Usually, to get a tax deduction, you need to spend money. And spending money makes you less wealthy. However, there is one kind of ‘expense’ that lets you have your financial cake and eat it too. Read on while we explain.
If you have a spare $1000, you might consider making an extra contribution to your super fund. If your income is otherwise low, the Commonwealth government will give you up to an extra $500.
The first Tuesday in May is financial planning’s night of nights. That is the night when the Federal Government hands down its proposed budget for the coming financial year and beyond. This year, we have a first-time federal treasurer handing down the budget. That said, much of the heavy lifting of budgetary planning is done by employees of the government’s Treasury Department, so there is a lot of experience at hand.