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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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How are Australians planning on spending their tax savings?

By Cameron Micallef

December 01 2020
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How are Australians planning on spending their tax savings?

By Cameron Micallef
December 01 2020

Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed.

How are Australians planning on spending their tax savings?

By Cameron Micallef

December 01 2020
Share

Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed.

During the 2020 budget, Treasurer Josh Frydenberg announced that up to 11 million Australians will benefit from tax cuts, with more than 7 million individuals expected to receive $2,000 or more in tax relief for the 2020-21 income year, compared with previous years.

Survey results collated by Colonial First State found the majority of Aussies are intending to spend their extra cash towards essentials like bills, groceries and insurance. This was followed by shopping on discretionary items such as clothing, electronics and accessories, and a holiday.

With festive season round the corner, almost 10 per cent have also planned to use it for Christmas shopping such as décor, gifts and food.

The research also found that almost one in five Australians plans to use their tax cut to reduce their mortgage, particularly those aged between 35-54 years.

While 16 per cent will use the extra money as an opportunity to invest in the stock market, with Australian shares and exchange-traded funds being the big winners.

Surprisingly, only 11 per cent of Australians said they planned to use their tax saving to pay off high-interest debt such as credit card and ‘buy now, pay later’ accounts.

Super ‘not so super’ as preferred spending priority

Despite using their superannuation during the COVID-19 pandemic, very few Australians intend to use the income tax cuts that were introduced in this year’s federal budget towards rebuilding their super or retirement savings.

Colonial First State general manager Kelly Power said the research showed that those who have needed to access super early as a way of surviving income loss, particularly younger Australians, are not making rebuilding their superannuation a priority.

“As we begin to emerge on the other side of the pandemic, it’s important to start thinking about the long-term impact your super withdrawal could have on the quality of your retirement. Seemingly small decisions now could have a big effect on the kind of retirement you’ve always dreamed of.

“Everyone’s circumstances are different, so whether you decide to spend it, use it to pay down debts, build up savings or make super contributions, it’s important Australians put the money towards what matters to them,” Ms Power concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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