Alright now you've either received $900 tax bonus from ATO as part of economic stimulus package or you'll receive soon. The ATO said not to contact them until mid May regarding the payments.
How are you going to spend your $900 tax bonus? Please take the poll below.
Here I've listed some of the things people could do.
- Spend it on groceries, clothes, cosmetics, home entertainment systems or gadgets. If you believe spending on made-in-overseas stuffs will promote our economy, that's alright. That's what our Prime Minister and Treasurer want too.
- Save it for the rainy days. If you do, you should save it in high interest accounts only. But these days the interest rates are too low to motivate people to save.
- Buy shares. The share prices have dropped a lot and there are so much bargain out there. If you pick some strong businesses and invest for a few years, you'll be in a great position. But you must make sure you can sleep well at night.
- Contribute to your super. If you're a low or mid income earner, you can contribute it to your super. You can get the benefit of low share prices and co-contribution from the government. But you can't touch it until you are 65.
- Pay off your debts. If you have any debt or mortgage, I strongly recommend you do that, especially personal loans or credit card debts.
- Donate it to charity. I guess in current economic situation, charities may not be receiving as much donation as they used to. I'm sure they will need it now more than ever.
So what are you going to do with your tax bonus? Please take the poll.