Thursday, April 30, 2009

I Got Paid!

Finally. It's two months worth of pay. I paid off the credit card bill which was around $A3,800. Now we have $A6,000 worth of borrowing capacity there. $A5,000 available on the Australian margin loan, and about $A4,000 in our Australian bank accounts. Of course there is more cash and borrowing capacity in our US accounts. We don't have an emergency fund as such. The goal now will be to build more borrowing capacity again. The money that is in the bank accounts that isn't spent in the next month will be allocated to investment and reducing the margin debt.

One of the things I want to do is take advantage of the Superannuation Co-contribution Scheme. Low income individuals (who get more than 10% of their income from employment or business) are eligible for a government contribution of up to $A1.50 per $A1 contributed from after-tax income to a superannuation (retirement) fund up to a limit of a $A1,500 government contribution. I should qualify for the full co-contribution I think as I'll only be employed for 4 months this tax year (which ends on 30th June).

1 comment:

Rafi said...

That's the good part about working ;-).