pay off money owing.
In its Top Tips for making the most of the two tax breaks, BankWest says the money is ideal to kick-start a savings plan or assist in paying outstanding debts.
"There'll be a temptation when the tax cuts begin and the tax refund cheque arrives to consider the money a 'windfall' and to fritter it away," Bankwest Head of Retail Deposits, Mr Paul Vivian, said. "Our recommendation is to be sensible. You've worked far too hard to squander that money."
The bank suggests that a high interest savings account such as BankWest's TeleNet Saver is a practical option for taxpayers wishing to make financial savvy decisions.
"TeleNet Saver's market leading 12 month introductory variable interest rate of 6.4 per cent* p.a. and no-fee structure is ideal," Mr Vivian said.
BankWest recommends the following tips to help Australians maximise their tax breaks:
BANKWEST'S TOP TAX TIPS
If you receive a tax refund as well as the new tax cuts - don't waste them. Put them into a savings account or pay off existing debt
Start a high interest savings account (such as BankWest's TeleNet Saver) to keep your savings working harder for you
Get in the habit of making regular contributions to your savings. Aim to save 10 percent of your home pay
Lodge your tax return on time to avoid a fine
Consider getting expert tax advice from an accountant - there is a cost involved but the charge is tax deductible next year
To help people learn how to become savvier with their finances, BankWest has in place its Get Australia Saving Campaign - www.getsaving.com.au
The website has a range of easy-to-follow savings tips as well as a budget planner.
*TeleNet introductory rates are applicable to new TeleNet customers only
Further information:
John Gardner Sally-Ann Parker
Ogilvy PR HBOS Australia, Corporate Affairs
02 8281 3237 / 0413 355 997 08 9449 6124 / 0439 938 935
Notes to Editor:
This product disclosure statement for these products should be read by customers prior to opening an account. The Product Disclosure statements are available from the website www.abetterdeal.com.au.
*TeleNet Saver
- TeleNet Saver has an introductory variable rate of 6.4%p.a. for new customers for the first 12 months; following this introductory period the interest rate reverts to 5.75%p.a. Rates are subject to change.
- Interest is paid monthly.
- There is no minimum opening deposit, and there is a maximum investment limit of $1 million.
- A regular savings plan can be set up on the account.
