Tax refunds: Your vision & investing in yourself

Written and accurate as at: 12 August 2020

According to recent ATO data*, for 2017-18 FY individual tax returns, the average tax refund was $2,553.83. If you have received, or are expecting to receive, a tax refund this year, consider how it can be put to good use.

In a prior video, we provided helpful suggestions, including: take a holiday, invest in yourself, repay/reduce debt, spend it on essentials, make a super contribution, establish an emergency buffer, put it towards savings or investments, spend a portion on ‘want’ items, and, make a contribution to an existing or newly-established investment portfolio.

In terms of investing in yourself, as well as some of the other suggestions (and wealth accumulation in general), we leave you with this motivational video by entrepreneur Tom Bilyeu—centred on your vision and making it a reality.

‘…pick an end goal, and an end identity, and work your way backwards. Find out the steps that you are going to need to take to get there. Execute those steps and have the willingness to put in the work…’. (Tom Bilyeu).

*Australian Government, Australian Taxation Office. Taxation Statistics 2017-18 Individuals – Table 1.