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Four ways to build wealth with your tax cuts

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A family with a joint income of $250,000 a year could slice more than $140,000 off their $1.5 million mortgage by using their stage three tax cuts to pay down the debt.

Another option would be to contribute the tax savings into superannuation – delivering them a gain of 39 per cent in one year thanks to earnings tax of only 15 per cent.

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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au

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    Original URL: https://www.afr.com/wealth/personal-finance/four-ways-to-build-wealth-with-your-tax-cuts-20240701-p5jq88